Dime greenshoe lifts $25-par 5.5% preferred shares to $75 million

By Wendy Van Sickle

Columbus, Ohio, Feb. 5 – Underwriters for Dime Community Bancshares, Inc.’s $25-par series A 5.5% non-cumulative perpetual preferred stock (//BB-) fully exercised their $9.78 million greenshoe, lifting the total deal size to $75 million, according to a press release Wednesday.

As previously reported, Dime priced $65.2 million of the preferreds at par on Jan. 29.

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

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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