SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 19, 1999
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Dime Bancorp, Inc.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 001-13094 11-3197414
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(State or Other Jurisdiction) (Commission (IRS Employer
File Number) Identification No.)
589 Fifth Avenue
New York, New York 10017
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 326-6170
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Not applicable
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
On April 19, 1999, Dime Bancorp, Inc. issued the following press
release:
Dime
Franklin L. Wright
(212) 326-6170
April 19, 1999
99/4
FOR IMMEDIATE RELEASE
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DIME ANNOUNCES ACQUISITION TO
EXPAND CONSUMER LENDING BUSINESS
New York, NY -- April 19, 1999 -- Dime Bancorp, Inc. (NYSE:DME)
announced today that its wholly owned subsidiary, The Dime Savings Bank of New
York, FSB, has entered into a definitive agreement to acquire the automobile
finance business conducted by Citibank, NA. As part of the transaction, Dime
will acquire a loan portfolio of approximately $930 million consisting primarily
of prime credit quality auto loans, dealer floor-plan loans, and commercial
mortgages, and will assume certain commercial deposit relationships.
Lawrence J. Toal, Chairman and Chief Executive Officer of Dime said,
"Consistent with our strategy, the purchase of Citibank's auto finance business
at an attractive price is an excellent opportunity to diversify our loan
portfolio with higher yielding non-residential loans. The transaction, which is
expected to be immediately accretive to earnings, furthers our strategic
objective of improving the balance of our business lines and is expected to
strengthen our net interest margin. The addition of this loan portfolio will
increase consumer loans as a percentage of total loans receivable from 8% to
approximately 13% and we will add over $150 million in related business loans.
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"This business, headquartered in Melville, Long Island, is uniquely
attractive to The Dime because it is conducted primarily within Dime's current
geographic footprint in the New York, New Jersey and Connecticut area. It also
expands Dime's product line, establishes relationships with nearly 1,000 auto
dealers and has the potential to generate additional revenues by offering Dime
products to over 50,000 new customers. Importantly, the business will continue
to be managed by a capable management team with extensive experience in auto
finance. This acquisition will also enable us to consolidate the majority of our
consumer lending operations into the Melville location, which will yield modest
cost savings," added Mr. Toal.
A Citibank spokesperson commented, "This divestiture is part of an
on-going process to refocus our resources on consumer businesses in which we are
a clear category leader."
The acquisition is expected to be immediately accretive to Dime's
earnings per share without regard to revenue and cost synergies. Dime expects to
offer employment to substantially all of the unit's employees. The transaction
is subject to regulatory approval.
At March 31, 1999, Dime had assets of $21.6 billion and deposits of
$13.2 billion. The Dime Savings Bank of New York, FSB is a regional bank serving
consumers and businesses and has 89 branches located in the greater New York
City metropolitan area, including 17 branches in New Jersey. Directly and
through its North American Mortgage Company subsidiary, Dime also provides
retail banking and mortgage banking services throughout the United States.
Certain statements in Dime's press release may be forward-looking. A
variety of factors could cause Dime's actual results to differ materially from
the anticipated results or other expectations expressed in such forward-looking
statements. The risks and uncertainties that may affect the operations,
performance, development, and results of Dime's business include interest rate
movements, competition from both financial and non-financial institutions,
changes in applicable laws and regulations, the timing and occurrence (or
non-occurrence) of transactions and events that may be subject to circumstances
beyond Dime's control and general economic conditions.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
DIME BANCORP, INC.
By: /s/ Anthony Burriesci
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Name: Anthony Burriesci
Title: Chief Financial Officer
Date: April 22, 1999
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