Enhances and streamlines ability to serve small businesses via its Business Banking division
BROOKLYN, Dec. 18, 2018 (GLOBE NEWSWIRE) — Kenneth J. Mahon, President and Chief Executive Officer of Dime Community Bancshares, Inc. (the “Company” or “Dime”) (NASDAQ:DCOM), the parent company of Dime Community Bank (the “bank”), announced that the bank has been designated a “Preferred Lender” by the U.S. Small Business Administration (“SBA”).
Under the Preferred Lenders Program (“PLP”), SBA lenders such as Dime are delegated loan approval as well as closing and servicing authority, enabling them to make loan decisions more rapidly. To earn the PLP designation, lenders must establish a track record and display a thorough understanding of SBA lending policies and procedures.
According to Mr. Mahon, “The receipt of PLP designation continues our journey towards becoming a successful community commercial bank. Earning this designation reflects our dedication to serving small businesses, which are essential to the economic vibrancy of our local communities.”
ABOUT DIME COMMUNITY BANCSHARES, INC.
The Company had $6.29 billion in consolidated assets as of September 30, 2018. The bank was founded in 1864, is headquartered in Brooklyn, New York, and currently has twenty-nine branches located throughout Brooklyn, Queens, the Bronx, Nassau County and Suffolk County, New York. More information on the Company and the bank can be found on Dime’s website at www.dime.com.
Contact: Avinash Reddy
Senior Vice President – Corporate Development and Treasurer
718-782-6200 extension 5909