Dime Community Bancshares, Inc. Announces Launch of Subordinated Notes Offering
May 03 2022 - 2:09PM
Dime Community Bancshares, Inc. (NASDAQ: “DCOM”), (the
“Company”), the holding company for Dime Community Bank
(the “Bank”), today announced that, subject to market and other
conditions, it plans to offer $160 million aggregate principal
amount of subordinated notes due 2032 (the “Notes”). The Notes are
intended to qualify as Tier 2 capital for regulatory purposes.
The Company intends to use the net proceeds of the offering for
general corporate purposes, which may include, but are not limited
to, the repayment of the Company’s outstanding subordinated
notes.
Piper Sandler & Co. is acting as the active book-running
manager for the offering. Keefe, Bruyette, & Woods, Inc. and
Raymond James Financial, Inc. are acting as passive book-running
managers for this offering.
This press release is neither an offer to sell nor a
solicitation of an offer to purchase any securities of the Company.
There will be no sale of securities in any jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities of any such
jurisdiction. Any offer to sell or solicitation of an offer to
purchase securities of the Company will be made only pursuant to a
prospectus supplement and prospectus filed with the SEC. The
Company has filed a registration statement (including a prospectus)
(File No. 333-264390) and a preliminary prospectus supplement with
the SEC for the offering to which this press release relates.
Before making an investment decision, you should read the
prospectus and preliminary prospectus supplement and other
documents that the Company has filed with the SEC for additional
information about the Company and the offering.
You may obtain these documents for free by visiting the SEC’s
website at www.sec.gov. Alternatively, the Company or Piper Sandler
& Co. will arrange to send you copies of the prospectus and
preliminary prospectus supplement if you request by contacting
fsg-dcm@psc.com.
These securities are not insured or guaranteed by the FDIC or
any other governmental agency or public or private insurer. Neither
the SEC nor any other regulator has approved or disproved of the
securities of the Company or passed on the adequacy or accuracy of
this presentation. Any representation to the contrary is a criminal
offense.
About the Company
Dime Community Bancshares, Inc. is the holding company for Dime
Community Bank, a New York State-chartered trust company with over
$12.0 billion in assets and the number one deposit market share
among community banks on Greater Long Island (1).
(1) Aggregate deposit market share for Kings, Queens, Nassau
& Suffolk counties for community banks less than $20 billion in
assets.
Forward-Looking Statements
This news release contains a number of forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"). These statements may be
identified by use of words such as "anticipate," "believe,"
“continue,” "could," "estimate," "expect," "intend," “likely,”
"may," "outlook," "plan," "potential," "predict," "project,"
"should," "will," "would" and similar terms and phrases, including
references to assumptions.
Forward-looking statements are based upon various assumptions
and analyses made by the Company in light of management's
experience and its perception of historical trends, current
conditions and expected future developments, as well as other
factors it believes are appropriate under the circumstances. These
statements are not guarantees of future performance and are subject
to risks, uncertainties, and other factors (many of which are
beyond the Company's control) that could cause actual results to
differ materially from future results expressed or implied by such
forward-looking statements. Accordingly, you should not place undue
reliance on such statements. Factors that could affect our results
include, without limitation, the following: the timing and
occurrence or non-occurrence of events may be subject to
circumstances beyond the Company’s control; there may be increases
in competitive pressure among financial institutions or from
non-financial institutions; changes in the interest rate
environment may reduce interest margins; changes in deposit flows,
loan demand or real estate values may adversely affect the business
of the Company; unanticipated or significant increases in loan
losses may negatively affect the Company’s financial condition or
results of operations; changes in accounting principles, policies
or guidelines may cause the Company’s financial condition to be
perceived differently; changes in corporate and/or individual
income tax laws may adversely affect the Company's financial
condition or results of operations; general economic conditions,
either nationally or locally in some or all areas in which the
Company conducts business, or conditions in the securities markets
or the banking industry may be less favorable than the Company
currently anticipates; legislation or regulatory changes may
adversely affect the Company’s business; technological changes may
be more difficult or expensive than the Company anticipates; there
may be failures or breaches of information technology security
systems; success or consummation of new business initiatives may be
more difficult or expensive than the Company anticipates; and
litigation or other matters before regulatory agencies, whether
currently existing or commencing in the future, may delay the
occurrence or non-occurrence of events longer than the Company
anticipates. Further, given its ongoing and dynamic nature, it is
difficult to predict what effects the COVID-19 pandemic will have
on our business and results of operations. The pandemic and related
local and national economic disruption may, among other effects,
result in a decline in demand for our products and services;
increased levels of loan delinquencies, problem assets and
foreclosures; branch closures, work stoppages and unavailability of
personnel; and increased cybersecurity risks, as employees work
remotely.
For discussion of these and other risks that may cause actual
results to differ from expectations, please refer to the sections
entitled “Forward-Looking Statements” and “Risk Factors” in the
Company’s Annual Report on Form 10-K and subsequent updates set
forth in the Company’s Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K.
Dime Community Bancshares, Inc.Investor
Relations Contact:Avinash ReddySenior Executive Vice President –
Chief Financial OfficerPhone: 718-782-6200; Ext.
5909Email: avinash.reddy@dime.com
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