Issuer:
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Dime Community Bancshares, Inc. (Nasdaq: DCOM) (the “Company”)
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Security:
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5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A (“Preferred Stock”)
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Size:
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$65,200,000 (2,608,000 Shares)
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Option to Purchase Additional Shares:
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The underwriters have the option to purchase up to an additional 391,200 shares of Preferred Stock within 30 days after the date of this pricing term sheet at the
public offering price, less the underwriting discount.
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Maturity:
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Perpetual
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Expected Rating*:
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BB- (Stable) by Fitch
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Liquidation Preference:
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$25 per share
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Dividend Payment Dates:
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If declared, quarterly, in arrears, on February 15, May 15, August 15 and November 15 of each year (each such date, a “Dividend Payment Date”), beginning on May 15,
2020.
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Dividend Rate (Non- Cumulative):
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5.50% per annum
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Day Count:
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30/360
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Redemption:
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The Preferred Stock may be redeemed at the Company’s option, subject to regulatory approval, at a cash redemption price equal to $25 per share, plus any declared
and unpaid dividends (without regard to any undeclared dividends) to, but excluding, the redemption date, (i) in whole or in part, from time to time, on any Dividend Payment Date on or after February 15, 2025 or (ii) in whole, but not in
part, at any time within 90 days following a “Regulatory Capital Treatment Event,” as described in the Preliminary Prospectus, Holders of shares of Preferred Stock will not have the right to require the redemption or repurchase of the shares
Preferred Stock.
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Listing:
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The Company has filed an application to list the Preferred Stock with Nasdaq Global Select Market (“Nasdaq”) under the symbol “DCOMP.” If the application to list is
approved, trading of the Preferred Stock on Nasdaq is expected to begin within 30 days after they are first issued.
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Trade Date:
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January 29, 2020
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Settlement Date:
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February 5, 2020 (T+5)**
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Public Offering Price:
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$25 per share
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Underwriting Discount:
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$0.7875 per share
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Net Proceeds (before expenses) to the Company:
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$63,146,200
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Book-Running Managers:
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Raymond James & Associates, Inc. and Citigroup Global Markets Inc.
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Co-Manager:
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D.A. Davidson & Co.
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CUSIP/ISIN:
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25432G208 / US25432G2084
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