Fitch Ratings Affirms Dime Community Bancshares, Inc.’s Ratings at “BBB” with a “Stable” Outlook
February 28 2019 - 4:30PM
Dime Community Bancshares, Inc. (the “Company”) (NASDAQ: DCOM), the
parent company of Dime Community Bank (the “Bank”), announced that
Fitch Ratings, in a report dated February 25th, affirmed its
investment grade ratings for the Company and the Bank and
maintained its Rating Outlook at “Stable”.
According to the Fitch Ratings’ report, the Company and Bank’s
ratings are supported by Dime’s outstanding asset quality track
record, adequate capital levels and efforts to lessen the
Commercial Real Estate concentration. Fitch Ratings also mentioned
that the Company had assembled an experienced team to grow the
Business Banking division and that it viewed positively the pivot
away from transactional banking to a greater emphasis on
relationship banking.
Kenneth J. Mahon, President and Chief Executive Officer, stated,
“We are pleased to continue to receive a favorable rating from
Fitch Ratings. Our ratings reflect Dime’s conservative credit
culture and pristine asset quality metrics. We remain committed to
our goal of transforming the business model from a mono-line thrift
into the pre-eminent Metro New York community commercial bank.”
ABOUT DIME COMMUNITY BANCSHARES, INC.
The Company had $6.32 billion in consolidated assets as of
December 31, 2018 and is the parent company of the Bank. The Bank
was founded in 1864, is headquartered in Brooklyn, New York, and
currently has twenty-nine branches located throughout Brooklyn,
Queens, the Bronx, and Nassau County and Suffolk Counties, New
York. More information on the Company and the bank can be found on
Dime's website at www.dime.com.
Contact: Avinash Reddy Executive Vice President – Chief
Financial Officer 718-782-6200 extension 5909
Source: Dime Community Bancshares, Inc.
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