Dime Announces Upgrades to Technology Platform

Rhea-AI Summary

Dime Community Bancshares (NASDAQ: DCOM) announced significant upgrades to its technology platform, including a new escrow management platform and enhanced digital banking capabilities. The rollout is expected to begin in early June. The company has also added several deposit gathering Groups over the past month, capitalizing on recent market disruption.

CEO Kevin O'Connor stated that these upgrades will enhance their ability to attract new commercial customers and drive long-term deposit base growth. The improvements coincide with the buildout of their Private Banking Groups and are expected to accelerate their suite of offerings. Dime reported a low level of non-insured deposits at 28.6% as of April 30th, 2023, and anticipates onboarding more deposit-focused Groups in the coming months.

Positive

• Upgrading technology platform with new escrow management and enhanced digital banking capabilities
• Successfully added several deposit gathering Groups over the past month
• Low level of non-insured deposits at 28.6% as of April 30th, 2023
• Strong pipeline of new Group hires focused on deposit gathering

Negative

• None.

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 30^th, 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.”

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 $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
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.

FAQ

What technology upgrades did Dime Community Bancshares (DCOM) announce?

Dime Community Bancshares announced upgrades to its technology platform, including a new escrow management platform and enhanced digital banking capabilities, expected to roll out in early June 2023.

How will the technology upgrades benefit Dime Community Bancshares (DCOM)?

The upgrades are expected to enhance Dime's ability to attract new commercial customers and drive long-term growth of their deposit base, as well as accelerate their suite of offerings.

What is Dime Community Bancshares' (DCOM) strategy for deposit growth?

Dime has added several deposit gathering Groups over the past month and has a strong pipeline of new Group hires focused exclusively on deposit gathering, which they expect to onboard in the coming months.

What was Dime Community Bancshares' (DCOM) level of non-insured deposits as of April 30th, 2023?

Dime reported a low level of non-insured deposits (excluding deposits with pass-through insurance and collateralized deposits) of 28.6% as of April 30th, 2023.