Form 4: Basswood Capital Management Reports Beneficial Ownership Changes in Dime Community Bancshares

Basswood Capital Management, along with Matthew and Bennett Lindenbaum, reports changes in beneficial ownership of Dime Community Bancshares stock, including shares held directly, through managed accounts, and various Basswood Funds.

Summary

• Basswood Capital Management, L.L.C., Matthew Lindenbaum, and Bennett Lindenbaum (collectively, the Reporting Persons) filed a Form 4 regarding changes in beneficial ownership of Dime Community Bancshares, Inc. (DCOM) common stock.
• The filing indicates that Basswood Capital Management (BCM) is the investment manager or advisor to several funds (BOP, BFF, BFLOF, BOF) and certain separate managed accounts.
• Matthew and Bennett Lindenbaum are managing members of BCM and may be deemed to have a pecuniary interest in the Common Stock directly held by the Funds and held in the Managed Accounts, and also directly hold shares of Common Stock.
• Matthew Lindenbaum serves on the board of directors of Dime Community Bancshares as a representative of the Reporting Persons, making each of them a director-by-deputization.
• The reported transactions include the acquisition of 876 shares of common stock on July 1, 2024, and holdings of common stock through various entities and individuals.
• The total amount of Common Stock held by the Funds or Managed Accounts are reported herein.
• The Reporting Persons disclaim beneficial ownership of all shares of Common Stock that are beneficially owned by the Funds or Managed Accounts, except to the extent of any direct or indirect pecuniary interest therein.
• BCM also disclaims beneficial ownership of the shares held directly by Matthew Lindenbaum and Bennett Lindenbaum.
• Matthew Lindenbaum and Bennett Lindenbaum each disclaim beneficial ownership of the shares held directly by the other.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing, so the sentiment is neutral. It simply reports changes in stock ownership.

Industry Context

This filing is a routine disclosure required by Section 16(a) of the Securities Exchange Act of 1934, providing transparency into the stock ownership and trading activities of company insiders and significant shareholders. It is common for investment firms like Basswood Capital Management to file such forms when their ownership stake or board representation changes.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders, aligning with SEC regulations.
• The level of detail provided, including disclaimers of beneficial ownership and explanations of indirect holdings, is consistent with industry best practices for transparency.
• Similar filings are made by other investment firms and individuals holding significant positions in publicly traded companies.

Stakeholder Impact

• The filing provides transparency to shareholders regarding the ownership structure of Dime Community Bancshares.
• It informs stakeholders about the involvement of Basswood Capital Management and its managing members in the company.

Key Dates