Dime Expands Into New Jersey as Commercial Pivot Accelerates

Dime Community Bank, a 162-year-old New York lender, is reshaping its business as it seeks to reduce its reliance on multifamily housing loans. The bank is redirecting its balance sheet toward higher-yielding commercial lending, a shift aimed at improving returns, reducing portfolio concentration and building new sources of growth beyond its established New York franchise.

Dime recently opened its first branch in New Jersey, marking a significant interstate expansion and the latest step in its reinvention. President and Chief Executive Officer Stuart Lubow said the bank will target high-growth areas of New Jersey to attract commercial customers and increase market share. The new location gives Dime a physical foothold as it accelerates the move toward business lending.