Fitch Rates Dime Community's $70MM Trust Preferred 'BBB-'

Business Wire, Nov 12, 2004

NEW YORK -- Fitch Ratings has assigned a rating of 'BBB-' to Dime Community Bancshares, Inc.'s (DCOM) offering of $70 million of trust preferred securities through Dime Community Capital Trust I. On Sept. 9, 2004, DCOM initiated an exchange offer whereby up to $70 million of registered trust preferred securities (series B capital securities), which bear a fixed interest rate of 7% and mature in 2034, were offered in exchange for a like amount of 7%, 30-year trust preferred securities previously sold in a private transaction (series A capital securities) in March 2004. At the conclusion of the exchange offer, the trust preferred securities issue consisted of $60 million of registered series B capital securities and $10 million of series A capital securities. The assigned rating is consistent with DCOM's current ratings.

Fitch assigns the following rating:

Dime Community Capital Trust I

--Trust Preferred Securities 'BBB-'.