The Dime Savings Bank of Williamsburgh to Open New Full-Service Branch on Kent Avenue in Brooklyn

BROOKLYN, NY--(Marketwired - June 17, 2016) - The Dime Savings Bank of Williamsburgh (the "bank" or "Dime"), subsidiary of Dime Community Bancshares, Inc. (the "Company") (NASDAQ: DCOM), announced today that it has received approval from the New York State Department of Financial Services to open a new branch in its hometown of Williamsburg at 149 Kent Avenue. The branch will offer local residents and business owners a broad range of financial services and personal account features.

"Our Kent Avenue branch represents our continued commitment to Brooklyn, and to Williamsburg in particular," said Vincent F. Palagiano, Chairman and Chief Executive Officer of Dime. "With Williamsburg at the epicenter of the 'buy local' trend, it only makes sense that Williamsburg's local bank would continue to find ways to connect to residents and small business owners."

Dime's new branch, anticipated to open by first quarter 2017, is a 2,732-square foot banking center, located in the heart of Williamsburg, Brooklyn. It will be a full-service branch, with an open layout that will enhance the service experience for retail customers. In addition, the branch is also designed for small business customers, with conference and meeting space that can be used for these customers if and when needed.

"Our Kent Avenue branch introduces a new interior design for Dime branches," stated Kenneth J. Mahon, President and Chief Operating Officer of Dime. "We focused closely on all steps in our interaction with customers: from the reason they decide to enter, to the entrance and pathways within the branch, to finally the service and eventual exit. We designed the branch to make the customer experience as seamless as possible."

"Nowadays, more than ever," continued Mr. Mahon, "customers carry their bank around with them in their pockets, especially in young communities like Williamsburg. That's the medium where Dime's technology and bank service exists today, both online and through mobile banking. But many people still want to bank near where they live or work, like small business owners. The Williamsburg population has grown by tens of thousands along the East River over the past 10 years. New locally-owned businesses open every week. Our new branch locations bring our business closer to those customers."

The Kent Avenue branch, along with a previously announced planned branch on Bedford Avenue, will represent two new locations in Williamsburg, with a goal to have three new locations in Williamsburg within the next two years. These new locations are bracketed by two existing Dime branches: the Main Office to the south at 209 Havemeyer Street at the foot of the Williamsburg Bridge, and the Greenpoint Office to the north at 814 Manhattan Avenue.

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.