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Press Release

May 19, 2017

Contact: Richard Loconte, 212-709-1691

DFS AUTHORIZES EXPANSION OF TWO NEW YORK STATE-CHARTERED BANKS

Adirondack Trust Company and Dime Community Bank to Open Branches in Saratoga and Suffolk Counties

Financial Services Superintendent Maria T. Vullo today announced that the New York State Department of Financial Services (DFS) has approved branch applications for two New York State-chartered banks, Adirondack Trust Company and Dime Community Bank. Adirondack Trust Co. is opening a new branch in Malta, New York, and Dime is opening a new branch in Melville, New York.

“DFS continues to work to encourage the growth of New York State-chartered, locally regulated banking institutions,” said Financial Services Superintendent Maria T. Vullo. “New York State-chartered banks offer New York communities increased access to services, expanded employment opportunities, and strong consumer protection through DFS regulatory oversight.”

Stephan R. von Schenk, President of Adirondack Trust Company, said, “As a New York State-chartered bank, we are dedicated to working with the Department of Financial Services to serve the needs of the local upstate community through our community-based banking model at this new branch.”

Kenneth J. Mahon, President and Chief Executive Officer of Dime Community Bank said, “We are excited about opening our first branch in Suffolk County to support the growing demand of both businesses and residents with our competitive products and services. The Melville office will be the home of Dime’s Business Banking division, under the leadership of Stu Lubow, Senior Executive Vice President, and Conrad Gunther, Executive Vice President. We would like to thank Financial Services Superintendent Maria Vullo for the approval of our application and continued support for the growth of New York State-chartered banks.”

Adirondack Trust Company has been approved to open a new branch location at 51 Luther Forest Boulevard in Malta, New York. The bank has more than $1 billion in assets and 12 branch offices. The bank offers banking, trust, insurance, and investment management services, and originates real estate mortgages, both residential and commercial, and commercial business loans throughout its primary market area.

Dime Community Bank has been approved to open a new branch location at 1 Huntington Quadrangle, Melville, New York. New York. The company had $6.10 billion in consolidated assets as of March 31, 2017, and the bank is a wholly-owned subsidiary of Dime Community Bancshares, Inc., a publicly-owned company. The bank was founded in 1864, is headquartered in Brooklyn, New York, and currently has 27 branches located throughout Brooklyn, Queens, the Bronx and Nassau County, New York.

New York currently has a total of 137 state chartered commercial banks, savings banks and bank holding companies, 16 state chartered credit unions, 85 foreign branches, 10 foreign agencies, and 35 representative offices, with assets totaling more than $2.6 trillion.

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