DCOM - Fitch Ratings Affirms Dime Community Bancshares Inc.'s Ratings at BBB
BROOKLYN, N.Y., July 07, 2020 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (the “Company” or “Dime”) (NASDAQ: DCOM), the parent company of Dime Community Bank (the “Bank”), announced that Fitch Ratings (“Fitch”), in a report dated July 6, 2020, affirmed its investment grade ratings for the Company and the Bank following the announcement of the merger of equals transaction with Bridge Bancorp, Inc. (NASDAQ: BDGE).
According to the Fitch report, the strategic rationale along with the diversification and funding benefits associated with the transaction modestly outweighed the integration risks that are customary in merger of equals transactions. Assuming successful execution, it is Fitch’s view that the transaction would accelerate Dime's previously communicated strategic goals of diversifying its balance sheet and expanding relationship lending capabilities to small businesses and lower middle-market companies within adjacent markets. In light of the similarity of business models as well as overlap in systems and processes, Fitch viewed the integration risk as manageable within the context of the current ratings.
Kenneth J. Mahon, Chief Executive Officer, stated, “We are pleased to continue to receive an investment grade rating from Fitch Ratings.”
ABOUT DIME COMMUNITY BANCSHARES, INC.
The Company had $6.35 billion in consolidated assets as of March 31, 2020. The Bank was founded in 1864, is headquartered in Brooklyn, New York, and currently has 28 retail branches located throughout Brooklyn, Queens, the Bronx, Nassau and Suffolk Counties, New York. More information on the Company and the Bank can be found on Dime's website at www.dime.com.
Avinash Reddy
Senior Executive Vice President – Chief Financial Officer
718-782-6200 extension 5909