The Dime Savings Bank of Williamsburgh Contracts to Relocate Its Headquarters and Back Office Operations to Downtown Brooklyn

BROOKLYN, NY--(Marketwired - June 01, 2016) - Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the "Company" or "Dime"), the parent company of The Dime Savings Bank of Williamsburgh (the "bank"), today announced that, on May 25, 2016, the bank entered into an agreement to lease 40,500 square feet of office space at One Pierrepont Plaza in Brooklyn, New York for an initial ten-year term (with options to extend the lease upon expiration).

As a result, the administrative headquarters and back office operations center of both the Company and bank will ultimately be relocated to One Pierrepont Plaza. Personnel employed at the Williamsburg branch office presently located at 209 Havemeyer Street, Brooklyn, will remain there until relocation of that branch office, also within the local Williamsburg community, has been finalized. No job eliminations are anticipated as a result of the relocation.

Dime's President and Chief Operating Officer, Kenneth J. Mahon, noted, "Dime is thrilled to remain true to its roots, maintaining its standing as the largest bank headquartered in Brooklyn, having been founded in Brooklyn in 1864. We have been so pleased to witness firsthand the renaissance that has occurred throughout Brooklyn over the past few decades, and we anticipate opening three new Brooklyn branches, where work is already underway, before the end of this year."

Occupancy of the space at One Pierrepont Plaza is expected to be completed on or before March 1, 2017.

ABOUT DIME COMMUNITY BANCSHARES, INC.

The Company (NASDAQ: DCOM) had $5.52 billion in consolidated assets as of March 31, 2016, 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 the bank can be found on Dime's website at www.dime.com.