Brooklyn-Based Dime Savings Bank of Williamsburgh to Convert to New York State Charter
February 27 2012 - 8:00AM
Marketwired
The Dime Savings Bank of Williamsburgh (the "Bank"), a subsidiary
of Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the "Company"),
announced that it filed an application with the New York State
Department of Financial Services ("NYSDFS") to convert from a
federally-chartered stock savings bank to a New York
State-chartered stock savings bank, and also filed a notice of the
charter conversion with its current primary federal regulator, the
Office of the Comptroller of the Currency. Subject to receiving the
necessary regulatory approvals, the charter conversion is expected
to be completed in the second quarter of 2012. As a result of the
charter conversion, the NYSDFS will be the Bank's primary regulator
and the Federal Deposit Insurance Corporation ("FDIC") will be the
Bank's primary federal regulator. It is not expected that the
charter conversion will have a significant impact on the Bank's
current activities or investments, although the Bank expects some
annual cost savings as a result of the conversion. The charter
conversion also should not adversely affect our customers and will
not affect the terms and conditions of our customers' loans and
deposit accounts. The Bank, founded in 1864, had been a New York
State-chartered bank throughout most of its history and converted
to a federal charter in 1995 in order to facilitate both its
conversion from mutual to stock form and the simultaneous
acquisition of another federally-chartered institution.
About the conversion back to a New York State charter, Mr.
Vincent F. Palagiano, Chairman and CEO of the Bank, stated: "We
believe that our Bank is a uniquely New York institution, and would
benefit from the insight and oversight of the NYSDFS, which is
focused on the local New York community banks and financial
institutions. It goes without saying that our motto, 'Lending for
the Way New Yorkers Live,' is the personification of our business
model: using local deposits to reinvest in the predominant form of
housing in New York City -- multifamily dwellings, where more than
two-thirds of the New York City population lives." Mr. Palagiano
also noted that "Our past relationship with what was formerly known
as The New York State Banking Department was a strong and
respectful one over a period of many years. We anticipate that the
NYSDFS will continue a similar level of regulatory oversight as
that which we have received from our federal regulators in the
past, but with a more local orientation."
There is not expected to be a supervisory change for the Company
in connection with the Bank's conversion. The Bank submitted a
letter filing to the FDIC today in order to have the Company
continue to be regulated as a savings and loan holding company by
the Federal Reserve Board, which regulates both bank holding
companies and savings and loan holding companies.
ABOUT THE COMPANY AND THE BANK The Company
(NASDAQ: DCOM) had $4.02 billion in consolidated assets as of
December 31, 2011, and is the parent company of the Bank. The Bank
is headquartered in Brooklyn, New York, and currently has
twenty-six branches located throughout Brooklyn, Queens, the Bronx
and Nassau County, New York. More information on the Company and
the Bank can be found on the Bank's Internet website at
www.dime.com.
For further information, contact: Kenneth J. Mahon First
Executive Vice President & Chief Financial Officer 718-782-6200
extension 8265
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