SOURCE: Dime Community Bancshares

Dime Community Bancshares

March 17, 2016 08:15 ET

Dime Community Bancshares, Inc. Completes Sale of Williamsburg Real Estate

BROOKLYN, NY--(Marketwired - March 17, 2016) - Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the "Company" or "Dime"), the parent company of The Dime Savings Bank of Williamsburgh (the "bank"), today announced that, on March 16, 2016, the bank completed the sale of certain real estate properties located in the Williamsburg section of Brooklyn, New York to Tavros Holdings LLC and Charney Construction and Development LLC, at a price of $80 million, generating an after-tax accounting gain approximating $37 million. These properties are currently utilized as the primary back office operations center of the Company and the bank.

Commenting on the sale, Vincent F. Palagiano, Chairman of the Board and CEO, stated, "We are excited to generate approximately $37 million of additional capital without diluting any existing shareholder value. The additional capital will be utilized to assist our corporate growth and modernization strategic initiatives."

Mr. Palagiano continued, "We continue to review potential new sites for relocation, and will strive to make any transition as smooth as possible for our impacted employees."

The original 1908 headquarters building located at 209 Havemeyer Street is not included in the parcels under contract of sale, and will continue, at present, to serve as the Company's and the bank's principal office.

Under the terms of the sale agreement, Dime will retain post-closing occupancy for 12 months permitting the orderly transfer of back office operations to other facilities. No reduction in jobs is anticipated as a result of the sale of the property or relocation of the back office.

Dime continues to explore the utilization of a qualified like-kind exchange under Section 1031 of the Internal Revenue Code. There can be no assurance given that Dime will complete such an exchange. The gain on sale, as well as the resulting increase in capital is unaffected by a possible 1031 transaction.

ABOUT DIME COMMUNITY BANCSHARES, INC.

The Company (NASDAQ: DCOM) had $5.03 billion in consolidated assets as of December 31, 2015, and is the parent company of the Bank. The Bank 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