High above the main entrance was a statue of a young man preparing for his days work, next to an elderly gentleman enjoying the fruits of a productive life. We are a small family-owned operation. The rating was last updated on 08/24/2022. Despite these measures, Dime lost $40 million in the first nine months of 1991. The company had revenue of $109.80 million during the quarter, compared to the consensus estimate of $104.60 . Because the rules of the game had changed so substantially and competition had increased, Parsons concluded that only expansion into new lines of business and new geographic markets could guarantee survival and high profitability for Dime. Personal Banking | Checking | Savings - Dime Community Bank Personal banking solutions that fit your lifestyle. Electronic-Drawing29 10 hr. We are very excited to begin this new chapter in our institutions histories,. Despite its weak capital position, Dime was considered one of the strongest thrifts on the East Coast. From 1987 to 1993, Dime sold twelve of its branches and reduced its staffing from 3,700 to 1,900 employees. It operated from 1859 to 2002. The company expects to combine its banking technology platforms by early in the second quarter of 2021 without any disruption to customers. 20 minute minimum delay. As of market close today, Tuesday, January 3rd, it's down to $108 from $400 at the start of last year. By buying a sizeable portion of new loans from other companies, Dime hoped to achieve geographic diversification of its loans without the expense of opening more branches. By 1980, Dime was New York's second largest savings bank and continued to expand through acquisition, now into the suburban New York market. In late 1992, regulators approved Dime's capital improvement plan. The newly merged entity will oversee some $12 billion in assets at more than 60 branches across the New York region. Both Dime and Citizens were mutuals (i.e., owned by their depositors), so, in merging, they merely pooled their assets and liabilities. In addition, each share of Legacy Dime 5.50% Series A Non-Cumulative Perpetual Preferred Stock has converted into one share of Dime 5.50% Series A Non-Cumulative Perpetual Preferred Stock and beginning today will trade on The NASDAQ Global Select Market under the symbols DCOMP. Do you need a water line for a wine fridge. We care about building your success as much as you do. "The completion of this transaction unites two iconic New York community banks creating the premier community-based business bank in our region," said chief executive officer Kevin O'Connor and executive chairman Kenneth Mahon. By providing your email address below, you are providing consent to Dime Community Bank to send you the requested Investor Email Alert updates. Will some people not get the 3rd stimulus? Privacy Policy. All rights reserved. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 4 U.S. Savings Bank", "Dime Bancorp And Anchor Bancorp Complete Merger", "Long Island Holding Company Makes Offer for Dime Bancorp", "Dime-Hudson United Terminate Merger Agreement", "Dime/Hudson merger off: Banks cancel $1.5 billion stock deal in wake of North Fork hostile bid", "Dime Bancorp Bought by Nation's Largest S.& L.", "Business Briefs: WaMu wraps up purchase of N.Y.-based Dime Bancorp", "Leading Thrift to Buy Northeast's Dime Bancorp: Financial services: Washington Mutual agrees to acquire New York company for $5.3 billion in stock, cash", "Developers close deal that allows Brooklyn's tallest tower", "73-Story Tower Would Be Brooklyn's Tallest by Far", "Dime Savings Bank of New York, F.S.B. Founded in 1859 the bank chose its name to advertise that you could open an account with just one dime. >> the fed is going to be late. We are very excited to begin this new chapter in our institutions histories.. If you click 'Continue' an external website that is owned and operated by a third-party will be opened in a new browser window. By 1980, Dime was New York's second largest savings bank and continued to expand through acquisition, now into the suburban New York market. Bridge Bancorp Inc. and Dime Community Bancshares Inc. entered into merger agreement in July. You can sign up for additional alert options at any time. Shares of Dime fell $1.375, to $9.25, in trading yesterday on the New York Stock Exchange. Dime is using money from Warburg, Pincus Equity Partners LP to buy the stock. The combined bank will . Tucked in a nondescript downtown Brooklyn mall is a bar containing a remarkable turn of the century anatomical wax collection last seen in 1920s Berlin. Can you do both photography and videography? - National banks should be directed to the Comptroller of the Currency at 800-613-6743 - Federal savings banks should be directed to the Office of Thrift Supervision at 800-842-6929 -Mergers of state chartered banks can be e-mailed to: bankmergers@dobi.nj.us (Please indicate in the subject line which bank you are interested in) Piper Sandler Companies acted as financial advisor, and rendered a fairness opinion to the board of directors of Bridge. In May 1993, Dime sold the eight branches of its subsidiary in New Jersey to First Fidelity Bancorp. Additional factors, that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Dime and Bridges reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission (the SEC) and available on the SECs Internet site (http://www.sec.gov). For a short time, the Dime was known as the Bank of the Commonwealth . As a result of the BNB-Dime merger, customers will not experience any immediate changes to their accounts, loan payment terms, access to account information through mobile and online banking applications, use of debit cards, or access to ATMs, the bank said in a press release. How compound interest works; Tips for working in the gig economy; By the numbers: The gig economy Big Bank Difference. The Dime operates over 40 banking offices in the New York City area. Burnham would deck the 323-foot Neoclassical beauty out in the white terra cotta that was a trademark of his Chicago School of architecture. These forward-looking statements include, but are not limited to, statements about (i) the benefits of a merger (the Merger) between Bridge and Dime, including future financial and operating results, cost savings, enhancements to revenue and accretion to reported earnings that may be realized from the Merger; (ii) plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts; and (iii) other statements identified by words such as may, assumes, approximately, will, expects, anticipates, intends, plans, believes, seeks, estimates, targets, projects, or words of similar meaning generally intended to identify forward-looking statements. Merger Decisions: Annual Report to Congress. The dime deposit idea turned out to be a profitable one and was maintained for a number of years, "and there are a great many Detroiters whose first bank accounts started with a dime in the Dime Savings Bank," The Detroit News wrote in 1929. This story led one newspaper to quip that the bank was "begun with capital a few cents short of a shoestring - and a belief in the power of a dime.". We give an overview of all of their account offerings, rates, fees as well as branch locations. As consumers, we often take for granted all the hard work that goes into building a great company. Smooth growth from low-risk home mortgages worked well for the Dime in the booming postwar housing market. Parsons noted that savings banks like Dime were now competing with large banks. But I want to go back to the original Old, New, Borrowed, and . The all-stock deal, valued at roughly . Dime Names David DeVito as Senior Vice President, Group Leader 04/08/2022 Dime Welcomes Jim Cloudman as First Vice President, Relationship Manager 04/07/2022 Dime Names Robert Maichin Head of Middle Market Lending 04/06/2022 Dime Community Bancshares to Release Earnings on April 29, 2022 03/31/2022 The combined bank will operate under the name Dime Community Bank, with branch coverage throughout Long Island, including the branch on North Ferry road. avinash.reddy@dime.com. [11] At the time of its acquisition, Dime had 123 branch offices in the New York City area in the states of New York and New Jersey. The parent companies for BNB Bank and Dime Community Bank announced a merger agreement last week, a transaction valued at approximately $489 million. The Dime Building is one of Detroit's oldest skyscrapers, having towered over Griswold Street for more than a century. *Real-Time Data as of xx/xx/xxxx xx:xx:xx Thus, most firms merely had to function profitably within heavily prescribed limits. Dime Bank offers a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards.22 Feb 2021, Mercantile Bankshares Corp, which owns the venerable Mercantile-Safe Deposit & Trust Co. and smaller banks in the region, announced yesterday that it has agreed to sell itself to Pittsburgh-based PNC Financial Services Group Inc. in a deal valued at $6 billion.Oct 9, 2006. Address: 589 Fifth Avenue New York, New York 10017 U.S.A. Telephone: (212) 326-6170 Fax: (212) 326-6194 Statistics: Public Company Incorporated: 1859 Employees: 2,190 Assets: $8.77 billion Stock Exchanges: New York SICs: 6035 Federal Savings Institutions Company History: The two publicly traded firms, Bridge Bancorp and Dime . The two companies announced today they have entered into a definitive merger agreement in an all-stock deal valued at $489 million. As Brooklyn flourished, so did the Dime banks fortunes, and by 1884, the bank had over 40,000 customers, investing over $12,000,000. You can also contact the bank by calling the branch phone number at 570-828-1200 Southold supervisor thinks its a smart idea. The Dime Savings Bank of New York, FSB in New York City, New York (NY) Show street view The Dime Savings Bank of New York, FSB - Overview General FDIC Certificate #: 16011 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution: Washington Mutual Bank (#32633) Federal Reserve ID: 108700 Date Established: June 01, 1859 BNB Bank opened a full-service branch on West Main Street in March 2018, entering a market bank officials said theyd been interested in for years. Bank online, use our mobile banking app or visit one of our CT or RI bank locations in Colchester, East Lyme, Glastonbury,Ledyard, Manchester,Montville, New London, Norwich, Norwich (Corporate),Norwichtown, Stonington Borough, Taftville, Vernon and Westerly. The Dime Savings Bank of New York, originally the Dime Savings Bank of Brooklyn, was a bank headquartered in Brooklyn, New York City. Lafayette American Bank was the successor institution. 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