form8k3202008a.htm
UNITED
STATES
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): March 20, 2008
DIME
COMMUNITY BANCSHARES, INC.
(Exact
name of registrant as specified in its charter)
Delaware
|
|
0-27782
|
|
11-3297463
|
(State
or other jurisdiction of incorporation)
|
|
(Commission
File Number)
|
|
(IRS
Employer Identification
No.)
|
209
Havemeyer Street, Brooklyn, New York 11211
(Address
of principal executive offices, including zip code)
Registrant's
telephone number, including area code: (718)
782-6200
None
(Former
name or former address, if changed since last report)
Item
5.02(e) Compensatory Arrangements of Certain
Officers.
On March
20, 2008, the Board of Directors of the Company approved (i) adjustments to the
2008 annual base salary, and (ii) cash bonuses for year 2007 for the Company's
Named Executive Officers [as defined in Item 402(a)(3) of Regulation
S-K]. The adjustment in annual base salary and cash bonus for each
Named Executive Officer were determined based upon the recommendations of a
nationally recognized compensation consulting firm retained by the Board of
Directors of the Company. The specific recommendations to the Board of Directors
of the Company were based on a comparative analysis of ten to fifteen comparably
sized and similarly located public banks.
The
following table summarizes the adjustment to the 2008 annual base salary and
2007 cash bonus for each Named Executive Officer of the Company:
Name
and Title of Named Executive Officer
|
|
Increase
in Annual Base Salary*
|
|
Cash
Bonus
|
Vincent
F. Palagiano, Chairman of the Board and
Chief Executive Officer
|
|
$20,400
|
|
$225,000
|
Michael
P. Devine, President and
Chief Operating Officer
|
|
15,800
|
|
170,000
|
Kenneth
J. Mahon, First Executive Vice President and
Chief Financial Officer
|
|
11,520
|
|
127,000
|
Christopher
D. Maher, Executive Vice President and
Director of Retail Banking
|
|
12,000
|
|
94,000
|
Timothy
B. King, Executive Vice President and
Chief Investment Officer
|
|
22,080
|
|
75,000
|
TOTALS
|
|
$81,800
|
|
$691,000
|
* By
authorization of the Board of Directors of the Company, the adjustment to base
salary for each Named Executive Officer was effective as of January 1,
2008.
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 hereunto
duly authorized.
DIME
COMMUNITY BANCSHARES, INC.
/s/
KENNETH J. MAHON
By: ___________________________________________
Kenneth J. Mahon
First Executive Vice President and Chief
Financial Officer
Dated:
March 24, 2008