Dime Community Bancshares, Inc. Announces Pricing of Subordinated Notes Offering

Core Viewpoint - Dime Community Bancshares, Inc. has announced the pricing of its offering of $65 million in subordinated notes with a fixed-to-floating interest rate, aimed at enhancing its regulatory capital ratios and supporting growth initiatives [11][12]. Group 1: Offering Details - The offering consists of $65 million of 9.000% fixed-to-floating rate subordinated notes due 2034, with an additional option for underwriters to purchase up to $9.75 million for over-allotments [11]. - The notes will initially bear interest at 9.000% per annum, with interest payable quarterly, and will reset to a floating rate starting July 15, 2029 [5]. - The expected closing date for the transaction is around June 28, 2024, subject to customary conditions [12]. Group 2: Use of Proceeds - The net proceeds from the offering will be used for general corporate purposes, including supporting organic growth initiatives and enhancing the Company and Bank's regulatory capital ratios [6]. Group 3: Company Overview - Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, which has over $13.5 billion in assets and holds the number one deposit market share among community banks in Greater Long Island [8].