Dime Community Bancshares Declares Quarterly Cash Dividend


BROOKLYN, NY -- (MARKET WIRE) -- October 20, 2005 -- Dime Community Bancshares, Inc. (NASDAQ: DCOM), the parent company of The Dime Savings Bank of Williamsburgh, announced that its Board of Directors has declared a quarterly cash dividend of $0.14 per share, payable on November 15, 2005, to all stockholders of record as of November 1, 2005. This dividend is the 34th consecutive quarterly cash dividend paid by the Company.

About Dime Community Bancshares

Dime Community Bancshares, Inc., a unitary thrift holding company, is the parent company of The Dime Savings Bank of Williamsburgh, Brooklyn, New York, founded in 1864. With $3.23 billion in assets as of September 30, 2005, the Bank has twenty branches located throughout Brooklyn, Queens, the Bronx and Nassau County, New York. More information on the Company and Bank can be found on the Bank's Internet website at www.dimedirect.com.

Contact Information: Contact: Kenneth J. Mahon Executive VP and Chief Financial Officer 718-782-6200 extension 8265 Kenneth Ceonzo Director of Investor Relations 718-782-6200 extension 8279