Dime Community Bank

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Dime Community Bank
Public
Traded as NASDAQDCOM
S&P 600 Component
Industry Banking
Founded 1864
Headquarters Brooklyn, New York, United States
Number of locations
25 branches (2016)
Area served
Bronx, Kings, Queens, and Nassau Counties
Services Financial services, real estate loans
Revenue US$192,580,000
US$11,208,000
Total assets US$5,556,197,000
Total equity US$549,611,000
Number of employees
399
Parent Dime Community Bancshares, Inc
Website www.dime.com

Dime Community Bank (originally known as Dime Savings Bank of Williamsburgh) is a local, FDIC-insured bank based in the Williamsburg neighborhood of Brooklyn, New York, operating in the area since 1864.

Corporate profile[edit]

Dime offers personal banking products, like checking and savings accounts, debit cards, students accounts, money market accounts, and certificates of deposit. Their retirement planning products include IRAs and Roth IRAs. Dime also offers personal insurance products provided through their subsidiary company, Dime Insurance Agency, Inc.

Dime Community Bank operates 25 branches throughout the New York metropolitan area in Brooklyn, Queens, the Bronx, and Nassau.[1]

The current President and CEO is Kenneth J. Mahon. In its 150-year history, only 14 presidents have led Dime Bank, two of them for nearly 30 years each. Dime often promotes from inside the organization.[2]

The bank is a wholly owned subsidiary of Dime Community Bancshares, Inc. (NASDAQ: DCOM), a publicly owned company. Dime Community Bancshares posted $5.56 billion in consolidated assets as of June 30, 2016 with a consolidated net income of $12.6 million.[3]

Dime has finished fifth on the S&P Global Market Intelligence thrift ranking ("S&P Global") for eight consecutive years.[citation needed]

History[edit]

Dime Community Bank has been located in Brooklyn for more than 150 years, having first opened its doors on June 1, 1864. Founded by civic-minded community leader William Grandy, Dime was established as a mutual savings bank serving the growing immigrant and low-income populations in the area during the mid-1800s.

When the Brooklyn Bridge was completed in 1883, the area grew even more and the bank made a name for itself helping anchor the neighborhood’s housing market with competitive home loans and fair terms.

Dime weathered a series of economic ups and downs as conditions in Williamsburg changed, finally incorporating and becoming a publicly traded company on June 26, 1996. During this time, Dime acquired Conestoga Bancorp, Inc. and its wholly owned subsidiary, Pioneer Savings Bank, making it the first simultaneous IPO/acquisition of its kind in the nation.[citation needed]

In 1999, Dime acquired Financial Bancorp, Inc. (Financial Federal Savings Bank).

Notable buildings[edit]

Dime Community Bank’s first location was in the basement of the First National Bank Building at the base of the Williamsburg Bridge, where it opened on June 1, 1864. Operating from there until 1908, Dime officially purchased the entire historic building.[citation needed] Having outgrown the First National Bank building, Dime moved its headquarters to a new development in the Williamsburg Bridge Plaza on the corner of Havemeyer and South 5th Street, where it remains today.

References[edit]

  1. ^ http://www.snl.com/irweblinkx/corporateprofile.aspx?iid=102643 Profile for the holding company, Dime Community Bancshares, Inc.
  2. ^ Dime Community Bank. Dime Community Bank.  Missing or empty |title= (help);
  3. ^ Investor, Relations. "Dime Community Bancshares Declares Quarterly Cash Dividend". Dime Community Bank. Dime Community Bank. Retrieved 6 September 2016. 

External links[edit]