8-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  February 20, 2014

DIME COMMUNITY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

Delaware	0-27782	11-3297463
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

209 Havemeyer Street, Brooklyn, New York   11211

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code:           (718) 782-6200

None

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14d-2(b))
	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01.  Other Events

On February 20, 2014, The Dime Savings Bank of Williamsburgh ("Dime"), the wholly owned subsidiary of the Registrant, repurchased $200.1 million of loans previously sold to a third party.  Prior to the repurchase, all such loans were being serviced by Dime under an existing seller/servicer agreement. 

A copy of the news release announcing the repurchase is included as Exhibit 99 to this report.

Item 9.01.   Financial Statements and Exhibits.

          (d) Exhibits

Exhibit No.

       99 Press release of the Registrant, dated February 21, 2014, containing a discussion of the repurchase of $200.1 million of loans.

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Form 8-K Report to be signed on its behalf by the undersigned hereunto duly authorized.

                                        DIME COMMUNITY BANCSHARES, INC.

By:	/s/ KENNETH J. MAHON
	Kenneth J. Mahon
	Senior Executive Vice President and Chief Financial Officer

Dated:  February 21, 2014

INDEX TO EXHIBITS

Exhibit Number

        (99)   Press release of the Registrant, dated February 21, 2014, containing a discussion of the repurchase of $200.1 million of loans.

EX-99

EXHIBIT 99

DIME SAVINGS BANK PURCHASES $200 MILLION MULTIFAMILY LOAN PORTFOLIO

Transaction accelerates attainment of 2014 loan growth target

Brooklyn, New York – February 21, 2014 – Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the "Company"), the parent company of The Dime Savings Bank of Williamsburgh ("Dime"), today announced that Dime completed the repurchase of $200.1 million of loans previously sold to a third party from December 2002 through February 2009.  All loans are current and performing.

Announcing the transaction, Vincent F. Palagiano, Chairman and Chief Executive Officer of the Company, stated, "I am pleased to report that the Company was able to capitalize on a unique opportunity to repurchase $200 million in previously sold loans, enabling us to make significant progress toward meeting our 2014 loan origination goals."  Mr. Palagiano continued, "As originator and servicer of these loans, we are intimately familiar with their underwriting and credit quality.  Furthermore, the repurchase was appealing to us because of the relatively short nature of the assets being acquired."

Dime remains one of the premier banks lending to owners of multifamily properties in New York City.

ABOUT DIME COMMUNITY BANCSHARES

The Company (Nasdaq: DCOM) had $4.03 billion in consolidated assets as of December 31, 2013, and is the parent company of Dime.  Dime 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.

###

Contact:Kenneth Ceonzo

Director of Investor Relations

718-782-6200 extension 8279