Beautifully engraved certificate from the Conestoga Bancorp, Inc. issued
in 1994. This historic document was printed by the Northern Banknote Company and has an
ornate border around it with a vignette of a covered wagon. This item has the printed signatures of the company’s president/ceo and secretary and is
over 6 years old.
Conestoga Bancorp was a holding company for Pioneer Savings Bank, F.S.B., a traditional savings institution. For the 9 months ended 12/95, total interest income rose 25% to $24.5M. Net interest income after loan loss provision re- mained flat at $10.7M. Net earnings fell 22% to $2.5M. Net interest income reflects an increase in interest earning assets, offset by higher REPOS expenses. Net income reflects higher salaries & merger-related expenses.
On June 26, 1996, Dime Community Bancorp, Inc. (Nasdaq: DIME) announced the completion of the Conversion of The Dime Savings Bank of Williamsburgh from a federally chartered mutual savings bank to a federally chartered stock savings bank and the acquisition by Dime Community Bancorp, Inc. of all the capital stock of the Bank issued in the Conversion. A total of 14,547,500 shares of common stock of Dime Community Bancorp, Inc. were sold at the offering price of $10.00 per share, raising $145,475,000 in gross proceeds.
Dime also announced that the completion of the acquisition of Conestoga Bancorp, Inc. (Nasdaq: CONE) and its wholly owned subsidiary, Pioneer Savings Bank, F. S. B., will be effective as of the close of business today. Conestoga shareholders will receive $21.31 in cash for each share of common stock. After giving effect to the stock offering and the acquisition, Dime expects to have in excess of $1.2 billion in assets, $949 million in deposits, $207.1 million in stockholders equity and a total of 15 branch offices.
At a Special Meeting of the members of The Dime Savings Bank of Williamsburgh held on June 21, 1996, the Bank’s members approved the plan to convert from a federally chartered mutual savings bank to a stock savings bank.
The entire offering was fully subscribed for by Dime of Williamsburgh’s depositors and employee benefit plans. Refund payments plus interest will be sent to those subscribers whose subscriptions were not filled in full.
Vincent F. Palagiano, Chairman of the Board, President and Chief Executive Officer, said, “We are very pleased with the enthusiastic response to the Subscription Offering and look forward to better serving our community as a result of today’s transactions.” Commenting on the acquisition, Mr. Palagiano said, “In addition to representing a significant expansion of our retail franchise, this acquisition has allowed the Bank to prudently make use of a significant portion of the excess capital that otherwise would have resulted from our initial public offering".
Shortly after completion of the closing of the offering, trading in Dime Community Bancorp stock commenced on the NASDAQ National Market System under the symbol "DIME".
Headquartered in Brooklyn, New York, Dime Community Bancorp, Inc. is a Delaware corporation formed by The Dime Savings Bank of Williamsburgh as part of its Plan of Conversion. The Dime Savings Bank of Williamsburgh is now a wholly-owned subsidiary of Dime Community Bancorp, Inc.
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