Contact Information: Contact: Kenneth J. Mahon Exec. VP and Chief Financial Officer 718-782-6200 extension 8265 Stephanie Prince Director of Corporate Marketing 718-782-6200 extension 8250
1996 Stock Option Grant Set to Expire in 2006
| Source: Dime Community Bancshares, Inc.
BROOKLYN, NY -- (MARKET WIRE) -- April 26, 2005 -- Dime Community Bancshares, Inc. (NASDAQ: DCOM ), the "Company", parent company of The Dime Savings Bank of
Williamsburgh, today announced that 416,415 in-the-money options remain
unexercised under its expiring 1996 Stock Option Grant. All unexercised
options granted in December 1996 under the 1996 Stock Option Plan are
scheduled to expire in December 2006.
Since the Company's initial public offering in 1996, its share price has
appreciated in excess of 377%. Total shareholder return has exceeded 393%,
which includes three 3-for-2 stock splits, and fifteen increases in the
quarterly cash dividend. In light of this significant increase in the
value of the Company's shares over the period, the Company expects that all
of the stock options scheduled to expire on December 26, 2006, will be
exercised prior to their expiration date.
At this time, the three largest holders of unexercised options remaining
under this grant are Vincent F. Palagiano, Chairman and Chief Executive
Officer of the Company, who holds 100,000 options, Joseph H. Farrell,
member of the Company's Board of Directors, 100,000 options, and Anthony
Bergamo, member of the Company's Board of Directors, 53,902 options.
For personal reasons, such as funding the option exercise price and income
tax payments, or diversification of assets as part of personal financial
planning, it is anticipated that the option holders may sell, rather than
hold, shares acquired in connection with their option exercises.
In August 2003, the Board of Directors of the Company approved a resolution
establishing minimum stock ownership guidelines for Executive Officers and
Directors. It was established that each Executive Officer or Director must
hold a minimum of 50% of the shares of common stock awarded to them in
December 1996.
Company insiders, which include Directors and Executive Officers, held or
controlled 16.4% of the outstanding shares, inclusive of vested stock
options, of the Company as of its most recent Proxy Statement dated April
18, 2005. This included the beneficial ownership of approximately 3.0% of
the Company's outstanding common stock held by Vincent F. Palagiano, and
approximately 1.6% held by Michael P. Devine, President and Chief Operating
Officer.
ABOUT DIME COMMUNITY BANCSHARES
Dime Community Bancshares, Inc., a unitary thrift holding company, is the
parent company of The Dime Savings Bank of Williamsburgh, Brooklyn, New
York, founded in 1864. With $3.37 billion in assets as of March 31, 2005,
the Bank has twenty branches located throughout Brooklyn, Queens, the Bronx
and Nassau County, New York. More information on the Company and Bank can
be found on the Bank's Internet website at www.dsbwdirect.com.
Statements made herein that are forward looking in nature within the
meaning of the Private Securities Litigation Reform Act of 1995 are subject
to risks and uncertainties that could cause actual results to differ
materially. Such risks and uncertainties include, but are not limited to,
those related to overall business conditions and market interest rates,
particularly in the markets in which the Company operates, fiscal and
monetary policy, changes in regulations affecting financial institutions
and other risks and uncertainties discussed in the Company's Securities and
Exchange Commission filings. The Company disclaims any obligation to
publicly announce future events or developments, which may affect the
forward-looking statements herein.