Dime Community Bank history

1926: Dime Savings Bank of Norwich moved to a modern brick and sandstone building at 33 Broadway.

In October 1977 the bank bought Mechanics Exchange Savings Bank.

By 1978 Dime had 11 offices in the New York area and $4 billion in deposits.

By 1980, Dime was New York's second largest savings bank and continued to expand through acquisition, now into the suburban New York market.

1982: A third branch opened in Taftville.

By 1984, with $6.1 billion in deposits, Dime began utilizing automated teller machines (ATMs), entering into a joint venture with Automatic Data Processing Inc., and Electronic Banking Systems, a marketing firm, to operate ATMs in General Corporation's Pathmark food store chains.

By 1988, the Dime had assets of $11.46 billion and 55 branches in eleven eastern states.

At the end of 1989, Dime had $12.4 billion in assets.

But three straight years of heavy losses (including over $140 million in losses in 1990 alone) continued to put a drag on growth prospects.

Despite these measures, Dime lost $40 million in the first nine months of 1991.

In attempts to cut costs, in February 1992 Dime eliminated 400 jobs (about 15 percent of its staff), and turned to outsourcing of many office activities.

In May 1993, Dime sold the eight branches of its subsidiary in New Jersey to First Fidelity Bancorp.

2002: The long-established Ledyard branch outgrew its very small facility and was replaced with a modern, spacious building.

2009: The Stonington Borough branch celebrated a summertime opening.