HAUPPAUGE, NY, May 03, 2022 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: “DCOM”), (the “Company”), today announced the price of its $160 million offering of its 5.000% Fixed-Floating Rate Subordinated Notes due 2032 (the “Notes”). The notes will initially bear interest at 5.000% per annum, interest being payable semi-annually in arrears, from the date of issue, until May 15, 2027 excluded. Beginning May 15, 2027, the interest rate on the Notes will reset quarterly. at a variable rate per annum equal to a reference rate which should be the three-month SOFR (which is defined in the Notes) plus 218 basis points, with interest payable quarterly in arrears. The Company may redeem the Notes, in whole or in part, on or after May 15, 2027, at a price equal to 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest. The Notes will mature on May 15, 2032 if not redeemed earlier.
The Company expects to close the transaction, subject to customary conditions, on or about May 6, 2022. The Company intends to use the net proceeds of the offering for general corporate purposes, which include the repayment of the outstanding principal amount of the outstanding subordinated bonds of the Company. notes and subordinated debentures. The Notes are intended to qualify as Tier 2 capital for regulatory purposes.
Piper Sandler & Co. is acting as active bookrunner for the offering. Keefe, Bruyette, & Woods, Inc. and Raymond James Financial, Inc. are acting as passive bookrunners for the offering.
This press release does not constitute an offer to sell or a solicitation of an offer to buy securities of the Company. There will be no sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Any offer to sell or solicitation of an offer to buy securities of the Company will be made only pursuant to a prospectus supplement and a prospectus filed with the SEC. The Company has filed a registration statement (including a prospectus) (File No. 333-264390) and a preliminary prospectus supplement with the SEC for the offering to which this press release relates. Before making an investment decision, you should read the Prospectus and Preliminary Prospectus Supplement and other documents the Company has filed with the SEC for additional information about the Company and the Offering.
You can obtain these documents for free by visiting the SEC’s website at www.sec.gov. Alternatively, the Company or Piper Sandler & Co. will arrange to send you copies of the prospectus and the preliminary prospectus supplement upon request by contacting [email protected]
About the company
Dime Community Bancshares, Inc. is the holding company of Dime Community Bank, a New York State-licensed trust company with over $12.0 billion in assets and the largest deposit market share among banks Greater Long Island communities. (1).
(1) Overall deposit market share for Kings, Queens, Nassau and Suffolk counties for community banks with less than $20 billion in assets.
This press release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements can be identified by the use of words such as “expect”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “likely”. , “could”, “outlook”, “plan”, “potential”, “predict”, “project”, “should”, “will”, “would” and similar terms and expressions, including references to assumptions.
Forward-looking statements are based on various assumptions and analyzes made by the Company in light of management’s experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that it deems appropriate in the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from future results. expressed or implied by these forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect our results include, but are not limited to, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; there may be an increase in competitive pressure between financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the Company’s business; unexpected or material increases in loan losses could adversely affect the Company’s financial condition or results of operations; changes in accounting principles, policies or guidelines may cause the financial condition of the Company to be perceived differently; changes in corporate and/or personal income tax laws could adversely affect the Company’s financial condition or results of operations; general economic conditions, national or local, in some or all of the areas in which the Company operates, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates; legislative or regulatory changes may have an adverse effect on the Company’s activities; technological changes may be more difficult or costly than the Company anticipates; there may be failures or breaches of information technology security systems; the success or completion of new business initiatives may be more difficult or costly than anticipated by the Company; and litigation or other matters before regulatory bodies, whether now existing or beginning in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates. Additionally, given its ongoing and dynamic nature, it is difficult to predict the effects that the COVID-19 pandemic will have on our business and results of operations. The pandemic and related local and national economic disruptions may, among other effects, lead to reduced demand for our products and services; increased levels of delinquent loans, problem assets and foreclosures; branch closures, work stoppages and unavailability of personnel; and increased cybersecurity risks as employees work remotely.
For a discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections titled “Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K and the subsequent updates set forth in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Dime Community Bancshares, Inc.
Contact with Investor Relations:
Senior Executive Vice President – Chief Financial Officer
Phone: 718-782-6200; Ext. 5909
Email: [email protected]