BROOKLYN, NY--(Marketwire - May 24, 2012) - The Dime Savings Bank of Williamsburgh (the "Bank"), a subsidiary of Dime Community Bancshares, Inc. (NASDAQ: [ DCOM ]) (the "Company"), announced that its application to convert from a federally-chartered stock savings bank to a New York State-chartered stock savings bank (the "Application") has been approved by the New York State Department of Financial Services ("NYSDFS").

The Application still requires approval from the Federal Deposit Insurance Corporation ("FDIC"). Should such approval be granted, the NYSDFS will serve as the Bank's primary regulator and the FDIC will serve as the Bank's primary federal regulator.

The Company will continue to be regulated as a savings and loan holding company by the Federal Reserve Board, which regulates both bank holding companies and savings and loan holding companies.

ABOUT THE COMPANY AND THE BANK
The Company (NASDAQ: [ DCOM ]) had $4.02 billion in consolidated assets as of March 31, 2012, and is the parent company of the Bank. The Bank was founded in 1864, is headquartered in Brooklyn, New York, and currently has twenty-six branches located throughout Brooklyn, Queens, the Bronx and Nassau County, New York. More information on the Company and Dime can be found on the Dime's Internet website at [ www.dime.com ].