DIME BANCORP AND ANCHOR BANCORP COMPLETE MERGER.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , N.Y., Jan. 13, 1995--(BUSINESS WIRE)--Dime Bancorp, Inc. (NYSE NYSE See: New York Stock Exchange :DME (Distributed Management Environment) A network monitoring and control protocol defined by the Open Software Foundation (now The Open Group). DME was not widely used. DME - Distributed Management Environment ) today announced that it had completed its merger with Anchor Bancorp, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABKR). The effective date of the merger is close of business today. Dime Bancorp, Inc. is the surviving company surviving company The company that emerges in control following a business combination. The surviving company is generally one of the firms entering the combination but may be a new company formed by the combination. and the combined banking subsidiary will be The Dime Savings Bank of New York, FSB (FrontSide Bus) See system bus. FSB - front side bus . James M. Large, Jr., Chairman and Chief Executive Officer of Dime and of the thrift subsidiary, said, "This merger of equals creates a dynamic community-oriented consumer bank. With our combined capital position, growing mortgage banking business and outstanding retail banking franchise, the new Dime provides significantly greater potential for its shareholders than either Dime or Anchor standing alone." Mr. Large was previously the Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Anchor. Lawrence J. Toal, who continues as President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Dime and Dime Savings, said, "As we have worked closely over the past six months on the planning for the merger, the complementary nature of the strengths of the two companies has become increasingly apparent. We are on track to meet our goal of $50 million in cost savings and we are confident that we will be able to consolidate our branches and operating systems smoothly." With $20 billion in assets and $13 billion in deposits, Dime is the largest thrift in New York State and the fourth largest publicly-traded thrift in the U.S. A Fact Sheet on the new Dime is attached. THE "NEW" DIME FACT SHEET Dime Bancorp, Inc. The Dime Savings Bank of New York, FSB On January 13, 1995, Anchor Bancorp, Inc. and its savings bank subsidiary, Anchor Savings Bank, FSB, merged into Dime Bancorp, Inc. and The Dime Savings Bank of New York, FSB, respectively. Dime Bancorp, Inc. is the surviving company and the combined banking subsidiary will be The Dime Savings Bank of New York, FSB. This merger of equals creates a dynamic "new" Dime as one of the premier consumer banking franchises in the New York Metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . This Fact Sheet provides some basic information about the new Dime. Assets With $20 billion in assets, the new Dime is the largest thrift in New York State and the fourth largest publicly-traded thrift in the U.S. Included in its assets are $9.1 billion in loans and $8.6 billion in mortgage-backed securities. The Dime services $13 billion in mortgages for itself and other investors. Deposits The new Dime's $12.7 billion in deposits are insured by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. up to applicable limits. The new Dime ranks #1 in deposit market share in Brooklyn and #2 in Nassau. It has a top 10 market share in four other counties in metropolitan New York. The new Dime provides lending, banking and financial services to 750,000 households in the New York metropolitan area. Capital Tangible stockholder's equity in The Dime is approximately $900 million and the bank meets all regulatory capital requirements. Offices The new Dime operates 94 retail banking offices in the New York metropolitan area, including 41 in the five boroughs of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , 26 on Long Island, 18 in New Jersey, and 9 in Westchester/Rockland. The new Dime has 5 offices in Florida. The new Dime also has 110 ATMs and participates in the NYCE See New York Cotton Exchange. NYCE See New York Cotton Exchange (NYCE). , Cirrus, MAC, Pulse and Honor ATM networks. The executive offices are at 589 Fifth Avenue, NYC NYC abbr. New York City NYC New York City . The primary operations office is in Uniondale, NY and data processing facilities are in Wayne, NJ. Loan servicing is conducted at Albion, NY and there are loan production offices in Jacksonville, FL and Phoenix, AZ. Management James M. Large, Jr. is the Chairman and Chief Executive Officer of Dime Bancorp, Inc. and The Dime Savings Bank of New York, FSB. Lawrence J. Toal is the President and Chief Operating Officer of both companies. Employees The new Dime currently employs 3500 persons. Planned reductions in staff will reduce the number to less than 3000. Shareholders Dime Bancorp's stock is traded on the NYSE under the symbol "DME" with newspapers typically listing the stock as "DimeBcp" or "DimeNY". There are 107 million shares outstanding, held by approximately 75,000 shareholders. The First National Bank of Boston is the transfer agent and registrar for common stock of the new Dime. Contacts: Media inquiries: David Totaro (212) 326-6965 McDonough & Associates (212) 334-0033 Investor Relations: Frank Wright (212) 326-6170 Financial information is pro forma and as of 9/30/94. CONTACT: Dime Investor Relations Frank Wright (212) 326-6170 or Dime Public Relations McDonough & Associates David Totaro Kate McDonough (212) 326-6965 (212) 334-0033 |
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