Dime Community Bancshares slips after $125 mln stock offering

Dime Commercial Bancshares

12/11/2024 15:37

** Shares of regional lender Dime Community Bancshares
 DCOM.O  fall 2.7% to $33.51
    ** DCOM sells 3.9 mln shares in a public offering at $32/shr
to raise $125 mln
    ** Stock offering priced at 7% discount to stock's last
close
    ** Regional lenders with commercial real estate exposure
looking to encash on Trump-fueled rally in bank stocks by
raising equity
    ** Last week, regional lender Valley National Bancorp
 VLY.O  also raised $400 mln in a stock offering to boost its
regulatory capital
    ** DCOM plans to use the proceeds for general corporate
purposes, which may include investments in the bank and
potential balance sheet repositioning
    ** Raymond James and Keefe, Bruyette & Woods were joint
book-running managers for the offering
    ** As of last close, DCOM shares up 27.8% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))