Dime Community Bancshares Declares Quarterly Cash Dividend

Market Wire, January, 2009

Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the "Company"), the parent company of The Dime Savings Bank of Williamsburgh (the "Bank"), announced that its Board of Directors has declared a quarterly cash dividend of $0.14 per share, payable on February 17, 2009, to all stockholders of record as of February 2, 2009. This dividend is the 47th consecutive quarterly cash dividend paid by the Company.

About Dime Community Bancshares

The Company (NASDAQ: DCOM) had $3.83 billion in consolidated assets as of September 30, 2008, and is the parent company of the Bank. The Bank was founded in 1864, is headquartered in Brooklyn, New York, and currently has twenty-three branches located throughout Brooklyn, Queens, the Bronx and Nassau County, New York. More information on the Company and Bank can be found on the Bank's Internet website at www.dime.com .

Contact: Kenneth Ceonzo Director of Investor Relations 718-782-6200 extension 8279