Fitch Ratings Affirms Dime Community Bancshares, Inc.’s Ratings at “BBB”
July 07 2020 - 3:00PM
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 July 6,
2020, affirmed its investment grade ratings for the Company and the
Bank following the announcement of the merger of equals transaction
with Bridge Bancorp, Inc. (NASDAQ: BDGE).
According to the Fitch report, the strategic rationale along
with the diversification and funding benefits associated with the
transaction modestly outweighed the integration risks that are
customary in merger of equals transactions. Assuming successful
execution, it is Fitch’s view that the transaction would accelerate
Dime's previously communicated strategic goals of diversifying its
balance sheet and expanding relationship lending capabilities to
small businesses and lower middle-market companies within adjacent
markets. In light of the similarity of business models as well as
overlap in systems and processes, Fitch viewed the integration risk
as manageable within the context of the current ratings.
Kenneth J. Mahon, Chief Executive Officer, stated, “We are
pleased to continue to receive an investment grade rating from
Fitch Ratings.”
ABOUT DIME COMMUNITY BANCSHARES, INC.
The Company had $6.35 billion in consolidated assets as of March
31, 2020. 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 www.dime.com.
Avinash Reddy Senior Executive Vice President – Chief Financial
Officer 718-782-6200 extension 5909
Dime Community Bancshares (NASDAQ:DCOM)
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