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

Basswood Capital Management, along with Matthew and Bennett Lindenbaum, filed a Form 4 detailing changes in their beneficial ownership of Dime Community Bancshares stock as of October 1, 2024.

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 date of the event requiring the statement is October 1, 2024.
• Matthew Lindenbaum received 620 shares of common stock as a quarterly retainer.
• The Reporting Persons may be deemed to have a pecuniary interest in the common stock held by Basswood Opportunity Partners, LP (BOP), Basswood Financial Fund, LP (BFF), Basswood Financial Long Only Fund, LP (BFLOF), Basswood Opportunity Fund, Inc. (BOF), and certain separate managed accounts managed by BCM.
• Matthew Lindenbaum, as a managing member of BCM, serves on the board of directors of Dime Community Bancshares, making the Reporting Persons directors-by-deputization.

Sentiment

Score: 6

Explanation: The document is a routine filing, so the sentiment is neutral. The receipt of shares as a retainer is a slightly positive signal.

Positives

• Matthew Lindenbaum's receipt of 620 shares as a quarterly retainer could be viewed positively, indicating continued involvement and alignment with the company's success.

Management Comments

• Each Reporting Person disclaims 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.
• The inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of any securities reported herein for purposes of Section 16 of the Exchange Act or otherwise.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders, providing transparency to the market.

Stakeholder Impact

• The filing provides transparency to shareholders regarding the ownership stake of key insiders.
• The receipt of shares by Matthew Lindenbaum may signal continued commitment to the company's success.

Key Dates