Dime Community Bank

Last updated
Dime Community Bancshares
Company type Public
Industry Banking
Founded1864;160 years ago (1864)
Headquarters,
U.S.
Number of locations
60+ branches (2021)
Area served
Bronx, Brooklyn, Manhattan, Nassau, Queens, and Suffolk.
Services Financial services, real estate loans
US$103,996,000
Total assets US$12,347,085,000
Total equity US$1,140,522,000
Number of employees
800+
Website dime.com

The Dime Community Bank, originally known as the Dime Savings Bank of Williamsburgh, is a local, FDIC-insured bank headquartered in Hauppauge, New York. Founded in 1864, the bank was originally based in the Williamsburg neighborhood of Brooklyn, New York, and continues to operate with a strong market presence in this area. In 2017, Dime moved its headquarters to Brooklyn Heights. [1] On Monday, February 1, 2021, Bridge Bancorp Inc. (BNB Bank) and Dime Community Bancshares (Dime Community Bank) successfully closed on a merger of equals. [2] The bank headquarters is currently in Hauppauge, NY.

Contents

History

Dime Community Bank first opened in Brooklyn on June 1, 1864. Founded by William Grandy, Dime was established as a mutual savings bank serving the growing immigrant and low-income populations in the area.

Dime weathered a series of economic ups and downs as conditions in Williamsburg changed, [3] finally incorporating and becoming a publicly traded company on June 26, 1996. At the same time, Dime acquired Conestoga Bancorp, Inc. and its wholly owned subsidiary, Pioneer Savings Bank, [4] making it the first simultaneous IPO/acquisition of its kind in the nation. [5]

In 1999, Dime acquired Financial Bancorp, Inc. (Financial Federal Savings Bank) for $74 million. [6]

The bank is a wholly owned subsidiary of Dime Community Bancshares, Inc. (NASDAQ: DCOM), a publicly owned company. Dime Community Bancshares posted $6.7 billion in consolidated assets as of December 31, 2020. [7] Dime finished among the top 5 on the S&P Global Market Intelligence thrift ranking ("S&P Global") for 9 consecutive years, from 2009 to 2017. [8]

In 2017, Dime began to shift their focus to commercial and business banking. In August 2017, Dime announced they had been approved as a Small Business Administration (SBA) lender. The CEO, Kenneth J. Mahon, said, “the launch of our SBA lending program continues the expansion of our Business Banking division...We recognize that small businesses and entrepreneurs are important to the economic vibrancy of the communities we serve.” [9]

Dime Community Bank operates 60+ branches [10] throughout the New York metropolitan area in Brooklyn, Queens, the Bronx, Nassau, and Suffolk. [11]

Notable buildings

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. 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. On January 16, 2017, Dime moved to its current headquarters at 300 Cadman Plaza West, Brooklyn, NY.

The Havemeyer Street building at 209 Havemeyer Street, or 257 South 5th Street, was designated a New York City landmark by the New York City Landmarks Preservation Commission on March 27, 2018. The building was constructed in 1906–08, and was designed in the Neoclassical style by the firm of Helmle & Huberty. [12]

Related Research Articles

Washington Mutual, Inc. was an American savings bank holding company based in Seattle. It was the parent company of WaMu Bank, which was the largest savings and loan association in the United States until its collapse in 2008.

East West Bank, the primary subsidiary of East West Bancorp, Inc., is the largest publicly traded bank headquartered in Southern California, United States. It was founded in 1973 in Los Angeles to serve the Chinese American community in Southern California. In 2023, East West expanded its footprint in Asia with the opening of a representative office in Singapore. Forbes magazine has recognized East West Bank as one of "America's Best Banks" since 2010. East West earned the number one spot in S&P Global Market Intelligence's 2022 Ranking of U.S. Public Banks by Financial Performance.

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. As of 2019, it had 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. In 2023 it ranked 149th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

<span class="mw-page-title-main">Comerica</span> American financial services company

Comerica Incorporated is an American financial services company, headquartered in Dallas, Texas. It is the parent of Comerica Bank, a regional commercial bank with 413 branches in the U.S. states of Texas, Michigan, California, Florida and Arizona. Comerica is among the largest U.S. financial holding companies, with offices in a number of U.S. cities.

<span class="mw-page-title-main">Williamsburgh Savings Bank</span> Bank in Brooklyn, New York (1851–1986)

The Williamsburgh Savings Bank was a financial institution in Brooklyn, New York, from 1851 to 1986. The bank was incorporated in 1851 under legislation passed by the New York State Assembly. The bank continued to operate until a series of mergers brought the bank into the HSBC group late in the 20th century.

<span class="mw-page-title-main">Flagstar Bank</span> American bank

Flagstar Bank is an American commercial bank headquartered in Troy, Michigan. A wholly owned subsidiary of New York Community Bank, Flagstar is one of the largest residential mortgage servicers in the United States, and was among the largest banks in the United States prior to its acquisition in 2022.

<span class="mw-page-title-main">Huntington Bancshares</span> Bank holding company headquartered in Columbus, Ohio

Huntington Bancshares Incorporated is an American bank holding company headquartered in Columbus, Ohio. The company is ranked 466th on the Fortune 500 as of 2024, and is 26th on the list of largest banks in the United States.

Firstar Corporation was a Milwaukee, Wisconsin-based regional bank holding company that existed from 1853 to 2001. In 2001, Firstar acquired U.S. Bancorp and assumed its name, moving its headquarters to Minneapolis.

Mercantile Bancorporation was the largest bank holding company in Missouri when it was acquired by Firstar Corporation in 1999.

Premier Financial Corp. is an American company that owns and operates Premier Bank and First Insurance Group. Headquartered in Defiance, Ohio, the company operates full service branches and automated teller machines in Ohio, Indiana and Michigan. While the company's history dates back to 1920, it was re-branded in 2020 following the merger of the parent companies that owned First Federal Bank of the Midwest and Home Savings Bank.

<span class="mw-page-title-main">NewBridge Bank</span> Defunct American bank

NewBridge Bank was a banking company based in Greensboro, North Carolina, with locations in North Carolina and Virginia. It no longer operates under that name. The company formed from the merger of Lexington State Bank and FNB Southeast in November 2007. NewBridge Bank was the banking subsidiary of NewBridge Bancorp. NewBridge Bank had 44 branches, total assets of about $2.7 billion and total deposits of about $2 billion. Its branches were mainly centered on the North Carolina regions of the Piedmont Triad and the Lower Cape Fear.

<span class="mw-page-title-main">Cadence Bank</span> Regional Bank

Cadence Bank is a commercial bank with dual headquarters in Tupelo, Mississippi and Houston, Texas with operations in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Oklahoma, Tennessee, Texas, and Illinois. In 1876, Raymond Trice and Company received a charter to create a bank in its hardware store in Verona, Mississippi. In 1886, the banking operation was moved to Tupelo, Mississippi and the company was renamed to Bank of Lee County, Mississippi. Soon after, it was renamed to the Bank of Tupelo. The bank was renamed to Bank of Mississippi in 1966. In 1997, the bank changed its name to BancorpSouth. In October 2021, the bank changed its name to Cadence Bank. It has the naming rights to Cadence Bank Amphitheatre in Atlanta and Cadence Bank Arena in Tupelo.

<span class="mw-page-title-main">United Community Bank</span> Bank holding company

United Community Banks, Inc. is an American bank. United is one of the largest full-service financial institutions in the Southeast, with $25.9 billion in assets, and 161 offices in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee.

<span class="mw-page-title-main">Northwest Bank</span> Pennsylvania Bank

Northwest Bank is a bank headquartered in Warren, Pennsylvania. It is the leading subsidiary of Northwest Bancshares, Inc., a bank holding company, and operates 170 branches in central and Western Pennsylvania, Western New York, Northeast Ohio, Appalachian Ohio, and Indiana.

<span class="mw-page-title-main">Dime Savings Bank of New York</span> Former bank in Brooklyn, New York (1859–2002)

The Dime Savings Bank of New York, originally the Dime Savings Bank of Brooklyn, was a bank headquartered in Brooklyn, New York City. It operated from 1859 to 2002.

United Financial Bancorp, Inc. United Bank, headquartered in Hartford, Connecticut, is a Connecticut state-chartered bank with $7.34 billion in assets, over 800 employees and 58 banking locations throughout Connecticut, Massachusetts and Rhode Island. United Financial Bancorp, Inc., the Bank’s Holding Company, trades on the NASDAQ Global Select Stock Market under the ticker symbol “UBCP.” In September 2017, Fortune Magazine ranked United Financial #39 on their 100 Fastest Growing Companies List.

Reliant Bancorp, Inc, formerly Commerce Union Bancshares, is an American financial corporation based in Brentwood, Tennessee, USA. It was listed on the NASDAQ until its merger with United Community Bank in January 2022. It controls a subsidiary, Reliant Bank, a commercial bank.

Berkshire Bank is an American bank headquartered in Boston, Massachusetts. It is a subsidiary of Berkshire Hills Bancorp, a bank holding company. The bank operates 130 branches in New England, New York and the Mid-Atlantic, and is the third largest regional bank headquartered in Massachusetts.

<span class="mw-page-title-main">TCF Financial Corporation</span> Former American financial services company

TCF Financial Corporation was a bank holding company based in Detroit, Michigan. The current incarnation of the company was formed by a 2019 merger between the former TCF, which was established in 1923 in Wayzata, Minnesota, and the Michigan-based Chemical Financial Corporation. In December 2020, TCF announced a merger with Huntington Bancshares. It was announced on May 26, 2021, that TCF Bank will be required by the Department of Justice to sell off 13 branches in Michigan. These branches were purchased by Horizon Bank at the end of the third quarter. The final approval has been given for the merger and the merger was complete on June 9, 2021. The combined bank has $175 billion in assets.

<span class="mw-page-title-main">Williamsburgh Savings Bank Building (175 Broadway)</span> Historic bank building in Brooklyn, New York

The Williamsburgh Savings Bank Building, also known as the Weylin and 175 Broadway, is a former bank building at 175 Broadway in the Williamsburg neighborhood of Brooklyn in New York City. Constructed as the headquarters of the Williamsburgh Savings Bank in 1875 and subsequently expanded several times, it occupies the northwest corner of Broadway and Driggs Avenue, just south of the Williamsburg Bridge. The Williamsburgh Savings Bank Building was designed in the Classical Revival style by George B. Post, with interiors by Peter B. Wight.

References

  1. "Dime Community Bank opens new headquarters at One Pierrepont Plaza - The Brooklyn Home Reporter". 9 May 2017. Retrieved 26 October 2018.
  2. "Bridge Bancorp, Inc. and Dime Community Bancshares, Inc. Close Merger of Equals" . Retrieved 26 March 2021.
  3. Quint, Michael (1990-05-08). "BUSINESS PEOPLE; President Named Chief Of Dime Savings Bank". The New York Times. ISSN   0362-4331 . Retrieved 2017-12-25.
  4. "DIME COMMUNITY BANCORP INC (Form: 10-K405, Received: 09/30/1996 00:00:00)". www.nasdaq.com. Retrieved 2017-12-25.
  5. Isidore, Chris (22 June 1998). "BABY DIME'S SHARE PRICE SOARS AS INVESTORS BET ON ACQUISITION: EARNINGS LAG MARKET PERFORMANCE". Crain's. Retrieved 25 December 2017.
  6. "DIME MAKES PURCHASE: EXPANDS IN CITY WITH ACQUISITION OF FINANCIAL BANCORP FOR $74 MILLION". Crain's New York Business. Retrieved 2017-12-25.
  7. "Financial Highlights".
  8. "Dime Community Bancshares Ranked #3 Nationally Among Public Thrifts". GlobeNewswire News Room. Retrieved 2017-12-25.
  9. "Dime Community Bank Receives SBA Approval". 2017-08-10. Retrieved 26 October 2018.
  10. "Dime Locations". www.dime.com. Retrieved 2021-02-01.
  11. "Dime Corporate Profile". investors.dime.com. Retrieved 2017-12-25.
  12. Nolan-Wheatley, MaryNell (March 27, 2018) "Dime Savings Bank of Williamsburgh Designation Report" New York City Landmarks Preservation Commission

40°41′42″N73°59′28″W / 40.695126°N 73.991060°W / 40.695126; -73.991060