Dime Announces Receipt of Federal Reserve and NYDFS Approvals for Lakewood, NJ Branch Location

Rhea-AI Summary

Dime Community Bancshares (NASDAQ: DCOM) has secured key regulatory approvals from the Federal Reserve Bank of New York and the New York State Department of Financial Services to establish a new branch in Lakewood, New Jersey. The planned branch will be located at 500 Boulevard of the Americas, pending final approval from the New Jersey Department of Banking and Insurance. Construction is scheduled to commence in the second half of 2025, with the branch expected to open its doors in early 2026. This expansion marks Dime's strategic move into the New Jersey market.

News Market Reaction

+2.52%

1 alert

+2.52% News Effect

On the day this news was published, DCOM gained 2.52%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

HAUPPAUGE, N.Y., June 02, 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 approvals from the Federal Reserve Bank of New York and the New York State Department of Financial Services to open a branch location in Lakewood, New Jersey.

The branch will be located at 500 Boulevard of the Americas, Lakewood, New Jersey, pending approval from the New Jersey Department of Banking and Insurance. As previously announced, 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 branch?

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

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

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

Where will the new Dime Community Bank (DCOM) branch be located in Lakewood?

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

What regulatory approvals are still pending for DCOM's Lakewood branch?

The bank is still awaiting approval from the New Jersey Department of Banking and Insurance.