form8k3192009a.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 19, 2009
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
19, 2009, the Board of Directors of the Company approved adjustments to the 2009
annual base salary for the Company's Named Executive Officers [as defined in
Item 402(a)(3) of Regulation S-K]. The adjustment in annual base
salary for each Named Executive Officer was 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 2009 annual base salary for
each Named Executive Officer of the Company:
Name
and Title of Named Executive Officer
|
|
Increase
in Annual
Base
Salary*
|
Vincent
F. Palagiano, Chairman of the Board and Chief Executive
Officer
|
|
$-
|
Michael
P. Devine, President and Chief Operating Officer
|
|
-
|
Kenneth
J. Mahon, First Executive Vice President and Chief Financial
Officer
|
|
14,000
|
Christopher
D. Maher, Executive Vice President and Director of Retail
Banking
|
|
11,700
|
Daniel
J. Harris, Executive Vice President and Chief Lending
Officer
|
|
20,000
|
TOTALS
|
|
$45,700
|
* 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,
2009.
On March
19, 2009, the Board of Directors of The Dime Savings Bank of Williamsburgh (the
"Bank"), a wholly-owned subsidiary of the Company, extended the expiration date
of the Employment Agreements between the Bank and Vincent F. Palagiano, Michael
P. Devine and Kenneth J, Mahon (the "Employment Agreements") to December 31,
2010. On March 19, 2009, the Board of Directors of the Company
extended the expiration date of the Company's guarantee of the Employment
Agreements to December 31, 2010.
On March
19, 2009, the Board of Directors of the Bank extended the expiration date of the
Employee Retention Agreement between the Bank and Christopher D. Maher to
December 31, 2010, and the Company extended its guarantee of the Employee
Retention Agreement to December 31, 2010.
On March
19, 2009, the Bank amended its Employee Retention Agreement with Daniel J.
Harris to increase the assurance period from two years to three years, and
extended the expiration date of the Employee Retention Agreement to December 31,
2010. Also on March 19, 2009, the Company extended its guarantee of
the Employee Retention Agreement to December 31, 2010.
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 25, 2009