Authorization

Dime Community Bancshares, Inc. Closes $75.0 Million Public Offering of Preferred Stock

BROOKLYN, N.Y., Feb. 05, 2020 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (the a??Companya??) (Nasdaq: DCOM) today announced the closing of its previously announced underwritten public offering of 2,999,200 shares, or $75.0 million in aggregate liquidation preference, of its 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share (the a??Preferred Stocka??), with a liquidation preference of $25.00 per share. The underwriters have exercised in full their option to purchase 391,200 shares of Preferred Stock, which is included in the 2,999,200 shares of Preferred Stock referenced above. The Company raised approximately $72.2 million, net of underwriting discounts and estimated expenses, from the offering.
The Company will pay dividends from the original date of issuance, when, as, and if declared by its board of directors, at a fixed rate of 5.50% per annum, payable quarterly, in arrears, on February 15, May 15, August 15 and November 15 of each year, beginning on May 15, 2020. The Preferred Stock is perpetual and has no stated maturity. The Company may redeem the Preferred Stock at its option at a redemption price equal to $25.00 per share, plus any declared and unpaid dividends (without regard to any undeclared dividends), subject to regulatory approval, on or after February 15, 2025 or within 90 days following a regulatory capital treatment event, as described in the prospectus supplement and accompanying prospectus relating to the offering.The Company expects to use the net proceeds from the offering for general corporate purposes.Raymond James & Associates, Inc. and Citigroup Global Markets Inc. acted as joint book-running managers for the offering. D.A. Davidson & Co. acted as a co-manager.The Company previously filed a registration statement (including a base prospectus) and a prospectus supplement with the U.S. Securities and Exchange Commission (the a??SECa??) for the offering which this communication relates to and has filed a final prospectus supplement related to the offering. Copies of the final prospectus supplement and the accompanying base prospectus for the offering may be obtained by contacting Raymond James & Associates, Inc. at 880 Carillon Parkway, St. Petersburg, FL 33716, by calling 1 (800) 248-8863 or by email at prospectus@raymondjames.com, or by contacting Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by calling 1 (800) 831-9146 or by email at prospectus@citi.com.
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