Our enhanced branch footprint and increased capital base will allow the combined bank to better serve the needs of our customers across the greater New York and Long Island marketplaces, OConnor and Mahon said. Spearheaded the entire convergence of the merger of equals between Dime Bancorp and Bridgehampton National Bank. Below is a list of some important events in banks history, including mergers and acquisitions. No purchase necessary. The marble benches for waiting customers were carved with such reassuring sentences as a hundred years of vexation will not pay a farthing of debt.. Bridgehampton-headquartered BNB Bank and Dime Community Bank, based in Brooklyn, are merging in a transaction valued at $489 million, the companies announced Wednesday. BNB has taken the Dime name, effective Feb. 1. Bridge Bancorp, Inc. and Dime Community Bancshares, Inc. Close Merger of Equals. The two publicly traded firms, Bridge Bancorp and Dime . 5909Email: areddy@dime.com, (718) 782-6200 ext. About one-third of the bank's back-office activities (including check printing, check processing, and distribution of checking and mortgage statements) were farmed out to Nationar, a processing firm based in New York. Chief Executive Officer Kevin OConnor and Executive Chairman Kenneth Mahon issued the following joint statement: The completion of this transaction unites two iconic New York community banks creating the premier community-based business bank in our region. With the outside wallsdecorated with winged bronzes of Mercury standing over the Brooklyn Bridge, the wedge shaped building certainly exuded a grandeur akin to that of the Parthenon. The combined company will have over $11 billion in assets, over $8 billion in . Additional factors, that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Dime and Bridges reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission (the SEC) and available on the SECs Internet site (http://www.sec.gov). Bridge Bancorp, Inc. BDGE and Dime Community Bancshares, Inc. DCOM announced a 'merger of equals' deal last week. Every dish is blessed in this basement eatery beneath a Hare Krishna temple. With the Dime Savings Bank gone, the landmark that bore its name became known as simply "the Dime Building." The building underwent a renovation in 1948. In the early 1990s the bank had assets totalling over $8 billion and was presided over by Richard D. Parsons, the first African American to lead a large thrift of Dime's size. And that, the story goes, is where the bank got its name. The combined bank will . >> they will cause if inflation is declining but they wont be able to if they are not achieving their inflation objectives. In May 1993, Dime sold the eight branches of its subsidiary in New Jersey to First Fidelity Bancorp. While the outside was certainly astonishing, the interior outshined its architectural opulence. The Defense Finance and Accounting Service, in coordination with the Military Service banking representatives, is responsible for the oversight of Community Bank. The survival of local journalism depends on your support. Whose interests are being, This holiday season, live by the Golden Rule. These forward-looking statements include, but are not limited to, statements about (i) the benefits of a merger (the Merger) between Bridge and Dime, including future financial and operating results, cost savings, enhancements to revenue and accretion to reported earnings that may be realized from the Merger; (ii) plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts; and (iii) other statements identified by words such as may, assumes, approximately, will, expects, anticipates, intends, plans, believes, seeks, estimates, targets, projects, or words of similar meaning generally intended to identify forward-looking statements. Dime Savings is the 10th largest depository institution in New York, controlling total deposits of $10.4 billion, representing approximately 2.5 percent 1 Dime controls The Dime Savings Bank of New York, FSB, New York, New York ("Dime Savings"). After submitting your request, you will receive an activation email to the requested email address. The merger of BNB Bank and Dime Community Bank has been completed, the parent companies of the two banks announced this week. We file taxes jointly, own a home, and get a refund in joint name. Checking and savings smarts: Make your accounts work harder for you; 5 reasons why couples may have separate bank accounts; 5 tips for parents opening a bank account for kids; Dear Money Mentor: How do I set and track financial goals? The combined company, trading on the NASDAQ Global Select Market under the ticker DCOM, has over $12 billion in assets, over $9 billion in total deposits, and over 60 branches spanning Manhattan to Montauk, Dime said in a press release. [9][10] The acquisition was completed in January 2002. Bank online, use our mobile banking app or visit one of our CT or RI bank locations in Colchester, East Lyme, Glastonbury,Ledyard, Manchester,Montville, New London, Norwich, Norwich (Corporate),Norwichtown, Stonington Borough, Taftville, Vernon and Westerly. Because it was built by a bank. By 1980, Dime was New York's second largest savings bank and continued to expand through acquisition, now into the suburban New York market. The mortgage loan - for both purchasing and modernizing the buildings afterword - was reportedly about $8 million, about $59 million today. In 1978 Dime merged with Citizens Savings & Loan Association (which had $98 million in deposits and five offices), also of New York. The exterior was designed to resemble a neo-classical temple, with fluted columns leading to a domed roof. When voters approved the merger of the City of Louisville and Jefferson County Governments, Ms. Heavrin was appointed special counsel to the first mayor of the Metro Government. Click here toview our Privacy Policyfor more info. We gave Dime Bank a 4.1 stars out of 5, which means it is a respectable bank that deserves your consideration. "I don't know that you really need to have that name on this building.". He would be succeeded by his youngest son, Thomas Witherell Palmer Livingstone. In attempts to cut costs, in February 1992 Dime eliminated 400 jobs (about 15 percent of its staff), and turned to outsourcing of many office activities. August 24, 2022 @lalynchtrainer. Checking and Savings Checking The headquarter was located at 589 Fifth Avenue, New York, NY 10017. Additionally, BNB Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.26 Jul 2019. learn how over 7,000 companies got started! By 1984, with $6.1 billion in deposits, Dime began utilizing automated teller machines (ATMs), entering into a joint venture with Automatic Data Processing Inc., and Electronic Banking Systems, a marketing firm, to operate ATMs in General Corporation's Pathmark food store chains. Dime subsequently also merged with Mechanics Exchange Savings in Albany ($245 million in deposits) and First Federal Savings & Loan Association of Port Washington, New York ($116 million in deposits). With all those banks - and all those customers - under one roof, it was gonna need a bigger home. But why did they call it the Dime? For a short time, the Dime was known as the Bank of the Commonwealth Building. The Dime Community Bank, originally known as the Dime Savings Bank of Williamsburgh, is a local, FDIC-insured bank originally based in the Williamsburg neighborhood of Brooklyn, New York, operating in the area since 1864. In order to reflect this we want to go beyond spiritual or symbolic evidence of our faith in the Citys future by establishing a physical presence people can see and be proud of., Gilbert, who has been instrumental in bringing workers back to downtown Detroit, added: Its very exciting that a company with the legacy and brand of Chrysler is joining the many other companies opening shop in Detroit, as we together help build downtown into the energetic, job-producing, high-tech corridor it is quickly becoming. The company also restructured its top management, shedding its chief financial officer, head of foreclosed real estate, chief service quality executive, and senior mortgage official. BNB has taken the Dime name, effective Feb. 1. Though the original building has been demolished, these massive bronze doors were saved. Merger Decisions: Annual Report to Congress. Reach out to an experienced Dime Officer today. WINSTON-SALEM, N.C. BB&T Corporation (NYSE: BBT) today said it plans to buy Community First Banking Company (Nasdaq: CFBC) of Carrollton, Ga., in a $128.0 million stock swap that would expand BB&Ts presence in the fast-growing metropolitan Atlanta market. Up until the late 1970s, savings and loan banks were heavily regulated in the types of loans they could offer and the interest rates they charged; for example, commercial lending was limited by New York State law to five percent of a savings bank's assets, and mutual savings banks were restricted by New York State law to only offering home mortgages. Reach out to an experienced Commercial Lending Officer today. Investor Relations Contact: Avinash ReddySenior Executive Vice President Chief Financial OfficerPhone: 718-782-6200; Ext. Southold supervisor thinks its a smart idea. $22.95 (15% off) FREE shipping. Source: International Directory of Company Histories, Vol. Customers can find additional information at Dime.com/merger. A modern zoetrope on the New York City subway. It wasn't until 1983 that the Dime became a federally chartered mutual savings bank and FDIC member; in 1986, the Dime became a public corporation. Dime was thus left with 34 remaining branches in what it called its core markets of New York City. Dime had to contend with both satisfying federal regulators from the Office of Thrift Supervision on its capital improvement plan, as well as the possibility that regulators would force the company into a merger with a stronger institution. Dime's full line of Savings Products - statement savings, CDs, IRAs, and more - are part of the plan. Use of these sites are used at the user's risk. As part of its capital restructuring, Dime reduced its assets to $8.8 billion from $12 billion. In addition to its expansionary moves through acquisition, the Dime was moving into new technology and capitalizing on its services through new delivery methods. 9. HAUPPAUGE, N.Y., Sept. 21, 2022 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the "Company" or "Dime"), the parent company of Dime Community Bank (the "Bank") announced today that Vincent F. Palagiano is retiring from the Board of Directors, effective September 21, 2022. Nonetheless, Dime continued to write new mortgages of $1.5 billion in 1992, up from $250 million in 1991. The company hoped to hit the $3 billion mark by 1994. Dime Community Bank is an FDIC insured bank located in Brooklyn and has 6775780 in assets. Parsons was assigned the task of navigating the Dime out of its troubles. Community banks tend to emphasize personal relationships with their customers. In addition, each share of Legacy Dime 5.50% Series A Non-Cumulative Perpetual Preferred Stock has converted into one share of Dime 5.50% Series A Non-Cumulative Perpetual Preferred Stock and beginning today will trade on The NASDAQ Global Select Market under the symbols DCOMP. 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