Fitch Rates Dime Community's $70MM Trust Preferred 'BBB-'.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 -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned a rating of 'BBB-' to Dime Community Bancshares, Inc.'s (DCOM (Distributed Component Object Model) Formerly Network OLE, it is Microsoft's technology for distributed objects. DCOM is based on COM, Microsoft's component software architecture, which defines the object interfaces. ) offering of $70 million of trust preferred securities through Dime Community Capital Trust I. On Sept. 9, 2004, DCOM initiated an exchange offer whereby up to $70 million of registered trust preferred securities (series B capital securities), which bear a fixed interest rate of 7% and mature in 2034, were offered in exchange for a like amount of 7%, 30-year trust preferred securities previously sold in a private transaction (series A capital securities) in March 2004. At the conclusion of the exchange offer, the trust preferred securities issue consisted of $60 million of registered series B capital securities and $10 million of series A capital securities. The assigned rating is consistent with DCOM's current ratings. Fitch fitch: see polecat. assigns the following rating: Dime Community Capital Trust I --Trust Preferred Securities 'BBB-'. |
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