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Dime to sell more $25-par 5.5% non-cumulative preferred stock
By James McCandless
San Antonio, June 3 – Dime Community Bancshares, Inc. plans to sell more of its $25-par 5.5% series A fixed-rate non-cumulative perpetual preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.
Raymond James & Associates, Inc. is the bookrunner.
Dividends are payable on Feb. 15, May 15, Aug. 15 and Nov. 15, starting on Aug. 15, 2020.
The preferreds are redeemable after five years. Prior to that, they are redeemable within 90 days after a regulatory capital treatment event.
Dime plans to use the proceeds for general corporate purposes.
There are $74.98 million of the preferreds outstanding, which priced on Jan. 29. The new preferreds will be fungible with the existing preferreds.
On Wednesday morning, the preferreds (Nasdaq: DCOMP) were down 19 cents to $21.75 on volume of about 1,000 shares.
Dime is a New York-based bank holding company.
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