The Dime Bank Holds 2024 Annual Meeting of Stockholders

Dimeco, Inc. (the Company), the parent holding company of The Dime Bank (the Bank), held its 2024 Annual Meeting of Stockholders on April 25, 2024. The Company’s stock is traded on the OTCQX Marketplace under symbol DIMC, operated by OTC Markets Group.

The meeting was brought to order by Todd Stephens, Vice Chairman of the Board of Directors of the Company, and Chairman of the Annual Meeting. At the meeting, Peter Bochnovich, Barbara J. Genzlinger, John S. Kiesendahl, and John F. Spall were re-elected as directors, each for a three-year term. Stockholders ratified the appointment of S.R. Snodgrass, P.C. as the Company’s independent public accountants for the fiscal year ending December 31, 2024.

Chief Financial Officer Jeffrey J. Roche reviewed performance for 2023. Deposits ended the year at $826.5 million, with Certificates of Deposit as the main driver of growth. The loan portfolio increased $43.4 million across all categories from the year prior, to finish the year at $722.4 million. Total assets increased $20.4 million or 2.1% from the end of 2022 to $990 million on December 31, 2023. Net income was $10.8 million at December 31, 2023 and the Company was very well capitalized with stockholders equity of $98.6 million. The 2023 dividends totaled $1.54 per share with a dividend yield of 4.47% as of December 31, 2023.

President and Chief Executive Officer Peter Bochnovich reviewed first quarter results, which were made public in a separate release on April 25, 2024. He then discussed Board of Directors’ changes: Thomas A. Peifer retired after 35 years of service and Henry M. Skier transitioned from Board Director to Director Emeritus after 42 years of service. He welcomed two new members, Aimee M. Skier and Lorraine D. Collins. Bochnovich concluded, “We are well positioned to serve our customers throughout their lifetimes, and we thank our shareholders, directors, staff, customers, and the community for their support of Dimeco, Inc. We are here for you today, tomorrow, and always.”