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

Basswood Capital Management and related parties report changes in their beneficial ownership of Dime Community Bancshares stock, including a restricted stock unit award and direct holdings.

Summary

• Basswood Capital Management, along with Matthew and Bennett Lindenbaum, filed a Form 4 detailing changes in their beneficial ownership of Dime Community Bancshares stock.
• The filing includes a restricted stock unit award of 1,848 shares granted to Matthew Lindenbaum.
• The report also covers shares held directly by Matthew Lindenbaum, various managed accounts, and several Basswood investment funds.
• The total holdings include 1,044,221 shares held by managed accounts, 494,874 shares held by Basswood Opportunity Partners, 7,905 shares held by Basswood Opportunity Fund, 156,654 shares held by Basswood Financial Fund, 46,962 shares held by Basswood Financial Long Only Fund, and 138,282 shares held by Bennett Lindenbaum.
• The filing clarifies that a previous Form 4 incorrectly reported a grant of 581 shares as restricted stock units, when they were actually a quarterly retainer in the form of stock.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing changes in ownership, with no inherent positive or negative sentiment. It is a factual report of transactions.

Management Comments

• Matthew Lindenbaum serves on the board of directors of Dime Community Bancshares as a representative of the Reporting Persons.

Industry Context

This filing is a routine disclosure of changes in beneficial ownership by a major shareholder, which is common in the financial industry and is required by the SEC.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders of publicly traded companies.
• The level of detail provided in this filing is consistent with SEC requirements for such disclosures.
• The reporting of both direct and indirect holdings, including those held through various funds and managed accounts, is typical for investment management firms.

Stakeholder Impact

• The filing provides transparency to shareholders regarding the ownership structure of Dime Community Bancshares.
• The changes in ownership may be of interest to investors monitoring insider activity.

Key Dates

Keywords

Beneficial Ownership, Form 4, Dime Community Bancshares, Basswood Capital Management, Matthew Lindenbaum, Bennett Lindenbaum, Restricted Stock Units, Stock Holdings, Director-by-Deputization