Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Fri, May 20, 11:42 PM
|This Slide: #83 of 581|
Slide #83. Dime Community Bancshares, Inc. — Preferred Stock Offering
Dime Community Bancshares, Inc. (NASDAQ:DCOM)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Dime Community Bancshares, Inc. (the "Company") (Nasdaq: DCOM) today announced that it has priced an underwritten public offering of 2,000,000 shares, or $50.0 million in aggregate liquidation preference, of its 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share (the "Preferred Stock"), with a liquidation preference of $25.00 per share. The Company has granted the underwriters a 30-day option to purchase up to 300,000 additional shares of Preferred Stock. The Company will pay dividends on these shares of Preferred Stock when, as, and if declared by its board of directors, at a fixed rate of 5.50% per annum, payable quarterly, in arrears, on February 15, May 15, August 15 and November 15 of each year, with the initial dividend period beginning on May 15, 2020 to, but excluding, the next succeeding dividend payment date. The Preferred Stock is perpetual and has no stated maturity. The Company may redeem the Preferred Stock at its option at a redemption price equal to $25.00 per share, plus any declared and unpaid dividends (without regard to any undeclared dividends), subject to applicable regulatory approval, on or after June 15, 2025 or within 90 days following a regulatory capital treatment event, as described in the prospectus supplement and accompanying prospectus relating to the offering.
Dime Community Bancshares is a bank holding company. Through its subsidiary, Dime Community Bank, Co. is engaged in commercial and consumer banking business. Co. provides the Certificate of Deposit Account Registry Service and Insured Cash Sweep programs, providing Federal Deposit Insurance Corporation insurance on deposits to its customers. Co. also provides merchant credit and debit card processing, automated teller machines, cash management services, lockbox processing, online banking services, remote deposit capture, safe deposit boxes, and individual retirement accounts as well as investment services through Bridge Financial Services LLC.
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Buy (3.40 out of 4)
(ranked higher than approx. 67% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com