The Dime Bank Promotes Stacy Gager

The Dime Bank President and Chief Executive Officer Peter Bochnovich announced the promotion of Stacy Gager to Vice President, Deposit Operations Manager.

Stacy Gager joined The Dime Bank in 2006. During her 18-year career at The Dime Bank, she advanced through the deposit operations department. She began her career as a customer information file clerk and progressed to deposit operations specialist and then to the supervisor of the department. In 2019, Gager was promoted to Assistant Vice President, Deposit Operations Supervisor. With this latest promotion to Vice President, Gager is responsible for managing the deposit operations department.

Stacy Gager is a current board member of the Wayne County Public Library in Honesdale. Throughout her career, Gager has continued her education graduating with several banking diplomas and certificates in her field.

Peter Bochnovich stated, “Please join me in congratulating Stacy on being promoted to Vice President of Deposit Operations. Stacy was a member of the first Emerging Leaders program here at The Dime Bank and is an honors graduate of the Pennsylvania Bankers’ School of Banking. She is known for her intelligence, dedication, and valuable contributions to The Dime Bank’s management team. As she takes on her new role, we are certain that we will see nothing but achievements and positive contributions to the bank in the days ahead.”

The Dime Bank Announces 2023 Earnings

Dimeco, Inc. (OTCQX: DIMC), the parent holding company of The Dime Bank, announces unaudited financial results for the quarter and fiscal year ending December 31, 2023. 

Total assets increased $20 million or 2.1% from the end of 2022 to $989 million as of December 31, 2023. The loan portfolio ended the year at $722 million, an increase of $43.4 million or 6.4% from the year prior. Deposits also increased year-over-year to $827 million, a gain of $39 million or 4.9%.

Dimeco’s 2023 net income of $10.8 million was $1.5 million less than 2022, including a reduction of $1.1 million in fees from the Small Business Administration Paycheck Protection Program. Net income at this level produced a return on average assets of 1.11% and a return on average equity of 11.84%.

The 2023 dividend payout ratio was 36.07% providing a yield of 4.47%, with year-to-date dividends totaling $1.54 per share.

President and Chief Executive Officer Peter Bochnovich stated, “I am excited to report the financial results of Dimeco, Inc. for the fourth quarter and year ended December 31, 2023. While there were challenges in 2023, there were also many successes. Dimeco, Inc. fared well, especially within the loan portfolio. We look forward to the opportunities Dimeco will have in 2024.  We are thankful to our customers and shareholders for their commitment to us.”

The Dime Bank Promotes Valerie O’Hare

President and Chief Executive Officer Peter Bochnovich announced the promotion of Valerie O’Hare to Assistant Vice President, Training Manager at The Dime Bank.

O’Hare joined The Dime Bank in 2013 as an assistant branch manager. In 2015, she was appointed to the position of trainer. In 2022, O’Hare was promoted to training manager. With 26 years of banking experience, O’Hare oversees the training program for approximately 170 employees including new hire, compliance, and universal banker training. She provides operational and procedural support to the staff, writes standard operating procedures, manages the training budget, and provides additional training for staff as needed. O’Hare also visits the local schools to provide financial literacy to students and serves on multiple committees within the bank.

O’Hare is a graduate of the Pennsylvania Bankers Association (PBA) School of Banking and Advanced School of Banking. O’Hare was recognized as the 2017 Emerging Leader. In 2020, O’Hare was presented with the PA Bankers H.Y.P.E. (Highlighting Young Professionals’ Excellence) “Developer” award. O’Hare recently committed her time as a volunteer for the United Way of Lackawanna/Wayne/ Pike.

The Dime Bank President and Chief Executive Officer Peter Bochnovich stated, “Please join me in congratulating Val on her well-deserved promotion. Val is a dedicated professional who has consistently displayed a passion for the banking industry and a commitment to delivering exceptional training resources to our staff. I am confident that Val’s extensive banking knowledge, expertise, and leadership skills will be instrumental in driving growth and success to The Dime Bank. As Val takes on her new role, we look forward to seeing her achievements and contributions to the bank in the years to come.”

The Dime Bank Donates to Local Animal Shelter

The Dime Bank recently pledged $10,000.00 to the Olga and Dorothea Dessin Animal Society (Dessin), a non-profit private organization that facilitates the placement of countless animals into caring homes each year.

Dessin’s fundraising efforts and facility maintenance were hindered by COVID. The Dime Bank funds will assist with crucial renovations, such as upgrading the septic system, HVAC, electrical systems, and restoring the kennels.

The Dime Bank Chief Operating Officer Lisa Cavage stated, “Being a community bank, The Dime Bank understands the significance of Dessin Animal Shelter’s unwavering dedication to providing animal rescue, medical care, animal housing, and adoption services. We extend our gratitude to Dessin’s staff and volunteers for their hard work, and we hope that our pledge will aid in upgrading their facilities.” If you would like to assist Dessin with a donation, would like to volunteer, or adopt a pet, visit www.dessinshelters.com.

The Dime Bank Recognizes the Retirement of Board Member

Dimeco, Inc. and The Dime Bank Board of Directors member Thomas A. Peifer announces his retirement from the board after serving for 35 years.

Thomas A. Peifer joined the Board of Directors in 1988 while holding the position of superintendent of the Wallenpaupack Area School District in Hawley, Pennsylvania. This provided him with numerous area resident personal relationships, who comprise a significant portion of The Dime Bank marketplace. Peifer was also the president of Metlag, Inc., a franchised retail Agway store, which he sold in 2014. As a local businessman and lifetime resident of Pike County, Peifer brought his expertise and knowledge of the Pike County market area to guide management decisions. Tom’s proficiency was further enhanced by his numerous community and civic affiliations.

Peifer was committed to oversight through active participation during monthly meetings and through the various committees he served on throughout the years. He enabled strong corporate governance with his high standards of integrity and candor.

President and Chief Executive Officer Peter Bochnovich stated, “Please join me, along with fellow board members and The Dime Bank management, in thanking Tom for his dedication, commitment, and knowledge that has helped The Dime Bank grow and prosper. Board service can be difficult at times, and Tom took on his duties with steadfastness and thoughtfulness. We are grateful for his active leadership as a judicious steward of our organization and express our sincere gratitude for his service to our customers and helping grow shareholder value. Those of us that know Tom personally admire him not only for his business efforts, but also for his personal lifetime values as a devoted husband, father, and grandfather. Tom’s presence will be missed, and we wish him well.”

The Dime Bank Contributed to the Geisinger Health Foundation

The Dime Bank contributed $15,000.00 to the Geisinger Health Foundation through the Educational Improvement Tax Credit (EITC) Program. The Dime Bank’s contribution assists with funding the Regional Educational Academy for Careers in Health-Higher Education Initiative (REACH-HEI) program, which runs out of the Geisinger Commonwealth School of Medicine (GCSOM) and serves students grades 8-12 within 9 counties in Northeast and Central, PA.

REACH-HEI is a specialized out-of-school program that aims to identify and support students who are most in need of encouragement, including those from low-income backgrounds and those who are first-generation-to-college students. The program is designed to help these students reach their full potential in health-related professions. With the help of medical and graduate students, they provide high school students with academic enrichment opportunities, while also inspiring and guiding them towards health-related professions, particularly in medicine. Their experiential learning opportunities foster a sense of curiosity, deepen their knowledge of life sciences, and improve college readiness.

The Dime Bank Senior Vice President, Chief Financial Officer Jeffrey Roche stated, “At The Dime Bank, we are committed to supporting education in our region. We were very impressed during our visit to GCMC to tour the REACH-HEI program. The students were engaged, and the hands-on experience was fascinating. Supporting this curriculum helps develop the medical innovators of tomorrow, who will create a healthier future for our communities.”

The Dime Bank Hosts Reality Fair with Honesdale High School

The Dime Bank is committed to bringing financial education to their communities. Recently, The Dime Bank teamed up with Honesdale High School to host an inaugural reality fair, aimed at enhancing students’ financial and life skills. The fair provided students with an interactive experience for making real world financial decisions and managing money.

President and Chief Executive Officer Pete Bochnovich stated, “The reality fair was a fun way for students to build financial knowledge and skills. The fair helped students experience what it is like to have a checking account, decide how to use their money, obtain a loan, manage expenses, and more. At The Dime Bank, we believe that financial education is a crucial part of personal development, and we are incredibly grateful to all who collaborated with us to make this program a success.”

The Dime Bank Celebrates Employee Milestones

Each year The Dime Bank holds a dinner celebration to acknowledge and honor their employees who are celebrating five-year incremental career anniversaries with The Dime Bank. In 2023, twenty-six Dime Bank employees were honored.

The Dime Bank believes employee anniversary celebrations are an important part of recognizing and appreciating the hard work and dedication of their employees. It’s a time to celebrate their achievements, milestones, and loyalty to The Dime Bank.

President and Chief Executive Officer commented, “We are grateful for our employees, who make The Dime Bank one-of-a-kind. Their positivity, commitment, and devotion provide our customers with the best possible experience. Each employee is valued and is an integral part of The Dime Bank’s success and we thank them for their hard work and commitment.”

Dimeco, Inc. Declares Cash Dividend

Honesdale, PA, September 14, 2023 / The Board of Directors of Dimeco, Inc. (OTCQX: DIMC) declared a dividend on September 13, 2023, of $0.38 per share to shareholders of record September 29, 2023. The dividend is payable on October 26, 2023, the anticipated date to release earnings for the third quarter of 2023. This dividend is an increase of $0.02 per share over the dividend declared in September 2022. This dividend of $0.38 per share produced a yield of 4.53% at the market value of $33.52 on September 13, 2023. 

President and Chief Executive Officer Peter Bochnovich stated, “We continue our commitment to provide the ultimate banking experience to our customers and our communities. This dividend is one way to thank our shareholders for their continued investment in and loyalty to Dimeco, Inc.”

About Dimeco, Inc.

Dimeco, Inc. is the parent holding company of The Dime Bank, a full-service financial institution serving Northeast Pennsylvania since 1905. Dimeco, Inc. reported balances on June 30, 2023, of $969 million in total assets, loans of $686 million, and deposits of $795 million. Dimeco, Inc. trades on the OTCQX Marketplace under symbol ‘DIMC’, operated by OTC Markets Group. For more information on Dimeco, Inc. and The Dime Bank, visit www.thedimebank.com.

The Dime Bank 2023 Scholarship Recipients

The Dime Bank has awarded scholarships to six students based on their academic and leadership capabilities from Wallenpaupack Area, Wayne Highlands, Delaware Valley, Carbondale Area, Scranton, and West Scranton school districts. The students must be furthering their education in the field of business, economics, finance, management, or accounting to be eligible for The Dime Bank Directors Award Scholarship. Each graduating senior received $1,000.00 to attend the college of their choice. The Dime Bank is proud to support future leaders with this educational assistance.