Dime News

Annual Report 2009

President's Message | Board of Directors & Officers | 2009 Financial Report | 2009 Annual Report

Return to Dime News

Message From The President

Jim Cronin President/CEO of Dime Bank

2009 was a very special year for Dime. we celebrated our 140th anniversary! That is a milestone to be proud of at any time, but even more so in these very turbulent financial times.

It's interesting to note that Dime opened for business on Monday, September 27, 1869 and the previous Friday, September 24th, the stock market crashed and a financial panic had set in the banking industry. It is heartening to us that Dime weathered that financial storm as well as the most recent one and a number in between. Moreover, Dime closed out 2009 with a five star rating from BauerFinancial, Inc, and, in so doing, has earned Bauer's recommended status for 20 consecutive years. Now that is something for us all to be proud of.

As you peruse this report you will read testimonials from a number of our loyal customers who have come to depend on the Dime for their banking needs. Some are relatively new to Dime, while others have been with us for generations. Regardless, we believe their positive experiences are but a microcosm of similar interactions that take place with our customers on a daily basis. The relationships we establish are what truly differentiates us from the "big banks" that seem to offer a flavor of the day approach to banking. Unfortunately, they too often run out of flavors, which leaves their customers out of luck.

As we all reflect on what happened in the banking world this year, we believe that local people and businesses have come to recognize that they and we are much better off when they bank with a community bank.

Our achievements this year are considerable given the very difficult economic environment. That should be reassuring to our existing and potential customers because they demonstrate the ability of Dime to expand and prosper while so many other financial institutions are struggling.

Net income for the year exceeded $3.1 million. We are very pleased with those earnings since they confirm what we said last year that our core earnings were solid and would keep us in good stead in 2009 and that is exactly what happened.

Loan originations surpassed $173 million. This amount of activity was very satisfying given the softness in the economy along with the constant press barrage that banks were not lending. That obviously was not the case at Dime.

In fact, as a rebuttal to the negative press regarding the lack of lending on the part of banks, Dime was excited to introduce in December its own small business stimulus package by creating a loan pool of $10 million for small businesses and non-profits at discounted rates. It is being very well received by the community at large because it is additional evidence of how different community banks are from their bigger bank competitors. It has also received very positive notice from various representatives of the state and federal governments for its innovation and because it is just what the doctor ordered. funds to help keep small businesses afloat as well as preserve and protect jobs.

In the non-financial area, we were pleased to open our 11th branch in Stonington Borough in August of this year. We were welcomed to the Borough with open arms by both residents and businesses.

They saw in Dime, a community bank that they could identify with and relate to. It was one that was committed to the community for the long term. Our introduction to the Borough was helped as the entire former Bank of America staff - Larraine Celucci, Sandy Blanchard and Lynn Wallace, agreed to come on board with Dime. Believe me, they couldn't be happier with their new home nor could we with them.

Our Trust Department that was introduced in April 2008 continued to grow over the course of the year. Our two Trust Officers, Tom McAvoy and Millie Devine, were able to provide desperately needed guidance and reassurance to a number of new trust clients, and, in so doing, made long term friends and customers for Dime. We are encouraged by the overall reception this initiative has received from trust related professionals consisting of local attorneys and accountants. They have told us over and over again how their clients were so much more comfortable working with a local institution that they could rely on to take care of their needs while they were here and their wishes after they were gone. We are pleased with that positive feedback because, frankly that is what we identified as a need that Dime could meet.

As we complete our 140th year and look forward to our 150th anniversary, we are encouraged by the bright future we see for Dime.

We sense a mindset change in people. They no longer are willing to entrust their life's savings with a bank that is headquartered in Charlotte or Glasgow. They recognize the reciprocal benefits of banking with a local institution that does not change its stripes when times are tough. We might not have anyone working for us by the name of George Bailey but we certainly have the community's best interest at heart just as he did. And that's not going to change. I guarantee it!

I would like to thank everyone associated with Dime - corporators, directors, staff and officers - for their hard work and support this year. It made the difference in our results.

I also would like to thank you, our loyal customers, for the faith and support you placed in us. We appreciate it and promise you to do everything we can to maintain it.

Jim Cronin,
President/CEO, Dime Bank
jcronin@dime-bank.com

Download a PDF of the 2009 Annual Report