Fitch Ratings Affirms Dime Community Bancshares, Inc.’s Ratings at “BBB” with a “Stable” Outlook
BROOKLYN, N.Y., Feb. 28, 2019 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (the “Company”) (NASDAQ: DCOM), the parent company of Dime Community Bank (the “Bank”), announced that Fitch Ratings, in a report dated February 25th, affirmed its investment grade ratings for the Company and the Bank and maintained its Rating Outlook at “Stable”.
According to the Fitch Ratings’ report, the Company and Bank’s ratings are supported by Dime’s outstanding asset quality track record, adequate capital levels and efforts to lessen the Commercial Real Estate concentration. Fitch Ratings also mentioned that the Company had assembled an experienced team to grow the Business Banking division and that it viewed positively the pivot away from transactional banking to a greater emphasis on relationship banking.
Kenneth J. Mahon, President and Chief Executive Officer, stated, “We are pleased to continue to receive a favorable rating from Fitch Ratings. Our ratings reflect Dime’s conservative credit culture and pristine asset quality metrics. We remain committed to our goal of transforming the business model from a mono-line thrift into the pre-eminent Metro New York community commercial bank.”
ABOUT DIME COMMUNITY BANCSHARES, INC.
The Company had $6.32 billion in consolidated assets as of December 31, 2018 and is the parent company of the Bank. The Bank was founded in 1864, is headquartered in Brooklyn, New York, and currently has twenty-nine branches located throughout Brooklyn, Queens, the Bronx, and Nassau County and Suffolk Counties, New York. More information on the Company and the bank can be found on Dime’s website at www.dime.com.
Contact: Avinash Reddy Executive Vice President – Chief Financial Officer 718-782-6200 extension 5909
Source: Dime Community Bancshares, Inc.