SOURCE: Dime Community Bancshares

Dime Community Bancshares

August 18, 2015 12:00 ET

New Branch: The Dime Savings Bank of Williamsburgh Returns to Its Roots

DIME Branch to Open at Corner of Bedford Avenue and North 5th Brooklyn

BROOKLYN, NY--(Marketwired - August 18, 2015) - The Dime Savings Bank of Williamsburgh (the "bank", "Dime"), subsidiary of Dime Community Bancshares, Inc. (the "Company") (NASDAQ: DCOM), announced today that it has received approval from the New York State Department of Financial Services to open a new branch in the heart of the "new Williamsburg" -- at 214 Bedford Avenue, Brooklyn, corner of North 5th.

"Last year, Dime celebrated the 150th anniversary of its founding in Williamsburg in 1864," said Vincent F. Palagiano, Chairman and Chief Executive Officer of Dime. "We have watched with wonder the revival of this diverse and exciting neighborhood over the past decade. As Williamsburg's sole homegrown community bank, we are anxious to bring our brand of banking to all those small businesses and residents on the northside that want and appreciate the balance of personal attention and effective technology that Dime provides."

Dime's new branch, anticipated to open by year end, will be a unique 500-square foot banking "community space," located within the blocks between North 5th and North 8th street on Bedford Avenue, the epicenter of activity in Williamsburg. It will be designed around several ATMs as a free wi-fi center with charging station and a community bulletin board, among other elements, open to all residents and visitors in Williamsburg.

"This branch will be an open-space environment available to customers and non-customers alike. Dime relationship bankers will be available to assist customers who desire to open accounts via iPads and smart phones," said Kenneth J. Mahon, Senior Executive Vice President and Chief Operating Officer. A nearby full service Dime branch is planned for 2016.

Dime expects to have three new locations in Williamsburg within two years, situated along the Bedford/Kent avenue corridors. These new locations are bracketed by two existing Dime branches: the Main Office to the south at 209 Havemeyer Street at the foot of the Williamsburg Bridge, and the Greenpoint Office to the north at 814 Manhattan Avenue.

"Williamsburg is Dime's namesake community, and we feel a certain sense of pride and ownership about our neighborhood," continued Mahon. "We look forward to making community banking more accessible to both residents and small businesses on the northside." The "h" was dropped from the spelling of "Williamsburg" around the time that the bank was incorporated, but today it remains embedded in Dime's name as it was in the bank's original charter.

Dime (NASDAQ: DCOM) had $4.64 billion in consolidated assets as of June 30, 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 Dime can be found on the Dime's Internet website at

Contact Information

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