Dime Savings Bank Purchases $200 Million Multifamily Loan Portfolio
February 21 2014 - 10:35AM
Marketwired
Dime Savings Bank Purchases $200 Million Multifamily Loan Portfolio
Transaction Accelerates Attainment of 2014 Loan Growth
Target
BROOKLYN, NY--(Marketwired - Feb 21, 2014) - Dime Community
Bancshares, Inc. (NASDAQ: DCOM) (the "Company"), the parent company
of The Dime Savings Bank of Williamsburgh ("Dime"), today announced
that Dime completed the repurchase of $200.1 million of loans
previously sold to a third party from December 2002 through
February 2009. All loans are current and performing.
Announcing the transaction, Vincent F. Palagiano, Chairman and
Chief Executive Officer of the Company, stated, "I am pleased to
report that the Company was able to capitalize on a unique
opportunity to repurchase $200 million in previously sold loans,
enabling us to make significant progress toward meeting our 2014
loan origination goals." Mr. Palagiano continued, "As originator
and servicer of these loans, we are intimately familiar with their
underwriting and credit quality. Furthermore, the repurchase was
appealing to us because of the relatively short nature of the
assets being acquired."
Dime remains one of the premier banks lending to owners of
multifamily properties in New York City.
ABOUT DIME COMMUNITY BANCSHARES The Company (NASDAQ: DCOM) had
$4.03 billion in consolidated assets as of December 31, 2013, 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
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