Dime Community Bancshares, Inc. (NASDAQ: DCOM) has announced the pricing of a public offering of 3,906,250 shares of its common stock at a public offering price of $32.00 per share, resulting in aggregate gross proceeds of $125 million. The company has also granted the underwriters a 30-day option to purchase up to an additional 585,937 shares of common stock at the public offering price, less underwriting discounts and commissions.
The net proceeds from this offering are expected to be used for general corporate purposes to support the company's continued organic growth, including working capital, investments in its bank subsidiary, and potential balance sheet optimization strategies.
Raymond James & Associates, Inc. and Keefe, Bruyette & Woods, Inc., a Stifel company, are acting as joint book-running managers for the offering, with Luse Gorman, PC serving as legal counsel to the joint book-running managers, and Squire Patton Boggs LLP serving as legal counsel to Dime.
Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, which is a New York state-chartered trust company with over $13.7 billion in assets and the number one deposit market share among community banks on greater Long Island, with an aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.
This public offering is being made pursuant to an effective shelf registration statement and a preliminary prospectus supplement filed with the Securities and Exchange Commission (SEC), with a final prospectus supplement to be filed with the SEC. Interested investors are encouraged to review the relevant documents filed with the SEC for a more complete understanding of the company and the offering.
It's important to note that the securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement or the shelf registration statement or prospectus relating thereto. Today the company's shares have moved 1.2% to a price of $33.95. For more information, read the company's full 8-K submission here.
