Dime Community Bank Announces the Appointment of New Head of Corporate Development & Treasurer

BROOKLYN, N.Y., April 17, 2017 -- Kenneth J. Mahon, President and Chief Executive Officer of Dime Community Bancshares, Inc. (the “Company” or “Dime”) (NASDAQ:DCOM), the parent company of Dime Community Bank (the “bank”), is pleased to announce today that Avinash "Avi" Reddy, has joined the bank as Senior Vice President of Corporate Development and Treasurer.

According to Mr. Mahon, "I'm delighted to announce the appointment of Avi to this new strategic role. Avi's financial and investment banking experience will serve as a great compliment to Dime's organic growth objectives."

Working across all business lines, Avi will be charged with identifying, evaluating, and executing on strategic business opportunities. Avi will report to Robert Volino, Senior Executive Vice President and Chief Operating Officer of Dime.

Mr. Reddy joins Dime from Macquarie Capital, where he was Senior Vice President in Investment Banking - Financial Institutions Group. Prior to Macquarie, Mr. Reddy held positions in Investment Banking at Evercore Partners and Lehman Brothers. Mr. Reddy is a graduate of the University of Rochester where he received a Bachelor of Arts degree in Economics and Mathematics.

ABOUT DIME COMMUNITY BANCSHARES, INC.

The Company had $6.01 billion in consolidated assets as of December 31, 2016, 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