Dime plans $50 million $25-par fixed-rate non-cumulative preferreds

By James McCandless

San Antonio, Jan. 29 – Dime Community Bancshares, Inc. plans to price a $50 million offering of $25-par series A fixed-rate non-cumulative perpetual preferred stock, according to filings with the Securities and Exchange Commission.

Raymond James & Associates, Inc. and Citigroup Global Markets Inc. are the joint bookrunners.

The co-manager is D.A. Davidson & Co.

Dividends are payable on Feb. 15, May 15, Aug. 15, and Nov. 15, commencing on May 15, 2020.

The preferreds are redeemable on or after Feb. 15, 2025 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event at par.

Dime plans to use the proceeds for general corporate purposes, including support for organic growth.

The company plans to list the preferreds on the Nasdaq under the symbol “DCOMP.”

Dime is a New York-based bank holding company.

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