Dime Community Bank
| File:Dime Community Bank.jpg | |
| File:Park Slope - Dime.jpg Dime Community Bank branch located in Park Slope | |
| Company type | Public |
|---|---|
| |
| Industry | Banking |
| Founded | 1864 |
| Headquarters | , U.S. |
Number of locations | More than 60 branches (2021) |
Area served | Bronx, Brooklyn, Manhattan, Nassau, Queens, and Suffolk |
| Services | Financial services, real estate lending |
| Template:US$ | |
| Total assets | US$12,347,085,000 |
| Total equity | US$1,140,522,000 |
Number of employees | 800+ |
| Website | dime |
The Dime Community Bank, initially established as the Dime Savings Bank of Williamsburgh, is an FDIC-insured financial institution headquartered in Hauppauge, New York. Founded in 1864 within Brooklyn’s Williamsburg neighborhood, it has maintained a significant presence in that area. In 2017, the bank relocated its main office to Brooklyn Heights. Following the merger completed on February 1, 2021 between Bridge Bancorp Inc. (BNB Bank) and Dime Community Bancshares—a merger structured as equals—the headquarters is now situated in Hauppauge, NY.
History
The origins of Dime Community Bank date back to June 1, 1864, when William Grandy founded it as a mutual savings institution aimed at serving immigrant populations and lower-income residents.
After weathering multiple economic fluctuations in Williamsburg, the bank incorporated and became publicly traded on June 26, 1996. At that time, it simultaneously acquired Conestoga Bancorp, Inc. along with its subsidiary Pioneer Savings Bank—marking a pioneering transaction as the first-ever combined IPO and acquisition of its kind in the United States.
In 1999, Dime further expanded by purchasing Financial Bancorp, Inc., the parent company of Financial Federal Savings Bank, for $74 million.
As a fully owned subsidiary of the publicly listed Dime Community Bancshares (NASDAQ: DCOM), the institution reported consolidated assets totaling $6.7 billion as of December 31, 2020. For nine consecutive years (from 2009 through 2017), it was ranked among the top five thrift institutions nationwide by S&P Global Market Intelligence.
In August 2017, Dime shifted its strategic focus toward commercial and business banking activities after receiving approval to become a Small Business Administration (SBA) lender. CEO Kenneth J. Mahon emphasized this development as part of expanding their Business Banking segment to better support small enterprises and entrepreneurs who play a crucial role in sustaining local economic vitality.
Currently, Dime operates more than sixty branches throughout the New York metropolitan area, covering Brooklyn, Queens, the Bronx, Nassau County, and Suffolk County.
Notable buildings
The bank’s inaugural branch opened on June 1, 1864 within the basement of the First National Bank Building near the base of the Williamsburg Bridge. After outgrowing this initial location, it moved to a newly constructed facility at Williamsburg Bridge Plaza on Havemeyer Street and South 5th Street.
On January 16, 2017, Dime relocated its headquarters to 300 Cadman Plaza West in Brooklyn. Its present-day corporate offices are located in Hauppauge, NY.
The building at 209 Havemeyer Street (also known as 257 South 5th Street) was officially designated a New York City landmark on March 27, 2018. Erected between 1906 and 1908, this structure was designed in the Neoclassical style by architects Helmle & Huberty.
