Fitch Ratings Affirms Dime Community Bancshares, Inc.’s Ratings at “BBB”
HAUPPAUGE, N.Y., Feb. 09, 2021 (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 (“Fitch”), in a report dated February 5, 2021, affirmed its investment grade ratings for the Company and the Bank.
According to the Fitch report, the Company has, to date, performed reasonably well while simultaneously managing the challenges of the coronavirus and its merger of equals transaction. Fitch continues to believe that the diversification and funding benefits from the merger of equals, as well as greater scale, moderately outweigh the integration risk associated with such merger of equals. Fitch also noted that loan payment deferrals have declined notably from 2Q 2020 levels.
Kevin O’ Connor, Chief Executive Officer, stated, “We are pleased to receive an affirmation of our investment grade rating from Fitch Ratings.”
About Dime Community Bancshares, Inc.
Dime Community Bancshares, Inc. (Nasdaq: DCOM) is the holding company for Dime Community Bank, a New York State-chartered trust company with over $12 billion in assets and number one deposit market share among community banks on Greater Long Island(1).
Dime Community Bancshares, Inc.
Investor Relations Contact:
Avinash Reddy
Senior Executive Vice President – Chief Financial Officer
Phone: 718-782-6200; Ext. 5909
Email:
¹ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks less than $20 billion in assets.
