The CapitalSource Division provides cash flow, asset-based, equipment and real estate loans and treasury management services to established middle market businesses on a national basis. The bank was formerly headquartered at 9 DeKalb Avenue, built in 1906-08 in Downtown Brooklyn. "He was one of the longest serving Chief Executives of a community bank and he presided over Dime Savings Banks successful mutual to public conversion in 1996. John M. McCafferyExecutive Vice President Chief Financial OfficerPhone: 631-537-1001; Ext. Fax: (1) 48 78 25 19 Public Company Upon completion of the Bank Merger, Square 1 Bank will operate as a division of Pacific Western Bank. Avinash Reddy Senior Executive Vice President Chief Financial Officer Phone: 718-782-6200; Ext. [6][7] North Fork finally gave up in September 2000 after spending several months filling lawsuits against Dime and defending itself against counter lawsuits that were filed by Dime. Fintech VC funding flooded into consumer-focused companies in 2021. An initial draft of the merger agreement changed hands on March 6. He has also worked at The Miami Herald and The Jerusalem Post. Pick a style below, and copy the text for your bibliography. Incorporated: 1905 as Socit, Ross Stores, Inc. Matt Wagner, CEO of PacWest and Pacific Western Bank, stated, We believe the Square 1 Merger creates a stronger bank with a substantially improved core deposit base with excellent future growth prospects and better positioning for rising interest rates. These forward-looking statements include, but are not limited to, statements about (i) the benefits of a merger (the Merger) between Bridge and Dime, including future financial and operating results, cost savings, enhancements to revenue and accretion to reported earnings that may be realized from the Merger; (ii) plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts; and (iii) other statements identified by words such as may, assumes, approximately, will, expects, anticipates, intends, plans, believes, seeks, estimates, targets, projects, or words of similar meaning generally intended to identify forward-looking statements. Cautionary Note Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 5909Email: areddy@dime.com. 2801 West Tyvola Road The merger of BNB Bank and Dime Community Bank has been completed, the parent companies of the two banks announced this week. While Dicks decision enables him to take advantage of a unique opportunity, it will not affect the success of the merger or our vision for the new Dime, said Large in a statement. Published. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. Credit: Heather Walsh. Inflation took away the five-and-ten-cent prices. Union Dime's merger into Buffalo is the third large merger among failing savings banks in the state in six weeks. But Mahon expressed his boards desire to keep the iconic Dime brand name, the filing said. In addition, these forward-looking statements are subject to various risks, uncertainties and assumptions with respect to future business strategies and decisions that are subject to change and difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Web2 Dime proposes to merge Dime Savings with and into Hudson Bank simultaneously with Dimes merger with Hudson, which would be renamed DimeBank. Dime received Calls seeking further comment from Dime and Bridge were not immediately returned. Bridge Financial Services, Inc., a wholly-owned subsidiary of BNB, offers financial planning and investment consultation. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Dime Community Bancshares, Inc. HAUPPAUGE, N.Y., Sept. 21, 2022 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the Company or Dime), the parent company of Dime Community Bank (the Bank) announced today that Vincent F. Palagiano is retiring from the Board of Directors, effective September 21, 2022. The two sides quickly worked out a plan involving a fixed exchange ratio and exclusive negotiations. Large will become the merged banks chairman, officials said, while Lawrence J. Toal will be president and chief operating officer. "Dime Stores Coronavirus dominated Bridges April 1 board meeting even though due diligence was substantially completed and the terms of the merger agreement had been negotiated to both parties satisfaction, the filing said. Additionally, the firms board of directors will have 12 members, comprising six directors from each Bridge Bancorp and Dime Community. Holland & Knight LLP served as legal counsel to Legacy Dime. Web site: http://www.belk., store / str/ n. 1. a retail establishment selling items to the public: a health-food store. The latest LI business news in your inbox Monday through Friday. U.S.A. Just two weeks passed before the companies decided to reengage. New York: R. M. McBride, 1940. Bridges board created a special committee on Dec. 20 that included Marcia Hefter, the companys chairman, and Mathew Lindenbaum, an activist investor who had joined the companys board in 2018. Click to get this free reportBridge Bancorp, Inc. (BDGE) : Free Stock Analysis ReportPacific Premier Bancorp Inc (PPBI) : Free Stock Analysis ReportDime Community Bancshares, Inc. (DCOM) : Free Stock Analysis ReportSouth State Corporation (SSB) : Free Stock Analysis ReportTo read this article on Zacks.com click here. This will likely leverage Dime Communitys brand name and network coverage over the entire Long Island market.The combined company will be based out of Hauppauge, NY. Telephone 714-671-6800. Bridge Bancorp, Inc.; Dime Community Bancshares, Inc. WebIn 2017, Dime moved its headquarters to Brooklyn Heights. The stores' major merchandise classifications in the early days included toys, notions (sewing supplies), china, glassware, stationery, shoes, and Christmas ornaments. It was noted that the pandemic had yet to peak in the New York area in terms of cases, fatalities and the economic fallout.. PacWest Bancorp WebThe merger creates one of the largest networks of financial services in the world. The all-stock deal, valued at roughly $489 million, has been approved by board of directors of both the companies.The combined entity will have $11.5 billion in assets, $8.9 billion in total deposits, $8.4 billion as deposits and 66 branches spread across the New York state.Since the announcement of the deal, Bridge Bancorp has plunged almost 7%, while Dime Community has gained 1.4%.Deal BenefitsBased on pro-forma calculations, the combined firm reflects GAAP EPS accretion of 7% to Bridge and 40% to Dime. Also, the deal will be nearly 0.4% accretive to Bridge Bancorps tangible book value.One-time pre-tax merger & integration expenses are expected to be $60 million. History", Indiana Michigan Power Center (Fort Wayne), https://en.wikipedia.org/w/index.php?title=Dime_Savings_Bank_of_New_York&oldid=1146431159, 2002 disestablishments in New York (state), Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 24 March 2023, at 20:58. Coppell, Texas 75019-4411 The combined company will have over $12 billion in assets, over $9 billion in total deposits, and over 60 branches spanning Manhattan to Montauk. Though the combined company will operate under the Dime brand, some branches in eastern Long Island will continue to operate under the BNB Bank name "for at least one year," the companies said in a joint news release. (1) 42 82 34 56 [3] The merger resulted in a newly combined company with 76 branches in New York, 18 in New Jersey and 5 in Florida. Raymond James acted as financial advisor, and rendered a fairness opinion to the board of directors of Legacy Dime. The state's law does not cap rates at the level preferred by consumer advocates, but it does limit the availability of payday loans that carry annual percentage rates between 36% and 50%. Our enhanced branch footprint and increased capital base will allow us to better serve the needs of our customers, OConnor added. In July 1994, Dime Bancorp announced the pending acquisition of the Hewlett, New York-based Anchor Bancorp with its Anchor Savings Bank, FSB subsidiary for $1.2 billion in stock. This press release contains certain forward-looking information about PacWest that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Dime Community Bank has closed its $489 million merger with BNB Bank, boosting the local banking giant into a force with 65 The dime stores traded up to higher price points and continued to grow until the early 1970s. LOS ANGELES, Oct. 07, 2015 (GLOBE NEWSWIRE) -- PacWest Bancorp (NASDAQ:PACW) ("PacWest") today announced the completion of its merger with Square 1 Financial, Inc. (NASDAQ:SQBK) (Square 1), effective on October 6, 2015. The documents filed by PacWest with the SEC may be obtained at PacWest Bancorps website at www.pacwestbancorp.com may be obtained at the SECs website at www.sec.gov. Most online reference entries and articles do not have page numbers. Hewlett, New York -based Anchor Bancorp with its Anchor Savings Bank, FSB subsidiary Forward-looking statements speak only as of the date they are made, and PacWest assumes no obligation to update such forward-looking statements. Incorporated: 1982 Grocery stores and drug stores took over the candy business. The company expects to combine its banking technology platforms by early in the second quarter of 2021 without any disruption to customers. Nonetheless, a few notable ones include South State Corporations SSB merger with CenterState Bank Corp in January and Pacific Premier Bancorps PPBI alliance with Opus Bank in February.Near-zero interest rates and the Federal Reserves accommodative monetary policy remain major headwinds. By clicking Sign up, you agree to our privacy policy. 1951 Dime Savings Bank of Brooklyn Brooklyn, NY 1859 Bank United 1996 United Savings Association of Texas Houston, TX 1988 Home Investment Building & HAUPPAUGE, N.Y., Feb. 01, 2021 (GLOBE NEWSWIRE) -- Bridge Bancorp Inc. (Nasdaq: BDGE) (Bridge) and Dime Community Bancshares, Inc. (Nasdaq: DCOM) (Legacy Dime) today announced the successful closing of the The Square 1 Bank Division will continue its nationwide focus on venture-backed companies and venture capital firms, and will continue to offer a full spectrum of deposit, treasury management, and lending products. BNB WebAfter a merger with these chains in 1911, the F. W. Woolworth Company became the dominant variety store chain in the United States and Great Britain. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, implied or projected by, such forward-looking statements. Meanwhile, a Bronx community group asked the OTS last week to block the Dime-Anchor merger because it alleges that Dime has a poor record of making loans in low-income neighborhoods of upper Manhattan. We are very excited to begin this new chapter in our institutions histories.. Our TakeAt a time when the banking sector is facing a tough operating backdrop amid the coronavirus pandemic and subsequent economic slowdown, consolidation among industry players are likely to rise in the coming days.So far this year, consolidations in the banking sector have been few and far between as the aforementioned concerns put the brakes on the same. Language links are at the top of the page across from the title. As a result, actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. In time, candy and toiletries also became big sellers. Bridge Bancorp, Inc.; Dime Community Bancshares, Inc. WebDime Bank has a savings rate of 0.03%, which is poor in comparison to other U.S. banks. Power. Bridgehampton-headquartered BNB Bank and Dime Community Bank, based in Brooklyn, are merging in a transaction valued at $489 million, the companies Dime Community Banks largest acquisition to date was in 2020, when it acquired Bridge Bancorp for $489M. Dotted arrows point to the final merged entity. Telephone: (972) 393-8700 These forward-looking statements include, but are not limited to, statements about (i) the benefits of a merger (the Merger) between Bridge and Dime, including future financial and operating results, cost savings, enhancements to revenue and accretion to reported earnings that may be realized from the Merger; (ii) Bridges and Dimes plans, However, Ben Franklin Stores operated as a franchise. Encyclopedia.com gives you the ability to cite reference entries and articles according to common styles from the Modern Language Association (MLA), The Chicago Manual of Style, and the American Psychological Association (APA). Both companies were also monitoring fluctuations in their stock prices. It was significantly enlarged by Halsey, McCormack and Helmer in 1931-32. In addition, Moodys affirmed the Companys long-term issuer rating of Baa3.. The merger will allow us to build on our complementary strengths and provide significant value for shareholders, OConnor said in a release announcing the deal. The companies' statement described their branch networks as "highly complementary," but it was unclear if those savings would include layoffs or branch closings. Parsons had said when the merger was announced in July that he was open to other employment opportunities outside Dime. They planned to incorporate the structure into 9 DeKalb Avenue, planned as be the tallest building in Brooklyn. Dictionaries thesauruses pictures and press releases. Dictionary of American History. Type a symbol or company name. NEW YORK (AP) _ Richard D. Parsons surprise decision to step down as Dime Bancorp Inc.s chairman and assume the presidency of Time Warner Inc. comes amid the banks preparations to merge with Anchor Bancorp. All statements other than statements of historical fact are forward-looking statements. In its financial report for the quarter ended March 31, Dime said it was deferring interest and principal payments for some loans to commercial, industrial and residential clients due to the COVID-19 pandemic. October 07, 2015 07:00 ET The record was set last month with the merger of the $2.5 billion Greenwich Savings Bank into the Metropolitan Savings Bank. The five-and-ten-cent stores copied the department store concept of a wide variety of merchandise. WebFinancial Services Company. The lines are labeled with the year of the deal and color-coded from blue (older) to red (newer). Dime Community Bancshares, Inc.Investor Relations Contact:Avinash ReddySenior Executive Vice President Chief Financial OfficerPhone: 718-782-6200; Ext. Kenneth Mahon, the current CEO of Dime, will become executive chairman of the post-merger company. The Square 1 Bank Division, headquartered at Pacific Westerns Durham, North Carolina branch, offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in all key innovative hubs across the United States. WebMar. Cautionary Note Regarding Forward-Looking Statements. Dime and Anchor shareholders will meet separately around Dec. 15 to vote on the merger, said David Totaro, head of marketing at Dime. Jul 1, 2020, 8:06 pm Bridge Bancorp, the parent company of BNB Bank, is merging with Dime Community Bancshares, the parent company of Dime Community Bank. After a merger with these chains in 1911, the F. W. Woolworth Company became the dominant variety store chain in the United States and Great Britain. Chain store operators controlled over 80 percent of the $8.2 million in sales garnered by 21,582 stores in 1973. Republicans on the House Financial Services Committee and the House Agriculture Committee released a discussion draft of a bill that could classify many cryptocurrencies as commodities rather than securities. Dime Community Bank is headquartered in Brooklyn, NY and operates twenty-eight banking offices located throughout Brooklyn, Queens, the Bronx, Nassau Parsons departure should not hold up the merger, said Large. The stores also featured lunch counters that became popular, making Woolworth's the largest seller of restaurant food in the world. The deal is expected to be 7% accretive to the companys earnings per share. Dimes share were up 12 1/2 cents to $8.75 around midday on the New York Stock Exchange. Retrieved May 25, 2023 from Encyclopedia.com: https://www.encyclopedia.com/history/dictionaries-thesauruses-pictures-and-press-releases/dime-stores. Pursuant to the terms of the agreement dated July 1, 2020, each share of Legacy Dime was converted into 0.648 common shares of Bridge and the combined company was renamed Dime Community Bancshares, Inc. Beginning today, the combined company will trade on The NASDAQ Global Select Market under the ticker DCOM. By the early twentieth century, the McCrory Corporation, under the ownership of Meshulam Riklis, owned many of the famous names but operated only 160 stores. [4] But before the merger could be implemented, North Fork Bancorporation initiated a hostile takeover attempt of Dime in March 2000. Additional factors, that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Dime and Bridges reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission (the SEC) and available on the SECs Internet site (http://www.sec.gov). The two sides eventually agreed to a merger of equals in July, but the ups and downs of the negotiations outlined in the filing show the delicate nature of trying to structure a merger in the middle of a pandemic. Mr. Bowers commented, We are eager to accelerate Square 1s long-standing commitment to the venture and entrepreneurial communities. Under the terms of the Agreement and Plan of Merger, each share of Square 1 common stock was converted into the right to receive 0.5997 of a share of PacWest common stock and each outstanding Square 1 equity award was settled in cash. 25 May. Dime Savings Bank of Williamsburg, a predecessor, was formed in June 1864. WebIn 1978 Dime merged with Citizens Savings & Loan Association (which had $98 million in deposits and five offices), also of New York. Chief Executive Officer Kevin OConnor and Executive Chairman Kenneth Mahon issued the following joint statement: The completion of this transaction unites two iconic New York community banks creating the premier community-based business bank in our region. The coronavirus delayed, and nearly derailed, a big merger of New York banks. The variety stores left to others the concept of dollar stores, which prospered in free-standing, neighborhood locations, while downtown shopping and dime stores faded away. ." Shares of Bridge Bancorp sank almost 7% to $20.30 on Thursday after the deal was announced, while Dime shares gained 1.4% to $13.03. BY TIMOTHY BOLGER. PacWest Bancorp (PacWest) is a bank holding company with over $21 billion in assets with one wholly-owned banking subsidiary, Pacific Western Bank (Pacific Western). It earned $63.9 million during the first nine months of this year, compared to $18.4 million during the same 1993 period. The first discussion about a merger took place in mid-December, when Kenneth Mahon, Dimes CEO, met Kevin OConnor, Bridges president and CEO, for dinner. Bridge Bancorp, the parent company of BNB Bank, has agreed to merge with Dime Community Bancshares Inc., in an all-stock deal worth about $489 million. A part of that counter is in the Smithsonian Museum of American History. The companies expect to incur $60 million in merger-related expenses. Though the companies agreed to extend the exclusivity period to consider an acceptable exchange ratio, they failed to find middle ground and officially terminated negotiations on May 29. Douglas H. 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