Fitch Ratings Affirms Dime Community Bancshares, Inc.’s Ratings at “BBB” with a “Stable” Outlook
BROOKLYN, N.Y., Feb. 13, 2020 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (the “Company” or “Dime”) (NASDAQ: DCOM), the parent company of Dime Community Bank (the “Bank”), announced that Fitch Ratings, in a report dated February 11, 2020, affirmed its investment grade ratings for the Company and the Bank and maintained its Rating Outlook at “Stable”.
According to the Fitch Ratings’ report, the ratings affirmation recognized Dime’s continued strides in transitioning from a mono-line multifamily lender, to a community commercial bank focused on relationship banking. Fitch Ratings also mentioned that it viewed Dime’s strategy pivot as rational and execution thus far as in-line with expectations.
Kenneth J. Mahon, President and Chief Executive Officer, stated, “We are pleased to continue to receive a favorable rating from Fitch Ratings. The transition to our new business model has resulted in a higher quality deposit base, a more diversified relationship-based loan portfolio, increasing core margins and higher levels of non-interest income.”
ABOUT DIME COMMUNITY BANCSHARES, INC.
The Company had $6.35 billion in consolidated assets as of December 31, 2019. The Bank was founded in 1864, is headquartered in Brooklyn, New York, and currently has 28 retail branches located throughout Brooklyn, Queens, the Bronx, Nassau and Suffolk Counties, New York. More information on the Company and the Bank can be found on Dime's website at .
Contact: Avinash Reddy
Executive Vice President – Chief Financial Officer
718-782-6200 extension 5909
