Dime Announces Upgrades to Technology Platform
May 11 2023 - 12:18PM
Dime Community Bancshares, Inc. (the “Company” or “Dime”) (NASDAQ:
DCOM), the parent company of Dime Community Bank (the “Bank”),
announced today a number of upgrades to its technology platform,
including a move to a brand-new escrow management platform as well
as enhanced digital banking capabilities. Dime expects to roll out
these new capabilities starting in early June.
Dime also successfully added several deposit
gathering Groups over the past month and continues to capitalize on
recent disruption in its marketplace.
Kevin O’ Connor, Chief Executive Officer of the
Company, stated, “We are pleased to announce significant upgrades
to our technology stack. These new additions will enhance our
ability to attract new commercial customers and help drive the
long-term growth of our deposit base. Our bank-wide technology
capabilities were instrumental in our hiring of four seasoned
deposit gathering Groups over the past month. The enhancements
announced today coincide with the buildout of our Private Banking
Groups and will only further accelerate our suite of offerings. In
addition to maintaining a low level of non-insured deposits
(excluding deposits with pass-through insurance and collateralized
deposits) of only 28.6% on April 30th, 2023, we continue to have a
strong pipeline of new Group hires that will be exclusively focused
on deposit gathering that we expect to onboard in the months
ahead.”
ABOUT DIME COMMUNITY BANCSHARES,
INC.Dime Community Bancshares, Inc. is the holding company
for Dime Community Bank, a New York State-chartered trust company
with over $13.8 billion in assets and the number one deposit market
share among community banks on Greater Long Island (1).
Dime Community Bancshares,
Inc.Investor Relations Contact:Avinash ReddySenior
Executive Vice President – Chief Financial OfficerPhone:
718-782-6200; Ext. 5909Email: avinash.reddy@dime.com
____________________(1) Aggregate deposit market
share for Kings, Queens, Nassau & Suffolk counties for
community banks with less than $20 billion in assets.
Dime Community Bancshares (NASDAQ:DCOM)
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