Dime Community Bancshares, Inc. Completes Redemption of Trust Preferred Securities
July 17 2017 - 3:00PM
Dime Community Bancshares, Inc. (the "Company") (NASDAQ:DCOM), the
holding company for Dime Community Bank (the “bank”), today
announced that it has completed the redemption of $70.7 million
aggregate liquidation amount of the 7.0% Capital Securities, Series
B, liquidation amount $1,000 per security (the “trust preferred
securities”) issued by its wholly owned subsidiary, Dime Community
Capital Trust I (the “Trust”). The redemption was completed on July
17, 2017. The trust preferred securities were redeemed in
connection with the redemption of the junior subordinated debt
securities underlying the trust preferred securities, which were
issued by the Company to the Trust.
The redemption price of the trust preferred securities was 100%
of the aggregate liquidation amount of such securities, plus
accrued but unpaid interest to but not including July 15, 2017, the
date of redemption. The proceeds to the Trust from the redemption
of the junior subordinated debt securities were simultaneously
applied to redeem all of the outstanding trust preferred securities
issued by the Trust at a redemption price of 100% of the aggregate
liquidation amount of such securities, plus accumulated but unpaid
distributions to but not including the date of redemption.
About Dime Community Bancshares, Inc.The
Company had $6.10 billion in consolidated assets as of March 31,
2017, and is the parent company of the bank. The bank was founded
in 1864, is headquartered in Brooklyn, New York, and currently has
twenty-seven branches located throughout Brooklyn, Queens, the
Bronx and Nassau County, New York. More information on the Company
and the Bank can be found on Dime's website at www.dime.com.
Contact:
Avinash Reddy
SVP – Corporate Development & Treasurer
718-782-6200 extension 5909
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