With no stockholders, Dime has always been customer-focused
From $1,000 in deposits to $1 billion. From one office to 13 branches. And from one state to two.
Dime Bank has a history of serving everyday people:
- On June 1, 1869, the Connecticut Legislature approved the charter of Dime Savings Bank of Norwich.
- At the time, banking was not always available to the working classes. “Small savers” were shunned by commercial banks.
- Recognizing the importance of banking opportunities for all people in greater Norwich, public-spirited businessmen established the new mutual savings bank.
- As a mutual bank, Dime does not issue stock, so there are no stockholders.
- Dime is owned by its depositors, which means our primary concern is your needs.
- Dime Bank is governed by a Board of Directors which, along with the bank corporators, represents the interests of depositors in all communities served by Dime Bank.
Here are some landmark dates in the history of Dime Bank:
- 1869: On the day Dime opened for business, Sept. 27, 1869, the minimum deposit was 10 cents. Sixty-three customers opened accounts that day. Total deposits? $1,000.
- 1926: Dime Savings Bank of Norwich moved to a modern brick and sandstone building at 33 Broadway. By then, Dime had 7,714 depositors, deposits of $4.3 million and more than $2 million in mortgages.
- 1977: Dime established its first branch, in Ledyard.
- 1978: A branch was opened in Barker’s Department Store in Norwich, and closed only when the corporate center was built nearby.
- 1982: A third branch opened in Taftville.
- 1991: Ahead of its time, Dime had the first supermarket branch in the area when it opened a branch at the Better Val-U in Lisbon.
- 1991: Dime Bank assets surpassed $100 million. No longer just a savings bank, Dime had become a financial institution offering comprehensive services to people and businesses throughout southeastern Connecticut.
- 1996: Dime Bank Corporate Financial Center was completed. After 70 years at 33 Broadway, Dime relocated its corporate operations to Salem Turnpike.
- 1996, 1997 and 1999: New branches opened in Norwichtown, Montville and East Lyme
- 1997: Assets reach the $200 million mark.
- 1999: Assets eclipsed $300 million.
- 2002: The long-established Ledyard branch outgrew its very small facility and was replaced with a modern, spacious building.
- 2004: A memorable year. Assets passed $500 million. A new branch in New London brought Dime banking to a new community. Also, Dime crossed state lines and made history as the first Connecticut bank to open a Rhode Island branch - in Westerly.
- 2009: The Stonington Borough branch celebrated a summertime opening.
- 2016: Not only did a Colchester branch open in June, but assets reached $800 million, with 11 convenient branch locations throughout southeastern and shoreline Connecticut and Westerly, R.I.
- 2020: In December, Dime Bank extended it's reach in to greater Hartford, opening two branches in the communities of Glastonbury, CT and Manchester, CT. This expansion marked 13 branch locations for the bank, and made Dime one of the only community banks in greater Hartford.
- 2021: A milestone year, Dime Bank reached $1 billion in assets.
In some ways, those early 10-cent depositors might not recognize today's Dime Bank. As a full-service financial institution, Dime offers consumer and commercial banking, home mortgages, trust services and, through a strategic alliance with Northstar Wealth Partners, insurance and investments. But just like in 1869, we still deliver all of our services with a personal touch.