Dime Community Bancshares Provides Notice of Stock Option Exercise Activity by Directors and Executive Officers Due to Expiring
February 24 2011 - 10:00AM
Marketwired
Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the "Company"), the
parent company of The Dime Savings Bank of Williamsburgh ("Dime"),
announced that the following expiring, in-the-money stock options
remain unexercised.
----------------------------------------------------------------------------
Expiration Date Total Options Remaining Options
(Ten Years from Exercise Cost Per Remaining to Be Held By Section 16
Initial Grant Date) Share Exercised Reporting Persons
----------------------------------------------------------------------------
November 21, 2011 $10.91 325,982 265,609
----------------------------------------------------------------------------
February 1, 2013 $13.16 515,203 396,750
----------------------------------------------------------------------------
For each of these grants, the great majority of the remaining
options held by Section 16 reporting persons are held by either
Vincent F. Palagiano, Chairman and Chief Executive Officer of the
Company, Michael P. Devine, President and Chief Operating Officer
of the Company, or Kenneth J. Mahon, First Executive Vice President
and Chief Financial Officer of the Company.
Based on the Company's historical experience, it is likely that
all of these options will be exercised prior to their expiration
date, resulting in one of the more active periods in recent years
for option activity in the Company's shares.
For personal reasons such as funding the option exercise price
and income tax payments, or diversification of assets as part of
personal financial planning, it is anticipated that the option
holders may sell, rather than hold, a large portion of the shares
acquired in connection with their option exercises.
Company insiders, which include Directors and Executive
Officers, held or controlled 19.5% of the outstanding shares,
inclusive of vested stock options, of the Company as of its most
recent Proxy Statement dated April 12, 2010. This includes the
beneficial ownership of approximately 4.4% of the Company's
outstanding common stock held by Vincent F. Palagiano,
approximately 2.7% held by Michael P. Devine, and 1.8% held by
Kenneth J. Mahon.
The Company has 639,293 additional stock options due to expire
on January 24, 2014, with an exercise cost of $19.90 per option.
Management currently has no intention of modifying the terms of
this grant.
ABOUT DIME COMMUNITY BANCSHARES The
Company (NASDAQ: DCOM) had $4.04 billion in consolidated assets as
of December 31, 2010, and is the parent company of Dime. Dime 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
the Company and Dime can be found on the Dime's Internet website at
www.dime.com.
Contact: Kenneth Ceonzo Director of Investor Relations
718-782-6200 extension 8279
Dime Community Bancshares (NASDAQ:DCOM)
Historical Stock Chart
From Sep 2024 to Oct 2024
Dime Community Bancshares (NASDAQ:DCOM)
Historical Stock Chart
From Oct 2023 to Oct 2024