Dime Community Bank to Open New Full-Service Branch in Melville

BROOKLYN, N.Y., May 19, 2017 -- Dime Community Bank (the “bank” or “Dime”), subsidiary of Dime Community Bancshares, Inc. (the “Company”) (NASDAQ:DCOM), announced today that it has received approval from the New York State Department of Financial Services to open a new full service branch at 1 Huntington Quadrangle in Melville. The branch will offer local business owners and residents a broad range of financial services and personal account features.

“We are excited about our expansion into Suffolk County with the Melville branch,” stated Kenneth J. Mahon, President and Chief Executive Officer of Dime. “We are even more excited about our ability to service middle-market and small business customers through this branch given the adjacent office will serve as the flagship location for our Business Banking division. Our business bankers, led by Stu Lubow, will offer business customers unparalleled service and access to a variety of products to grow their companies."

Dime’s new branch, anticipated to open by fourth quarter 2017, is a 1,000-square foot banking center, located at the intersection of Long Island’s most vibrant business corridor. It will be a full-service branch based on Dime’s new design format that will incorporate the latest customer-facing technology to enhance the service experience. In addition, the branch will also be a small business resource center, with the ability to host small business seminars and offer resources and support to small business owners to manage and grow their companies.

ABOUT DIME COMMUNITY BANCSHARES, INC.

The Company had $6.10 billion in consolidated assets as of March 31, 2017, and is the parent company of the bank. The bank was founded in 1864, is headquartered in Brooklyn, New York, and currently has twenty-seven branches located throughout Brooklyn, Queens, the Bronx and Nassau County, New York. More information on the Company and the bank can be found on Dime's website at www.dime.com.

Contact: Anthony Rose, Executive Vice President and Director of Investor Relations. 718-782-6200 extension 5260