Dime Community Bancshares hires Solomon Ponniah as Senior VP and Group Leader for Commercial Lending, enhancing growth in NYC.
Quiver AI Summary
Dime Community Bancshares, Inc. has announced the hiring of Solomon Ponniah as Senior Vice President and Group Leader, bringing over 15 years of experience in Commercial Lending to the company. Previously the Director of Business Banking at Popular Bank, Solomon expressed enthusiasm about joining Dime and contributing to its growth. Stuart H. Lubow, the President and CEO, emphasized that Solomon’s addition aligns with Dime's strategy to expand its presence in the New York City metro area. Dime Community Bancshares, the parent company of Dime Community Bank, is a significant player in the region's banking sector with over $14 billion in assets.
Potential Positives
- Hiring Solomon Ponniah as Senior Vice President and Group Leader strengthens Dime's Commercial Lending division, indicating a commitment to expanding their team with experienced talent.
- The addition of Solomon, with over 15 years of experience in Commercial Lending, enhances Dime's capability to respond to customer needs effectively, supporting customer satisfaction and potential growth.
- This strategic hire aligns with Dime's goal of increasing its presence in the NYC metro area, positioning the Bank for future growth opportunities in a competitive market.
- Dime Community Bancshares, Inc. is recognized as the number one deposit market share among community banks on Greater Long Island, reinforcing its strong market position and stability.
Potential Negatives
- Hiring a new senior executive amid a competitive market could indicate a need for a strategic shift or improved performance, suggesting potential weaknesses in the company's current operations.
- The mention of "risks and uncertainties" in the context of forward-looking statements may imply that the company faces challenges that could impact its future growth, raising concerns among investors.
- While Solomon Ponniah’s background is presented positively, the need for a new leader in Commercial Lending could suggest internal issues or previous underperformance in that division.
FAQ
Who is Solomon Ponniah?
Solomon Ponniah is the newly hired Senior Vice President and Group Leader at Dime Community Bancshares, Inc.
What is Solomon Ponniah's experience in banking?
He has over 15 years of experience in Commercial Lending, including a recent role at Popular Bank.
Why did Solomon Ponniah join Dime Community Bank?
He was attracted by Dime's quick customer response, flat organizational structure, and growth trajectory.
What is the growth goal for Dime Community Bancshares?
Dime aims to grow its presence in the NYC metro area through strategic hires like Solomon Ponniah.
What assets does Dime Community Bancshares manage?
Dime Community Bancshares manages over $14 billion in assets and has the highest deposit market share among community banks on Long Island.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$DCOM Insider Trading Activity
$DCOM insiders have traded $DCOM stock on the open market 10 times in the past 6 months. Of those trades, 5 have been purchases and 5 have been sales.
Here’s a breakdown of recent trading of $DCOM stock by insiders over the last 6 months:
- CAPITAL MANAGEMENT, L.L.C. BASSWOOD has made 4 purchases buying 30,545 shares for an estimated $976,231 and 1 sale selling 9,815 shares for an estimated $306,228.
- KENNETH J MAHON sold 25,000 shares for an estimated $817,285
- RAYMOND A NIELSEN sold 3,000 shares for an estimated $93,750
- MICHAEL FEGAN (Chief Technology & Ops Officer) sold 2,000 shares for an estimated $71,513
- AVINASH REDDY (SEVP - CHIEF FINANCIAL OFFICER) has made 1 purchase buying 500 shares for an estimated $9,677 and 1 sale selling 500 shares for an estimated $9,687.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$DCOM Hedge Fund Activity
We have seen 108 institutional investors add shares of $DCOM stock to their portfolio, and 65 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- WELLINGTON MANAGEMENT GROUP LLP added 1,271,303 shares (+inf%) to their portfolio in Q4 2024, for an estimated $39,073,497
- UBS GROUP AG added 608,942 shares (+1349.3%) to their portfolio in Q4 2024, for an estimated $18,715,832
- BLACKROCK, INC. added 501,042 shares (+8.8%) to their portfolio in Q4 2024, for an estimated $15,399,525
- VERITION FUND MANAGEMENT LLC added 463,273 shares (+inf%) to their portfolio in Q4 2024, for an estimated $14,238,695
- PENN CAPITAL MANAGEMENT COMPANY, LLC added 327,559 shares (+inf%) to their portfolio in Q4 2024, for an estimated $10,067,525
- MALTESE CAPITAL MANAGEMENT LLC added 302,473 shares (+inf%) to their portfolio in Q4 2024, for an estimated $9,296,507
- STIEVEN CAPITAL ADVISORS, L.P. added 287,195 shares (+86.3%) to their portfolio in Q4 2024, for an estimated $8,826,938
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$DCOM Analyst Ratings
Wall Street analysts have issued reports on $DCOM in the last several months. We have seen 1 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Stephens issued a "Overweight" rating on 04/23/2025
To track analyst ratings and price targets for $DCOM, check out Quiver Quantitative's $DCOM forecast page.
Full Release
HAUPPAUGE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”) announced that it has hired Solomon Ponniah as Senior Vice President and Group Leader. Solomon comes to Dime with over 15 years of experience in Commercial Lending, most recently as Director of Business Banking at Popular Bank.
“I am excited to join Dime and be a part of their growth story. Dime’s ability to respond to customers quickly, their flat organizational structure, and their growth trajectory attracted me to join the Bank,” said Solomon.
Stuart H. Lubow, President and Chief Executive Officer of Dime, said “Hiring Solomon to our Commercial Lending division is consistent with our stated goal of growing our presence in the NYC metro area. Solomon is a well-regarded banker and bringing him on board is a solid win for Dime.”
ABOUT DIME COMMUNITY BANCSHARES, INC.
Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island (1) .
Dime Community Bancshares, Inc.
Investor Relations Contact:
Avinash Reddy
Senior Executive Vice President – Chief Financial Officer
Phone: 718-782-6200; Ext. 5909
Email:
[email protected]
¹ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.
FORWARD-LOOKING STATEMENTS
Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated.
