The Dime Bank Declares Cash Dividend The Board of Directors of Dimeco, Inc. (OTCQX: DIMC) declared a dividend of $0.40 per share, payable on July 25, 2024, to shareholders of record July 1, 2024. This dividend is a 5.3% increase, or $0.02, over the dividend declared in June 2023. Based on the closing stock price of $35.89, this represents a dividend yield of 4.46%. President and Chief Executive Officer Peter Bochnovich commented, “We are dedicated to acknowledging our shareholders for their ongoing support and investment in Dimeco, Inc. This dividend serves as a testament to that commitment. Our objective is to sustain our growth and profitability trends, all while delivering top-notch financial products and services to our valued customers.” Dimeco, Inc. is the holding company of The Dime Bank, a full-service financial institution serving Northeast Pennsylvania. Dimeco, Inc. reported first quarter 2024 assets of $1 billion, loans of $744 million, and deposits of $845 million. Dimeco, Inc. trades on the OTCQX Marketplace under symbol DIMC, operated by OTC Markets Group. For more information on The Dime Bank and Dimeco, Inc., visit www.thedime.bank.
The Dime Bank Celebrates Employee Milestones Every year, The Dime Bank hosts a dinner celebration to recognize and honor employees marking five-year career milestones with the organization. In 2024, nineteen employees were celebrated by The Dime Bank, one employee with an impressive 40 years! The bank values these anniversary events as crucial for acknowledging and showing gratitude for the dedication and effort of its employees. It’s a special occasion to commemorate their accomplishments, milestones, and commitment to The Dime Bank. President and Chief Executive Officer commented, “Our employees at The Dime Bank are truly appreciated as they contribute to making our bank unique. Their positivity, dedication, and loyalty ensure that our customers receive exceptional service. Each employee is highly valued and plays a crucial role in the success of The Dime Bank. We extend our gratitude to them for their dedication and hard work.” Pictured at the dinner celebration with years of service in brackets: Bottom left to right– Karen Brown (40); Michelle Urban (20), Lisa Steiner (20). Top left to right– Raynell Lenz (10), Amy Caggiano (10), Justin Mikolaski (10), Lisa Cavage (10); Maurice Dennis (5), Linda Matylewicz (5), Kristina Rode (5), Erika Norman (5), Eva Pino (5), Emily Rice (5), Ferdinand Feola (5). Not pictured: Barbara Marsicano (20), Gwynn Bartholomay (10), Donna Peters (5), Shiann Hook (5), Christopher Kearney (5).
The Dime Bank Transitions to ‘.Bank’ The Dime Bank recently transitioned their website from thedimebank.com to thedime.bank domain to provide customers with an even more secure banking experience. This change provides another layer of enhanced security and verification requirements to reduce the risk of cyber threats and enable The Dime Bank to provide a greater level of digital security. The American Bankers Association (ABA) reports that banking has consistently been one of the most targeted industries for phishing for over a decade. The accessibility of publicly available, unregulated, and affordable domains like .com and .net allow malicious entities to acquire similar-looking domains effortlessly for conducting business email compromises, phishing, and spoofing attacks, resulting in data breaches, identity theft, and financial fraud. The Dime Bank’s email addresses and website URL will now use ‘.bank’ as their ending. Thedime.bank has enhanced security requirements which help mitigate the risk for fraud. There is an extensive vetting process in place so that only legitimate banking institutions can utilize ‘.bank’, thereby preventing bad actors from creating imposter domains. To verify the authenticity of The Dime Bank’s emails and website, customers can easily spot the ‘.bank’. With the ‘.bank’ in place, consumers can quickly confirm emails and websites are real, and avoid interactions that could lead to identity theft and financial fraud. This authentication is also an additional layer of protection for internal and vendor communications, helping to further secure against potential breaches. President and Chief Executive Officer Peter Bochnovich stated, “Customer security is a paramount concern at The Dime Bank, encompassing both personal and financial information. The ‘.bank’ domain is a gated domain, like .gov, and is exclusive for verified banks. Providing cutting-edge technology that caters to customers’ need for high-speed convenience along with security remains a key consideration in all our choices. By transitioning our domain name to ‘thedime.bank’ from ‘thedimebank.com’, customers can interact with confidence when they see the ‘.bank’ at the end of The Dime Bank’s email address and website URL.” Emails from thedimebank.com will be forwarded to the new thedime.bank addresses, and the website previously ending in ‘.com’ will now redirect to the new ‘.bank’ site. Customers are advised to update their address books and bookmarks for thedime.bank.
Dime Bank Brings Financial Education to Schools The Dime Bank donated $9,000.00 to the nonprofit Brighter Financial Futures, operating as the Pennsylvania Council on Financial Literacy. This contribution, facilitated through the Educational Improvement Tax Credit (EITC) Program, benefits students in the Wayne Highlands, Wallenpaupack, and Delaware Valley school districts, as well as Canaan Christian Academy, through the Personal Finance Education Program. The Personal Finance Program combines three components: a personal finance curriculum covering financial and business topics, a stock market challenge simulation for teaching stock market investment, and a personal budgeting game simulation to educate students on credit, budgeting, net worth, and financial well-being for an improved quality of life. Congratulations to all the participants, with a special recognition to the top three students in each of the following categories: High School: 1st Place – Connor Selfridge/Delaware Valley High School; 2nd Place – Aidan Beheran/Wallenpaupack Area High School; 3rd Place – Micah Musser/Canaan Christian Academy. Middle/Elementary School: 1st Place – Xander Wilcox/Wayne Highlands Middle School; 2nd Place – Sutton Rizzo/Wallenpaupack Middle School; 3rd Place – Diana Sutton/Wallenpaupack Elementary School. Personal Budgeting Challenge: 1st Place – Brooklyn Moody/Wayne Highlands; 2nd Place – Micah Musser/Canaan Christian Academy; 3rd Place – Mark Reinhardt/Delaware Valley. The first-place winners of the Stock Market Challenge, Xander Wilcox of the Wayne Highlands Middle School and Connor Selfridge of the Delaware Valley High School received a Chromebook, a $100.00 gift card, and The Dime Bank gift basket. All other students received gift cards, as did the teachers. President and Chief Executive Officer Peter Bochnovich commented, “Mastering personal finance skills is crucial for laying a strong foundation for future accomplishments. That’s why we believe this program is highly beneficial for students to help them improve their understanding of financial management.”
The Dime Bank Supports United Neighborhood Centers The Dime Bank donated $18,000.00 to United Neighborhood Centers of Northeastern Pennsylvania (UNC) through the PA Department of Community and Economic Development’s Educational Improvement Tax Credit program. UNC uses the funding to help run Project Hope Day Camp, a safe, healthy place for low-income families who reside in the City of Scranton to learn and grow during the out-of-school months. Campers learn skills in emotional regulation, mindfulness meditation, physical activity, and connecting with others. It provides an opportunity for children ages 5 to 12 to gather with their peers during four weeks in July for social, educational, recreational, and artistic opportunities that they otherwise would not be able to access. Each child receives nutritional meals and transportation to and from Camp Kelly in Tunkhannock, a 60+ acre country setting. It is expected that 140 youth will participate in this outdoor summer day camp. Jeffrey Roche stated, “At The Dime Bank, we believe that investing in early childhood education is investing in the future of our community. We’re proud to support UNC’s Project Hope and help nurture the bright minds of tomorrow.”
The Dime Bank Donates to The Cooperage Project The Dime Bank is proud to support The Cooperage Project’s Pop-Up Club and Romping Radishes programs with a $10,000.00 donation. Both programs at The Cooperage are part of the Earned Income Tax Credit program as an Educational Improvement Organization. Romping Radishes is a hands-on learning experience for kindergarten through second grade focusing on health and community. Interactive activities introduce children to local food production, cultural diversity, social responsibility, and other healthy living and safety topics. The Pop-Up Club is a free after school program for middle school students teaching entrepreneurial skills, various work opportunities, and science, technology, engineering, art, and mathematics subjects in a safe, interactive environment. “The Cooperage Project offers students a fun way to continue learning outside of the school environment. We are happy to support this creative community platform,” stated The Dime Bank President and Chief Executive Officer Peter Bochnovich. Executive Director Arrah Fisher stated, “On behalf of us all at The Cooperage Project, we thank The Dime Bank for your continued support through the EITC program to support Pop-Up Club and Romping Radishes! We are so very grateful for your generosity.” Project Manager Amanda Masters added, “Thank you once again for the support to run the programs that led to these cute smiles!”The Cooperage Project serves students from Wayne Highlands, Wallenpaupack Area, Western Wayne Area School Districts and Cyber and Homeschool Students in Wayne and Pike Counties PA. For more information, contact info@thecooperageproject.org.
The Dime Bank Holds 2024 Annual Meeting of Stockholders Dimeco, Inc. (the Company), the parent holding company of The Dime Bank (the Bank), held its 2024 Annual Meeting of Stockholders on April 25, 2024. The Company’s stock is traded on the OTCQX Marketplace under symbol DIMC, operated by OTC Markets Group. The meeting was brought to order by Todd Stephens, Vice Chairman of the Board of Directors of the Company, and Chairman of the Annual Meeting. At the meeting, Peter Bochnovich, Barbara J. Genzlinger, John S. Kiesendahl, and John F. Spall were re-elected as directors, each for a three-year term. Stockholders ratified the appointment of S.R. Snodgrass, P.C. as the Company’s independent public accountants for the fiscal year ending December 31, 2024. Chief Financial Officer Jeffrey J. Roche reviewed performance for 2023. Deposits ended the year at $826.5 million, with Certificates of Deposit as the main driver of growth. The loan portfolio increased $43.4 million across all categories from the year prior, to finish the year at $722.4 million. Total assets increased $20.4 million or 2.1% from the end of 2022 to $990 million on December 31, 2023. Net income was $10.8 million at December 31, 2023 and the Company was very well capitalized with stockholders equity of $98.6 million. The 2023 dividends totaled $1.54 per share with a dividend yield of 4.47% as of December 31, 2023. President and Chief Executive Officer Peter Bochnovich reviewed first quarter results, which were made public in a separate release on April 25, 2024. He then discussed Board of Directors’ changes: Thomas A. Peifer retired after 35 years of service and Henry M. Skier transitioned from Board Director to Director Emeritus after 42 years of service. He welcomed two new members, Aimee M. Skier and Lorraine D. Collins. Bochnovich concluded, “We are well positioned to serve our customers throughout their lifetimes, and we thank our shareholders, directors, staff, customers, and the community for their support of Dimeco, Inc. We are here for you today, tomorrow, and always.”
The Dime Bank Announces First Quarter 2024 Earnings Dimeco, Inc., the holding company for The Dime Bank, reported unaudited results for the first quarter of 2024. At March 31, 2024, total assets were $1 billion, an increase of $41 million over March 31, 2023. Fueling this growth was an increase in total loans of $73 million, bringing loans to $744 million compared to $671 million one year prior, a growth rate of 11%. Deposits were $845 million at March 31, 2024, compared to $788 million the same period 2023, or 7.2% higher. For the three months ended March 31, 2024, Dimeco recorded net income of $2.4 million, down $162 thousand from the same period last year. Net income at this level resulted in a return on average assets of .95% and a return on average equity of 9.56%. Maintaining a strong capital position, stockholders’ equity was $99 million at March 31, 2024, representing growth of 6.9% over balances a year earlier. Dividends remained solid, amounting to $.40 per share for the period ended March 31, 2024, producing a dividend yield of 4.60%. “I am pleased to announce that Dimeco attained a long-time goal of reaching $1 billion in total assets as of the first quarter of 2024. Surpassing this milestone was achieved through responsible growth and prudent banking management,” stated President and Chief Executive Officer Peter Bochnovich. “We will continue to navigate the economic challenges through 2024 including persistent inflation, margin compression, and an inverted yield curve. Additionally, fraud is increasing, and we encourage everyone to be wary of any text, e-mail, or phone call that is asking for account information or to send money. We look forward to continued growth through 2024 and in future years.”
The Dime Bank’s Ferdinand Feola Appointed to ICBA Cyber and Data Security Committee Independent Community Bankers of America® (ICBA) announced that Senior Vice President Chief Technology Officer Ferdinand Feola of The Dime Bank, was elected to serve on ICBA’s Cyber and Data Security Committee. “What an honor to represent The Dime Bank and all community banks as part of the ICBA Cyber and Data Security Committee. I look forward to helping to create an environment where community banks, and the communities we serve, continue to flourish. Community banks, as relationship lenders, prioritize the needs of their customers and serve as trusted stewards of their financial future,” said Feola. “I’m proud to be a community banker and honored to be called upon to help ICBA safeguard our industry by underscoring the vital role community banks serve in our nation’s economy and working to ensure a strong, diversified financial sector that benefits every American.” In addition to helping shape and promote ICBA’s national policy positions and programs, Feola’s duties include engaging in grassroots activities in Pennsylvania to advocate pro-community bank policies and serving as a liaison between community banks and ICBA leadership in Washington, D.C. “Ferd is an esteemed civic leader and dedicated community banker, generously contributing his time to champion and advance the crucial role of community banks within our financial system,” said ICBA Chairman Lucas White, president of the Fountain Trust Co. in Covington, Ind. “We are honored to leverage Ferd’s talents and resources in support of ICBA’s efforts, and we extend our sincere gratitude for his unwavering commitment to securing a vibrant future for community banking.”
The Dime Bank Announces Cash Dividend On March 21, 2024, The Board of Directors of Dimeco, Inc. (OTCQX: DIMC) and its subsidiary The Dime Bank declared a dividend of $.40 per share for the first quarter of 2024, which represents a dividend yield of 4.64% based on the closing stock price of $34.50. The dividend is payable on April 25, 2024, to shareholders of record on April 1, 2024. This dividend is an increase of $0.02 per share, or 5.26% over the dividend declared for the same period 2023. President and Chief Executive Officer Peter Bochnovich, stated, “Our shareholders play a crucial role in the success of Dimeco, Inc. Their investment empowers us to be innovative within our industry and bring the best financial services to our communities. This dividend shows our gratitude for their unwavering commitment and trust in our company.”
