Dime Community Bancshares, Inc. Surveillance Report
Company Profile
Dime Community Bancshares, Inc. (NASDAQ: DCOM) (“Dime” or “the company”) is the holding company for subsidiary, Dime Community Bank, which is a product of a merger-of-equals (MOE) between legacy Dime and Bridge Bancorp, Inc. (“Bridge”) in 1Q21. The institution operates 60 branches in NYC and Long Island; the latter a footprint where DCOM reflects the leading deposit market share among local banks.
Prior to the MOE, both legacy Dime and Bridge were largely focused on organic growth, including de novo expansion to capture market share from larger peers in Long Island/NYC. Given the dislocation from regional bank failures in footprint, Dime has added 14 deposit-focused groups over the past year, which managed several billion in deposits at former institutions (most have joined from legacy SBNY). Moreover, DCOM recently added a national deposit group in 1Q24. It is worth noting that the teams service a wide range of verticals with no specific industry…
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