The Dime Bank Donates to United Neighborhood Centers’ CEDAR Center Project The Dime Bank announced a $25,000.00 donation to the United Neighborhood Centers (UNC) of Northeastern Pennsylvania in support of their CEDAR Center project. This donation is made via the PA Department of Community and Economic Development Neighborhood Assistance Program. The contribution underscores The Dime Bank’s dedication to community development and its belief in UNC’s mission to empower individuals and families. The CEDAR Center, a transformative initiative by UNC, will revitalize a historic building into a vibrant community hub. The center will provide expanded access to vital services, including education, job readiness training, workforce development programs, community health resources, and support for immigrant integration. “At The Dime Bank, we believe that strong communities are built through strong partnerships. We’re proud to support UNC’s vision for the CEDAR Center and to work alongside them to create a brighter future for our neighbors.” said Senior Vice President Chief Financial Officer Jeffrey Roche. “The CEDAR Center is poised to become a cornerstone of community life, offering resources and opportunities for residents to thrive. The Dime Bank’s donation reflects its commitment to investing in the future of the community and empowering individuals to reach
The Dime Bank (Dimeco, Inc.) Announces 2024 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, 2024. Total assets increased $90 million or 9.1% from the end of 2023 to $1.080 billion as of December 31, 2024. The loan portfolio ended the year at $775 million, an increase of $52.9 million or 7.3% from the year prior. Deposits also increased year-over-year to $911 million, a gain of $84.5 million or 10.2%. Dimeco’s 2024 net income of $12.9 million was $2.1 million or 19.5% greater than 2023, resulting in earnings per share of $5.12. Net income at this level produced a return on average assets of 1.25% and a return on average equity of 12.61%, an increase of 12.6% and 6.5%, respectively. Stockholders’ Equity also increased 8.5% to $107 million. The 2024 dividend payout ratio was 31.64% providing a yield of 4.08%, with year-to-date dividends totaling $1.62 per share. President and Chief Executive Officer Peter Bochnovich stated, “I am excited to share our financial achievements for 2024. It was a year of noteworthy progress for Dimeco, Inc., marked by numerous positive outcomes. We sustained our robust growth trajectory through sound and prudent banking practices. Looking ahead, we are optimistic about the future and confident that the momentum we built in 2024 will carry into 2025. Our commitment to our communities and shareholders is paramount. We value your ongoing support and unwavering dedication.”
The Dime Bank 2024 Dividend Results 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, 2024. Total assets increased $90 million or 9.1% from the end of 2023 to $1.080 billion as of December 31, 2024. The loan portfolio ended the year at $775 million, an increase of $52.9 million or 7.3% from the year prior. Deposits also increased year-over-year to $911 million, a gain of $84.5 million or 10.2%. Dimeco’s 2024 net income of $12.9 million was $2.1 million or 19.5% greater than 2023, resulting in earnings per share of $5.12. Net income at this level produced a return on average assets of 1.25% and a return on average equity of 12.61%, an increase of 12.6% and 6.5%, respectively. Stockholders’ Equity also increased 8.5% to $107 million. The 2024 dividend payout ratio was 31.64% providing a yield of 4.08%, with year-to-date dividends totaling $1.62 per share. President and Chief Executive Officer Peter Bochnovich stated, “I am excited to share our financial achievements for 2024. It was a year of noteworthy progress for Dimeco, Inc., marked by numerous positive outcomes. We sustained our robust growth trajectory through sound and prudent banking practices. Looking ahead, we are optimistic about the future and confident that the momentum we built in 2024 will carry into 2025. Our commitment to our communities and shareholders is paramount. We value your ongoing support and unwavering dedication.”
The Dime Bank Supports Pocono Environmental Education Center The Dime Bank is proud to announce a $9,000.00 donation to the Pocono Environmental Education Center (PEEC) through the PA Department of Community and Economic Development’s Educational Improvement Tax Credit to support their hands-on environmental education programs for local school students. “The Dime Bank is committed to supporting initiatives that promote environmental education and sustainability,” said President and Chief Executive Officer Peter Bochnovich. “We believe that investing in the future of our planet is essential, and PEEC’s programs are a valuable resource for our community’s young people.” PEEC’s mission is to inspire, educate, and empower people to care for the natural world. Through their innovative programs, students have the opportunity to explore the wonders of nature, learn about environmental issues, and develop a deeper appreciation for the planet. Director of Development Amanda Subjin stated, “We are so thankful for the support of The Dime Bank through the EITC program. The majority of the funding we receive through these donations is dedicated towards providing hands-on environmental education programming to local school students either by visiting their classroom or when they come to PEEC for a field trip. How exciting for students to connect with their local national recreation area!”
The Dime Bank Announces Officer Promotions The Dime Bank is pleased to announce the promotion of four key team members. These well-deserved advancements underscore the bank’s commitment to cultivating and empowering its talent pool while strengthening the overall management team. Jenn Tagle to Vice President Application Services Manager, Robert Karoscik to Vice President Banking Relationship Officer, Riley Terysen to Assistant Vice President Branch Manager, and Adam Ropati to Assistant Vice President Branch Manager. Tagle has been with The Dime Bank since May 2003 holding various positions, contributing her expertise and dedication to the organization for 21 years. As Vice President, Application Services Manager, she is responsible for managing and overseeing the implementation and maintenance of software applications within The Dime Bank. This role involves stakeholder communication and continuous process review and improvement to enhance application performance and support organizational success. Jenn Tagle stated, “I’m truly thankful for this opportunity and look forward to the professional growth it will bring.” Karoscik has been with The Dime Bank since 2015 as branch manager in several branches, leading his team with over 30 years of banking experience. In his role as Vice President, Banking Relationship Officer, Bob is responsible for developing and maintaining residential and commercial customer relationships while overseeing branch operations. Bob inspires his colleagues to bring their best to work each day, ensuring exceptional service for The Dime Bank customers. Terysen has been with The Dime Bank since May 2016, delivering eight years of banking experience. As branch manager, he oversees branch operations, staff development, customer relations, and the growth of deposits and loans. Terysen previously held various roles at The Dime Bank, including teller and assistant branch manager. Terysen stated, “Very thankful for this opportunity and grateful to work for a company that invests in its employees. Looking forward to the new challenges and opportunities ahead.” Ropati joined The Dime Bank in 2023 as a float branch manager and is currently the branch manager of our Steamtown office. He brings many years of experience as a branch manager from another financial institution, showcasing his dedication to customer service and operational excellence. President and Chief Executive Officer Peter Bochnovich stated, “Please join me in congratulating these exceptional employees as they embark on new leadership roles. Their promotions are a testament to their hard work and dedication. At The Dime Bank, our vision is clear: to foster growth, prosperity, and strong community ties while delivering exceptional value to our shareholders. To bring this vision to life, we require a dynamic leadership team capable of driving innovation and inspiring our workforce. I am confident that their expertise and enthusiasm will propel us forward and position us for continued success.”
The Dime Bank Selected to Receive Designation of Savings Excellence Award The Dime Bank has been honored with the 2024 America Saves Designation of Savings Excellence award. This recognition is exclusively given to financial institutions that have made a measurable impact and demonstrated exceptional achievement during the annual America Saves Week campaign. America Saves Week is a national annual event coordinated by America Saves, designed to help individuals understand the importance of saving, set realistic financial goals, and develop strategies to reach those goals. The Dime Bank is one of nine banks and eight credit unions honored with this distinction out of more than 4,600 participating organizations of America Saves Week, which took place April 8 – 12, 2024 as part of Financial Capability Month. The Dime Bank President and Chief Executive Officer Peter Bochnovich stated, “Receiving the America Saves Designation of Savings Excellence award is a testament to The Dime Bank’s unwavering dedication to our customers’ financial success. By providing accessible resources, educational events, and personalized financial coaching, The Dime Bank strives to create an environment where everyone can achieve their financial goals. We are inclusive, recognizing the diverse backgrounds and unique challenges faced by individuals. Through America Saves, we encourage these positive financial practices to support the well-being of our customers and community, regardless of where they are in their financial paths.” The efforts of these 17 financial institutions resulted in a remarkable combined impact. Within the span of one week, these institutions facilitated the inflow of nearly $354 million in deposits into both new and established accounts. Moreover, 231,000 new accounts were established, and 64,000 individuals enhanced their automatic savings transfers or contributions to their current savings accounts. “Congratulations to the financial institutions awarded the 2024 Designation of Saving Excellence for their achievements during America Saves Week 2024! Their commitment to empowering customers and members to save money not only strengthens individual financial security but also contributes significantly to our nation’s economic stability, commented Carolyn Pemberton, America Saves Program Manager. “Their leadership sets a commendable example for the financial industry, demonstrating how proactive investments in savings can foster a resilient and prosperous future for all.”
Dimeco, Inc. Announces Second Quarter 2024 Earings Dimeco, Inc. (OTCQX: DIMC), the holding company for The Dime Bank reported total assets of $1.026 billion on June 30, 2024, an increase of $57 million or 5.9% from the second quarter of 2023. Total loans of $746 million reflect an increase of $59.9 million or 8.7% over last year. Total deposits were $874 million on June 30, 2024, an increase of $78.6 million or 9.9% over the previous year. Stockholder’s equity remains well-capitalized with an increase of 10.2% or $9.4 million from June 30, 2023, to $101.4 million on June 30, 2024. Net income of $5.4 million for the first six months of 2024 was $444 thousand more than the same period last year, resulting in an annualized return on average assets of 1.08% and return on average equity of 10.96%. Dimeco’s Board of Directors declared dividends of $.80 per share for the first half of 2024, a 5.3% rise over last year, resulting in an annualized dividend yield of 4.46%. President and Chief Executive Officer Peter Bochnovich stated, “I am pleased to present the second quarter results of Dimeco, Inc. The growth experienced since the beginning of the year continued and management is focused on positioning Dimeco for future growth and earnings. Additionally, we welcomed our newest director, Mike Peifer, and look forward to his contributions. As always, we are dedicated to serving our shareholders, customers, and communities.”
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.