Dime Community Bancshares Adds Senior Banking Executive to Management Team

| Source: Dime Community Bancshares, Inc. Dime Community Bancshares, Inc.

BROOKLYN, NY--(Marketwire - December 10, 2010) -  Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the "Company"), the parent company of The Dime Savings Bank of Williamsburgh (the "Bank" or "Dime"), today announced that Terence J. Mitchell has joined the Company and Dime as Executive Vice President and Chief Retail Officer.

Mr. Mitchell will assume responsibility for all aspects of Dime's deposit strategy. Additionally, he will oversee all retail banking operations, including Dime Direct, the Bank's call center, the ongoing evaluation of marketing strategies and will serve as a member of executive management.

Michael P. Devine, President and Chief Operating Officer, stated, "We are thrilled to welcome Mr. Mitchell into the Dime's officer ranks. Terry brings with him many years of broad business experience in banking as well as knowledge of our markets. His track record of profitably growing deposit franchises during his career in banking is the perfect complement to Dime's current market position."

Mr. Mitchell, age 58, was most recently Executive Vice President and Senior Market Leader for Sovereign Bank's New York and New Jersey metropolitan division. Prior to that, he served at Independence Community bank for 32 years, rising to the position of Executive Vice President and President of Consumer Banking. Mr. Mitchell has served on the Boards of numerous not-for-profit organizations in the Brooklyn community.

ABOUT DIME COMMUNITY BANCSHARES
The Company (NASDAQ: DCOM) had $4.00 billion in consolidated assets as of September 30, 2010, and is the parent company of Dime. Dime was founded in 1864, is headquartered in Brooklyn, New York, and currently has twenty-five branches located throughout Brooklyn, Queens, the Bronx and Nassau County, New York. More information on the Company and Dime can be found on the Dime's Internet website at www.dime.com.

Contact Information:

Contact:
Kenneth Ceonzo
Director of Investor Relations
718-782-6200 extension 8279