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About UsPresident's Message | Board of Directors & Officers | 2007 Financial Report | 2007 Annual Report
Message From The President
Dear Community, Our Mission statement says in part: “Dime Bank will remain a mutual, community-oriented financial institution...” We say this because being mutual and community-oriented are part of our core beliefs. They are an integral part of what motivates and guides us. We feel as strongly today about them as our founding fathers did 138 years ago. This annual report is entitled: Commitment to Community. We chose that theme because we wanted to make clear how a mutual institution and commitment to community are inextricably linked. Many people do not know the difference between a mutual and a stock bank. Dime, as a mutual bank, has no real owners. It is governed by a self-perpetuating Board of corporators and directors, very similar to a hospital or library, all of whom come from the local community. We are here to serve people, businesses, non-profits, government and the community at large. Dime does not issue stock, therefore it cannot be bought or sold, no matter how large or successful we become. It is for profit because Dime must have capital to grow and expand products and services, plus we must meet regulatory mandates. Since Dime does not have stockholders, we do not pay dividends nor is it beholden to investors who expect a return on their investment in the form of dividends or appreciation of the stock. Instead, Dime in essence pays dividends to the community by supporting a variety of non-profit organizations and community initiatives. We at Dime are very proud of our heritage of giving back to the community. As we have grown and become more profitable, so too has our support of community. That growth and profitability allowed us to be the first bank in the area to form a foundation in 1998 so that we could increase our philanthropy by giving from both the bank and foundation. The foundation’s earnings are not taxed, as are the bank’s, which results in more net dollars for distribution to needed causes. Our long-term goal has been to increase the foundation’s assets to $5 million, which would allow us to distribute at a minimum $250,000 annually to worthy organizations. We would be very pleased and proud to achieve that accomplishment over the next few years. Now that the difference between a mutual and a stock institution is clear, it is our hope that you see how Dime does what it does in support of our community. It is also our hope that you value how important it is that Dime remain committed to mutuality and why we are. As you peruse the pages of this report, you will see example after example of Dime people involved with and supportive of community organizations. Although we couldn’t show all that we do, you will be able to garner an appreciation for the width and breadth of our commitment. Many of our employees, officers, corporators and directors not only live and work in our community but serve on countless boards such as the Chamber of Commerce, hospital, library, school, social service agencies, various non-profits, and they participate in numerous community events. In 2007, including the bank’s contribution to Dime Foundation, the bank and foundation contributed over $1.1 million to 293 organizations in the communities we serve. All of this support underscores our desire to give back to the community and illustrates Dime’s commitment to work hand in hand with our neighbors to make it a better place to live and work. We hope that upon reading this report, you will feel as proud as we do that an organization like Dime is part of your community. I say that because Dime is a stalwart of a once thriving and healthy mutual industry that has shrunk over the last twenty years from 72 institutions in Connecticut to only 14 today and two in Rhode Island. Recognizing that, I pledge to you our continued commitment to remain mutual. We believe fervently in the mutual structure and the benefits that are derived from it. We will do our utmost to preserve and protect the institution so that it will be here to serve generations to come. I also hope you enjoy the report and are comforted in the knowledge that our achievements this year and every year ensure our future and strengthen our ability to give back to the community. By partnering together, we can maintain our commitment to community prosperity. I would like to thank everyone associated with Dime for helping us achieve these successes and for all that they do, individually and collectively, to give back to the community. Lastly, I would like to thank all of our loyal and supportive customers for the faith you have shown and the trust you placed in us.
Jim Cronin, |
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