Dime Community Bancshares' Expansion Plans
Hauppauge, N.Y. — Dime Community Bancshares, Inc. (NASDAQ: DCOM), the parent company of Dime Community Bank, has exciting news regarding its growth strategy. The Board of Directors has approved plans to establish a full-service branch in a new location that will facilitate better banking services for its community.
New Branch Location in New Jersey
The identified site for the new branch in Lakewood, New Jersey, will be designed to meet the needs of local residents and businesses. The management team anticipates beginning construction in the latter half of 2025, in conjunction with the necessary regulatory approvals. It is projected that the branch will officially open its doors in early 2026, bringing a fresh banking option to the area.
Commitment to the Community
Stuart H. Lubow, President and CEO, shared insights on this expansion, saying, "Our planned entry into Lakewood reflects Dime's strong commitment to supporting the Orthodox Jewish community. This move represents an important step in enhancing our Private and Commercial Bank offerings, allowing us to better serve clients with operations and roots in this vibrant area."
About Dime Community Bancshares, Inc.
Dime Community Bancshares, Inc. is the parent organization of Dime Community Bank, a trusted New York State-chartered trust company boasting over $14 billion in assets. Notably, Dime holds the top deposit market share among community banks in the Greater Long Island region.
Contact Information
For further inquiries or information related to this announcement, Avinash Reddy, Senior Executive Vice President and Chief Financial Officer, is available for contact. He can be reached by phone at 718-782-6200, extension 5909, or via email at avinash.reddy@dime.com.
The Future of Dime Community Bank
As Dime Community Bancshares continues to expand its footprint in New Jersey, customers can expect an array of banking solutions tailored to meet their needs. This expansion aligns with the company's mission to provide accessible, customer-friendly banking while honoring its commitment to the communities it serves.
Frequently Asked Questions
What is the purpose of Dime's expansion into New Jersey?
The expansion aims to establish a full-service branch to better serve local clients and enhance banking solutions in the area.
When is the new branch expected to open?
Dime plans to open the new branch in early 2026, following construction and regulatory approval.
Why is Lakewood an important location for Dime?
Lakewood has a significant Orthodox Jewish community, which Dime aims to better serve through this new branch.
Who can I contact for more information about this expansion?
Avinash Reddy, Senior Executive Vice President and Chief Financial Officer, is available for inquiries related to the expansion.
What are Dime Community Bancshares' key assets?
Dime Community Bancshares holds over $14 billion in assets, making it a leading community bank on Long Island.
