Dime Announces Approval of Lakewood, NJ Branch by the NJ Department of Banking and Insurance

Rhea-AI Summary

Dime Community Bancshares (NASDAQ: DCOM) has secured approval from the New Jersey Department of Banking and Insurance to establish a new branch at 500 Boulevard of Americas in Lakewood, New Jersey. This approval follows previous authorizations from the Federal Reserve Bank of New York and the New York State Department of Financial Services. The company plans to begin construction in the second half of 2025, with the branch scheduled to open in early 2026. This expansion marks Dime's strategic move into the New Jersey market.

Positive

• Received all necessary regulatory approvals for New Jersey branch expansion
• Geographic expansion into new market territory
• Clear timeline for construction and opening established

Negative

• None.

HAUPPAUGE, N.Y., June 17, 2025 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), announced it has received approval from the New Jersey Department of Banking and Insurance to open a branch location at 500 Boulevard of Americas in Lakewood, New Jersey. As previously announced, the Federal Reserve Bank of New York and the New York State Department of Financial Services have also approved the branch location.

Construction of the branch is expected to start in the second half of 2025, with the branch opening planned for early 2026.

ABOUT DIME COMMUNITY BANCSHARES, INC.
Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 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
Email: avinash.reddy@dime.com

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

FORWARD-LOOKING STATEMENTS
Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated.

FAQ

When will Dime Community Bank (DCOM) open its new Lakewood, NJ branch?

The new Lakewood branch is planned to open in early 2026, with construction starting in the second half of 2025.

Where will the new Dime Community Bank branch in Lakewood, NJ be located?

The new branch will be located at 500 Boulevard of Americas in Lakewood, New Jersey.

What regulatory approvals has Dime (DCOM) received for its Lakewood branch?

Dime has received approvals from the New Jersey Department of Banking and Insurance, Federal Reserve Bank of New York, and New York State Department of Financial Services.

Is this Dime Community Bank's first expansion into New Jersey?

Based on the press release content, this appears to be a new market expansion for Dime into New Jersey, though previous presence in the state is not explicitly mentioned.