Dime Community Bancshares, Inc. to Market Williamsburg Real Estate

BROOKLYN, NY--(Marketwired - May 11, 2015) - Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the "Company" or "Dime"), the parent company of The Dime Savings Banks of Williamsburgh (the "bank"), today announced its intention to market several parcels of its real estate holdings located in the Williamsburg section of Brooklyn, New York. These parcels currently serve as the corporate headquarters and primary back office operations center of the Company and the bank. The bank's traditional limestone-clad circa 1908 Main Office adjoining the aforementioned holdings, is not part of the offering.

Vincent F. Palagiano, Chairman and Chief Executive Officer of Dime, commented, "Dime has been part of the Williamsburg landscape for over 150 years. Our intention is to remain part of the Williamsburg community and to increase our visibility not only in our namesake neighborhood but throughout Brooklyn, where Dime already has a significant market presence." Dime anticipates opening another Williamsburg branch location later this year.

Mr. Palagiano continued, "The remarkable increase in values of Brooklyn real estate presents an opportunity for Dime to efficiently create new capital without shareholder dilution, and support the planned growth of its banking business."

The properties will be marketed in a competitive bidding process, subject to a reserve price set by the Bank, which is expected to take approximately 90 to 120 days to complete. At that time, the terms of the sale will be disclosed with the effects recorded in periodic earnings and equity upon final closing. In the event a sale is completed, Dime would likely seek to reinvest the proceeds in an acquisition of real estate that qualifies as a like-kind exchange under Section 1031 of the Internal Revenue Code. Any replacement property acquired would be utilized both for bank occupancy, and as a potential source of non-interest income to the bank should there be excess leasable space.

No reduction in jobs is anticipated as a result of this transaction.

There can be no assurance that Dime will locate a purchaser or, if a purchaser is located, that a sale will close. No significant purchase of new property would be expected to occur in the absence of a completed sale.

The properties are being marketed exclusively by Cushman & Wakefield, 275 Madison Avenue, 3^rd Floor, New York, NY 10016. Interested parties should contact James Nelson, (212) 660-7710, J.Nelson@cushwake.com or Brendan Maddigan, (718) 238-8999, Brendan.Maddigan@Cushwake.com for additional information.

The Company (NASDAQ: DCOM) had $4.58 billion in consolidated assets as of March 31, 2015, and is the parent company of the Bank. The Bank was founded in 1864, is headquartered in Brooklyn, New York, and currently has twenty-five branches located throughout Brooklyn, Queens, the Bronx and Nassau County, New York. More information on the Company and Dime can be found on the Dime's Internet website at www.dime.com.

This News Release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified by use of words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar terms and phrases, including references to assumptions.

Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management's experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company's control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. These factors include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company's control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of Dime; changes in accounting principles, policies or guidelines may cause the Company's financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company's financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates; legislation or regulatory changes may adversely affect the Company's business; technological changes may be more difficult or expensive than the Company anticipates; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; or litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates.