The Dime Bank’s Ferdinand Feola Appointed to ICBA Cyber and Data Security Committee Independent Community Bankers of America® (ICBA) announced that Senior Vice President Chief Technology Officer Ferdinand Feola of The Dime Bank, was elected to serve on ICBA’s Cyber and Data Security Committee. “What an honor to represent The Dime Bank and all community banks as part of the ICBA Cyber and Data Security Committee. I look forward to helping to create an environment where community banks, and the communities we serve, continue to flourish. Community banks, as relationship lenders, prioritize the needs of their customers and serve as trusted stewards of their financial future,” said Feola. “I’m proud to be a community banker and honored to be called upon to help ICBA safeguard our industry by underscoring the vital role community banks serve in our nation’s economy and working to ensure a strong, diversified financial sector that benefits every American.” In addition to helping shape and promote ICBA’s national policy positions and programs, Feola’s duties include engaging in grassroots activities in Pennsylvania to advocate pro-community bank policies and serving as a liaison between community banks and ICBA leadership in Washington, D.C. “Ferd is an esteemed civic leader and dedicated community banker, generously contributing his time to champion and advance the crucial role of community banks within our financial system,” said ICBA Chairman Lucas White, president of the Fountain Trust Co. in Covington, Ind. “We are honored to leverage Ferd’s talents and resources in support of ICBA’s efforts, and we extend our sincere gratitude for his unwavering commitment to securing a vibrant future for community banking.”
The Dime Bank Announces Cash Dividend On March 21, 2024, The Board of Directors of Dimeco, Inc. (OTCQX: DIMC) and its subsidiary The Dime Bank declared a dividend of $.40 per share for the first quarter of 2024, which represents a dividend yield of 4.64% based on the closing stock price of $34.50. The dividend is payable on April 25, 2024, to shareholders of record on April 1, 2024. This dividend is an increase of $0.02 per share, or 5.26% over the dividend declared for the same period 2023. President and Chief Executive Officer Peter Bochnovich, stated, “Our shareholders play a crucial role in the success of Dimeco, Inc. Their investment empowers us to be innovative within our industry and bring the best financial services to our communities. This dividend shows our gratitude for their unwavering commitment and trust in our company.”
The Dime Bank Supports Lacawac Sanctuary The Dime Bank donated $13,500.00 to Lacawac Sanctuary to support their hands-on academic enrichment and innovative educational programs. The Lacawac Sanctuary is a non-profit conservation, research, and education center providing the community with a host of quality environmental, historical, and cultural programs. $7,500.00 was donated through the PA Department of Community and Economic Development’s Educational Improvement Tax Credit program to support Lacawac Sanctuary’s mission to educate students with important ecological and environmental science lessons, strengthening academic achievement in Science, Technology, Engineering, and Math. On-site visits to Lacawac, off-site teachings at schools, educational workshops, and curriculum for afterschool sessions are just some of Lacawac’s innovative and educational offerings. “The Dime Bank believes in supporting many different programs to elevate the quality of life in our region. Lacawac’s programs are multidisciplinary and geared towards a wide audience. We are happy to support efforts to preserve and protect this sanctuary for future generations and to foster a deep appreciation for the environment and all its inhabitants,” stated The Dime Bank President and Chief Executive Officer Peter Bochnovich. Additionally, The Dime Bank has pledged $20,000.00 to Lacawac’s Environmental Education Center over the course of four years, with $5,000.00 being paid this year. The Dime Bank also donated $1,000.00 as a corporate sponsor to help with the Sanctuary’s mission to help promote environmental understanding through education and conservation. Lacawac Sanctuary President Craig Lukatch stated, “Lacawac Sanctuary is very grateful to The Dime Bank for their support of our mission of Research, Education and Preservation. Their commitment to our work in the community allows us to serve and educate thousands of individuals each year and help us maintain and preserve the natural world for all to enjoy.”
The Dime Bank Donates to Local Wayne County Organization The Dime Bank donates $125,000.00 to the Wayne County YMCA Project through the Pennsylvania Department of Community and Economic Development under the Neighborhood Assistance Program Tax Credit Program (NAP). The Wayne County YMCA Project qualifies for the NAP grant under a Special Programs Priorities as this project is considered a rural initiative which encourages nonprofit organizations to develop projects that have a positive community and economic impact in rural areas. This is a multi-phase project to build a new state-of-the-art facility. Chief Financial Officer Jeffrey Roche stated, “At The Dime Bank, community involvement is not just a value – it’s a way of life. We understand the importance of supporting and nurturing the areas we serve. We are dedicated to making a positive impact on the lives of our customers and neighbors. At the YMCA, strengthening community is their cause, and we are happy to help them accomplish that goal.” “A community project of this size and scope would not be possible without the support of The Dime Bank. This donation will enable us to complete phase II of this project that includes the completion of final engineering / design which will position the Project for the construction phase. Thank you to The Dime Bank for their commitment and participation in this critical community project,” stated Paul Edwards, Co-Chairperson Wayne County YMCA Board of Trustees.
The Dime Bank Donates $25,000 to Community Organization The Dime Bank recently donated $25,000.00 to Scranton Lackawanna Resources Development Corp (SLRDC) via the Neighborhood Assistance Program. The SLRDC is a non-profit arm of the Agency for Community Empowerment (ACE) of NEPA that is focusing on providing quality affordable housing to low-to-moderate income families. Through the collaborative efforts of SLRDC and their community partners, these homes serve as a beacon of support and a symbol of unity within the neighborhood. “Families deserve a safe and comfortable place to call home. The dedication and passion poured into these projects create not only physical shelters but also a sense of belonging and empowerment for those who will inhabit them. Being a community bank, The Dime Bank takes pride in collaborating with the SLRDC and supporting their initiatives to rejuvenate neighborhoods and foster community bonds,” stated William Boyle, The Dime Bank Senior Vice President Chief Lending Officer.
The Dime Bank Promotes Stacy Gager The Dime Bank President and Chief Executive Officer Peter Bochnovich announced the promotion of Stacy Gager to Vice President, Deposit Operations Manager. Stacy Gager joined The Dime Bank in 2006. During her 18-year career at The Dime Bank, she advanced through the deposit operations department. She began her career as a customer information file clerk and progressed to deposit operations specialist and then to the supervisor of the department. In 2019, Gager was promoted to Assistant Vice President, Deposit Operations Supervisor. With this latest promotion to Vice President, Gager is responsible for managing the deposit operations department. Stacy Gager is a current board member of the Wayne County Public Library in Honesdale. Throughout her career, Gager has continued her education graduating with several banking diplomas and certificates in her field. Peter Bochnovich stated, “Please join me in congratulating Stacy on being promoted to Vice President of Deposit Operations. Stacy was a member of the first Emerging Leaders program here at The Dime Bank and is an honors graduate of the Pennsylvania Bankers’ School of Banking. She is known for her intelligence, dedication, and valuable contributions to The Dime Bank’s management team. As she takes on her new role, we are certain that we will see nothing but achievements and positive contributions to the bank in the days ahead.”
The Dime Bank Announces 2023 Earnings Dimeco, Inc. (OTCQX: DIMC), the parent holding company of The Dime Bank, announces unaudited financial results for the quarter and fiscal year ending December 31, 2023. Total assets increased $20 million or 2.1% from the end of 2022 to $989 million as of December 31, 2023. The loan portfolio ended the year at $722 million, an increase of $43.4 million or 6.4% from the year prior. Deposits also increased year-over-year to $827 million, a gain of $39 million or 4.9%. Dimeco’s 2023 net income of $10.8 million was $1.5 million less than 2022, including a reduction of $1.1 million in fees from the Small Business Administration Paycheck Protection Program. Net income at this level produced a return on average assets of 1.11% and a return on average equity of 11.84%. The 2023 dividend payout ratio was 36.07% providing a yield of 4.47%, with year-to-date dividends totaling $1.54 per share. President and Chief Executive Officer Peter Bochnovich stated, “I am excited to report the financial results of Dimeco, Inc. for the fourth quarter and year ended December 31, 2023. While there were challenges in 2023, there were also many successes. Dimeco, Inc. fared well, especially within the loan portfolio. We look forward to the opportunities Dimeco will have in 2024. We are thankful to our customers and shareholders for their commitment to us.”
The Dime Bank Promotes Valerie O’Hare President and Chief Executive Officer Peter Bochnovich announced the promotion of Valerie O’Hare to Assistant Vice President, Training Manager at The Dime Bank. O’Hare joined The Dime Bank in 2013 as an assistant branch manager. In 2015, she was appointed to the position of trainer. In 2022, O’Hare was promoted to training manager. With 26 years of banking experience, O’Hare oversees the training program for approximately 170 employees including new hire, compliance, and universal banker training. She provides operational and procedural support to the staff, writes standard operating procedures, manages the training budget, and provides additional training for staff as needed. O’Hare also visits the local schools to provide financial literacy to students and serves on multiple committees within the bank. O’Hare is a graduate of the Pennsylvania Bankers Association (PBA) School of Banking and Advanced School of Banking. O’Hare was recognized as the 2017 Emerging Leader. In 2020, O’Hare was presented with the PA Bankers H.Y.P.E. (Highlighting Young Professionals’ Excellence) “Developer” award. O’Hare recently committed her time as a volunteer for the United Way of Lackawanna/Wayne/ Pike. The Dime Bank President and Chief Executive Officer Peter Bochnovich stated, “Please join me in congratulating Val on her well-deserved promotion. Val is a dedicated professional who has consistently displayed a passion for the banking industry and a commitment to delivering exceptional training resources to our staff. I am confident that Val’s extensive banking knowledge, expertise, and leadership skills will be instrumental in driving growth and success to The Dime Bank. As Val takes on her new role, we look forward to seeing her achievements and contributions to the bank in the years to come.”
The Dime Bank Donates to Local Animal Shelter The Dime Bank recently pledged $10,000.00 to the Olga and Dorothea Dessin Animal Society (Dessin), a non-profit private organization that facilitates the placement of countless animals into caring homes each year. Dessin’s fundraising efforts and facility maintenance were hindered by COVID. The Dime Bank funds will assist with crucial renovations, such as upgrading the septic system, HVAC, electrical systems, and restoring the kennels. The Dime Bank Chief Operating Officer Lisa Cavage stated, “Being a community bank, The Dime Bank understands the significance of Dessin Animal Shelter’s unwavering dedication to providing animal rescue, medical care, animal housing, and adoption services. We extend our gratitude to Dessin’s staff and volunteers for their hard work, and we hope that our pledge will aid in upgrading their facilities.” If you would like to assist Dessin with a donation, would like to volunteer, or adopt a pet, visit www.dessinshelters.com.
The Dime Bank Recognizes the Retirement of Board Member Dimeco, Inc. and The Dime Bank Board of Directors member Thomas A. Peifer announces his retirement from the board after serving for 35 years. Thomas A. Peifer joined the Board of Directors in 1988 while holding the position of superintendent of the Wallenpaupack Area School District in Hawley, Pennsylvania. This provided him with numerous area resident personal relationships, who comprise a significant portion of The Dime Bank marketplace. Peifer was also the president of Metlag, Inc., a franchised retail Agway store, which he sold in 2014. As a local businessman and lifetime resident of Pike County, Peifer brought his expertise and knowledge of the Pike County market area to guide management decisions. Tom’s proficiency was further enhanced by his numerous community and civic affiliations. Peifer was committed to oversight through active participation during monthly meetings and through the various committees he served on throughout the years. He enabled strong corporate governance with his high standards of integrity and candor. President and Chief Executive Officer Peter Bochnovich stated, “Please join me, along with fellow board members and The Dime Bank management, in thanking Tom for his dedication, commitment, and knowledge that has helped The Dime Bank grow and prosper. Board service can be difficult at times, and Tom took on his duties with steadfastness and thoughtfulness. We are grateful for his active leadership as a judicious steward of our organization and express our sincere gratitude for his service to our customers and helping grow shareholder value. Those of us that know Tom personally admire him not only for his business efforts, but also for his personal lifetime values as a devoted husband, father, and grandfather. Tom’s presence will be missed, and we wish him well.”
