Dime Community Bancshares, Inc. has just completed a subordinated notes offering, raising $65 million in a public offering. With the underwriters' potential additional purchase of $9.75 million, the total gross proceeds could reach $74.75 million. After discounts and estimated offering expenses, the net proceeds stand at approximately $62.65 million, or potentially $72.11 million if the overallotment option is exercised in full.
The notes, which are expected to be listed on the NASDAQ Stock Market under the trading symbol “DCOMG” within 30 days of the original issue date, are intended to qualify as tier 2 capital for regulatory purposes. The company plans to utilize the net proceeds for general corporate purposes, including supporting organic growth initiatives and bolstering regulatory capital ratios.
Raymond James & Associates, Inc. and Keefe, Bruyette & Woods, a Stifel company, served as joint book-running managers for the offering, with D.A. Davidson & Co. and Piper Sandler acting as co-managers. Legal counsel to the company was provided by Squire Patton Boggs (US) LLP, while Luse Gorman, PC acted as legal counsel to the underwriters.
Dime Community Bancshares, Inc., the parent company of Dime Community Bank, holds over $13.5 billion in assets and boasts the number one deposit market share among community banks on Greater Long Island. Following these announcements, the company's shares moved 1.8%, and are now trading at a price of $20.4. Check out the company's full 8-K submission here.
