Michael P. Devine Retires from Dime Community Bancshares Board
Michael P. Devine's Retirement Announcement
Michael P. Devine has officially announced his retirement from the Board of Directors of Dime Community Bancshares, Inc. after a remarkable tenure that spans over 40 years. This announcement comes as a significant moment for the company, which has benefited from his leadership and dedication since he joined the then Dime Savings Bank back in 1971.
Legacy of Leadership and Achievements
During his impressive career at Dime, Mr. Devine held numerous roles, showcasing his versatility and commitment to the institution. He began his journey as an auditor and quickly advanced through the ranks, ultimately serving as President and Chief Operating Officer. His tenure included a pivotal role during the bank's transformation from a mutual to a stock-owned institution in 1996, ensuring a smoother transition as Dime adapted to changing industry dynamics.
Remarks from Leadership
Chairman Kenneth J. Mahon expressed gratitude for Mr. Devine’s significant contributions. Mahon described him as a valuable advisor to senior management, whose insights have greatly influenced the direction of the bank. The board and staff will certainly miss his experience, highlighting the deep respect and camaraderie built over the decades.
Looking Towards the Future
Mr. Devine reflected on his time at Dime, stating it was a privilege to work alongside such a capable team. Under his leadership, Dime Community Bancshares has systematically improved its operations, leading to enhanced service for both business and retail customers. As he departs, he feels confident that the bank is well-positioned for future growth, thanks to the strong foundation laid during his time.
Financial Stability and Market Position
Dime Community Bancshares is recognized for its strong asset base, with over $13.7 billion in assets. The bank holds the number one deposit market share among community banks on Greater Long Island, a testament to its effectiveness in serving local communities. Mr. Devine leaves behind a legacy of excellence that will continue as the company moves forward.
A Strong Future Ahead
The retirement of a seasoned leader like Mr. Devine marks the end of an era, but also presents an opportunity for new perspectives on the Board of Directors. As Dime Community Bancshares prepares for the future, they will undoubtedly build on the foundation established over the years by leaders like Devine.
Frequently Asked Questions
Who is Michael P. Devine?
Michael P. Devine is a long-time board member of Dime Community Bancshares, Inc., who has spent over 40 years with the company in various leadership roles.
What impact did Devine have on Dime Community Bancshares?
He played a crucial role in the bank's transition from a mutual to a stock-owned bank and contributed to significant operational improvements during his tenure.
Why is Devine's retirement significant?
His retirement marks the departure of a key figure in the bank’s history, as his leadership helped shape its strategic directions and success.
What is the current asset size of Dime Community Bancshares?
Dime Community Bancshares has over $13.7 billion in assets, highlighting its strong financial position in the community banking sector.
How has Dime Community Bancshares performed in the market?
The bank is positioned as a market leader among community banks on Greater Long Island, holding the number one deposit market share in the area.
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