Dime Community Bank
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The main branch on Havemeyer Street in Williamsburg, Brooklyn
|Traded as||NASDAQ: DCOM|
|Headquarters||Brooklyn, New York, United States|
Number of locations
|25 branches (2016)|
|Bronx, Kings, Queens, and Nassau Counties|
|Services||Financial services, real estate loans|
Number of employees
|Parent||Dime Community Bancshares, Inc|
Dime Community Bank (originally known as The 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, Dime specializes in serving its local communities with personal and business banking, housing loans and financial guidance, as well as business financing products and advice. It has built a successful, long-lived bank on the principles of conservatism and integrity.
Dime’s key offerings include personal banking products, like checking and savings accounts, debit cards, and tailored savings accounts for students and other goal-focused savings plans, like their Passbook and Statement savings products. They also provide savings resources, like money market accounts and certificates of deposit. Their retirement planning products include IRAs and Roth IRAs.
Dime’s offerings include mobile banking to access checking and savings accounts on the go from mobile devices, as well as mobile bill pay.
Dime also offers a suite of personal insurance products provided through their subsidiary company, Dime Insurance Agency, Inc.
Dime provides financial guidance and a suite of products to help businesses succeed, including:
- Business checking and savings
- Mobile banking
- Online banking and bill pay
- Business money market accounts and CDs
- Interest on lawyer accounts (IOLAs)
- Business Solutions for Property Managers/Landlords/Tenants
One of the largest commercial real estate lenders in greater New York, Dime continues to be a leader in mortgage financing for commercial property, offering custom loans with competitive rates.
Branches and locations
Dime Community Bank operates 25 branches throughout metropolitan New York and in the boroughs of Brooklyn, Queens, the Bronx and Nassau, serving neighborhoods in the following areas:
- 86th Street
- Avenue M
- Bay Ridge
- Boro Park
- Brooklyn Heights
- Garden City Park
- Glen Oaks
- Jackson Heights
- Kings Highway
- Long Island City
- Marine Park
- Port Washington
- Valley Stream
- Chairman of the Board and CEO — Vincent F. Palagiano
- President and CEO — Kenneth J. Mahon
- Executive Vice President, General Counsel and Secretary — Lance J. Bennett
- Executive Vice President and Chief Lending Officer — Daniel J. Harris
- Executive Vice President and Chief Risk Officer — Timothy B. King
- Executive Vice President and Chief Technology Officer – Timothy K. Lenhoff
- Executive Vice President and Chief Accounting Officer – Michael Pucella
- Executive Vice President and Chief Administrative Officer — Anthony Rose
- Executive Vice President and Chief Investment Officer – Robert Volino
In its 150-year history, only 14 presidents have led Dime Bank, two of them for nearly 30 years each. Dime continues its tradition of maintaining a dedicated, loyal staff by training and mentoring new generations of leadership, often from inside the organization.
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.
Dime has finished fifth on the S&P Global Market Intelligence thrift ranking ("S&P Global") for eight consecutive years, helping perpetuate its reputation for responsible financial practices and community dedication.
The bank will open three new branches in 2016-2017 and originated $1.3 billion in loans, primarily for commercial and multifamily housing. The bank’s community focus and insider knowledge of the local real estate market and trends help project the bank’s continued growth. After its 1996 IPO, Dime has consistently produced returns on equity in excess of 10 percent almost every year, and has one of the highest common stock dividend yields of a community bank in the nation.
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. Factory work drew laborers to the area and as Brooklyn grew, Dime gave residents a trustworthy place to grow their finances.
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. Brooklyn’s population doubled by 1920, and Dime was there to provide new residents with sound financial advice and a trusted place to save their money.
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. In 1999, Dime acquired Financial Bancorp, Inc. (Financial Federal Savings Bank).
Dime is an integral part of the Brooklyn community, helping support its development by partnering with local nonprofits like Southside United HDFC - Los Sures®, Neighborhood Housing Services of Brooklyn and Brooklyn Legal Services in an effort to rehabilitate old buildings and provide affordable housing. In addition to supporting and elevating the quality of life in Brooklyn with various housing organizations, Dime also sponsors community events like the Dime McCarren 5k Run/Walk for Youth, which benefits local children through the St. Nick’s Alliance.
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. 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.
The significance of the dime comes from Dime Bank’s early origins, where the dime was indicative of thrift. It represented a time when that particular coin was required to be made up of 10 cents’ worth of silver. The savings banks also catered to those with as little as a dime to start saving, encouraging saving behavior and financial independence at every income level.
Dime’s 150th Anniversary Book