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Dime Dives into Municipal Banking Services

LongIsland.com

Dime has started creating the foundations for a municipal banking business by recently converting to a commercial bank charter.

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Photo by: Dime Community Bank

If you know one thing about Dime Community Bank, it’s that they’re always looking for new ways to bring their exceptional services to more people, businesses, and communities in New York. 
 
That’s why they’ve started creating the foundations for a municipal banking business by recently converting to a commercial bank charter. Now they can build stronger relationships with municipalities around Long Island and Brooklyn. 
 
What is a municipality?
To put it simply, a municipality is a “city, town, or other district possessing corporate existence and usually its own local government”.Municipalities have banking needs similar to corporations, but differ in that the state regulates where and how they can bank. That’s where Dime comes in. 
 
Dime’s Municipal Banking Team
Dime’s new Municipal Banking team is led by industry veteran Rosalind Sheron. She began working with Dime in May, 2019, when they converted to a commercial bank charter, but has been in the municipal banking space since 2000 with companies like HSBC and Bank of America. Having spent most of her professional career in the banking industry, Rosalind has seen every side of it, and is excited to bring her expertise to Dime. 
 
Dime’s commitment to providing stability and continuity for every customer -- personal, business, commercial, and now municipal -- is one of the things that drew Rosalind to Dime. “Our goals are to provide a strong understanding of the needs of our municipalities and to provide an equally strong and successful delivery of customer services,” Rosalind says.  
 
Commitment to Excellence
“Being able to shape, tailor, or modify solutions to the specific needs of the municipality is one of the reasons why working with Dime is so great,” she adds. And that’s why Dime has invested in a specialized Public Banking Team made up of those who only serve the needs of government-based customers like municipalities. “Our entire team is dedicated to servicing the needs of our customers.” 
 
One of the ways Dime and Rosalind’s team serve municipalities’ needs is through their security measures. “Realizing that the security and safety of taxpayer’s funds is of prime importance, we’ve always focused on ways to safeguard these funds,” Rosalind says. Dime has always been committed to the public banking area, and all deposits above the FDIC limits are fully collateralized (in accordance with New York State laws, of course). They offer traditional third party collateral, Municipal Letters of Credit through the Federal Home Loan Bank of New York (MULOC), and deposit placement programs. 
 
For municipalities looking for variety, Dime Community Bank has it. From their full array of deposit and cash management solutions to their user-friendly online banking platform, Dime makes it easy for municipalities to save, access, and earn interest on their taxpayer funds. Some of the products and serves Dime offers for their municipal customers include: 
 
  • Interest and non-interest bearing checking accounts
  • Money Market Accounts to maximize interest revenue
  • Certificates of Deposits (CDs) with competitive rates and terms from 30-180 days

Online banking that allows you to:

  • View account balances
  • Review account history for the last 12 months
  • Transfer funds between linked Dime accounts
  • And so much more
“We provide unmatched commitment to superior client service,” Rosalind says. Dime continues to be at the forefront of banking excellence in New York. 
 
To learn more about Municipal Banking at Dime Community Bank, or to chat with Rosalind or a member of her team, contact them at 631-768-1305 or via email at rsheron@dime.com