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Dime Announces Upgrades to Technology Platform


HAUPPAUGE, N.Y., May 11, 2023 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (the “Company” or “Dime”) (NASDAQ: DCOM), the parent company of Dime Community Bank (the “Bank”), announced today a number of upgrades to its technology platform, including a move to a brand-new escrow management platform as well as enhanced digital banking capabilities. Dime expects to roll out these new capabilities starting in early June.

Dime also successfully added several deposit gathering Groups over the past month and continues to capitalize on recent disruption in its marketplace.

Kevin O’ Connor, Chief Executive Officer of the Company, stated, “We are pleased to announce significant upgrades to our technology stack. These new additions will enhance our ability to attract new commercial customers and help drive the long-term growth of our deposit base. Our bank-wide technology capabilities were instrumental in our hiring of four seasoned deposit gathering Groups over the past month. The enhancements announced today coincide with the buildout of our Private Banking Groups and will only further accelerate our suite of offerings. In addition to maintaining a low level of non-insured deposits (excluding deposits with pass-through insurance and collateralized deposits) of only 28.6% on April 30th, 2023, we continue to have a strong pipeline of new Group hires that will be exclusively focused on deposit gathering that we expect to onboard in the months ahead.”

Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $13.8 billion in assets and the 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

(1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

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Source: Dime Community Bancshares, Inc.

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