Dime Bank

What Dime Bank does

Dime Bank is a mutual savings bank headquartered in Norwich, Connecticut, that has operated continuously since its charter on June 1, 1869. As a mutual institution, the bank is owned by its depositors rather than stockholders and therefore has no public equity, no parent company, and no external investment firm ownership. The bank reached the $1 billion asset milestone in 2021 and currently operates 14 branches across southeastern and shoreline Connecticut, the greater Hartford area, and Westerly, Rhode Island, making it the first Connecticut-chartered bank to open a Rhode Island branch in 2004.

The bank's core business is traditional community banking delivered through a hybrid physical-and-digital model. Product breadth spans consumer deposit accounts (checking, savings, CDs, IRAs, HSAs), consumer lending (mortgages, home equity, auto/boat/motorcycle, personal loans), business banking (checking variants including IOLTA and municipal accounts, commercial mortgages, SBA loans, equipment loans, lines of credit), and a growing wealth management and trust services line. Digital channels include DimeOnLine online banking, a mobile banking app for iOS and Android, digital wallet tokenization through Apple Pay, Google Pay, and Samsung Pay, and Card Guard in-app debit card controls. Consumer and business credit cards are issued through a partnership with Elan Financial Services; loan servicing is handled through a wholly-owned subsidiary, Dime Loan Servicing Corporation.

Dime Bank's revenue model is dominated by net interest income on its loan and securities portfolio funded by deposits, supplemented by deposit and account fees, loan origination and servicing fees, credit card revenue through the Elan partnership, and fees from fiduciary, trust, and asset management services. The bank serves three primary customer segments: individual consumers in Connecticut and Rhode Island, small to mid-size businesses (including local businesses, municipalities, and non-profits), and wealth management clients (individuals, families, business owners, and non-profit organizations). GTM motion is direct-to-consumer across all segments, combining in-branch relationship banking with digital self-service; commercial cash management services (ACH, merchant services, remote deposit, positive pay, lockbox, sweep) are sold through direct sales for business clients.

Name

Dime Bank

Legal name

Dime Bank

Website

https://dime-bank.com

Company type

Private

Founded year

1869

Operating status

Operating

Headcount range

101–250 employees

Short description

Dime Bank is a 155-year-old mutual savings bank headquartered in Norwich, Connecticut, serving individual consumers, small-to-mid-size businesses, and wealth management clients across 14 branches in southeastern Connecticut, greater Hartford, and Westerly, Rhode Island.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218), Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

akta.pro secondary industries

Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE), Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

Keywords

• Community banking
• Retail banking services
• Commercial lending
• Wealth management
• Mortgage lending

Headquarters

HQ city

Norwich

HQ country

United States

HQ region

North America

Offices15 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Net Interest Income: Interest earned on loans including mortgages, commercial mortgages, home equity loans, auto/boat/motorcycle loans, personal loans, construction loans, equipment loans, SBA loans, and lines of credit. Interest paid on deposits including checking, savings, CDs, and IRAs.
2. Deposit and Account Fees: Fees from various deposit accounts including maintenance fees, overdraft fees, and other service charges on personal and business accounts
3. Loan Fees and Servicing: Fees associated with loan origination, processing, and servicing including mortgage origination and servicing through Dime Loan Servicing Corporation
4. Wealth Management and Trust Services: Fiduciary services, asset management, custody services, estate settlement, and trust administration for individuals, families, and non-profit organizations
5. Credit Card Revenue: Revenue from consumer and business credit cards issued through Elan Financial Services partnership

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels5 records

Core offering

Dime Bank is a community mutual savings bank founded in 1869 and headquartered in Norwich, Connecticut, serving individuals and businesses across Connecticut and Rhode Island through 14 branch locations. The bank provides deposit accounts, consumer and commercial lending, credit cards, mortgages, and wealth management and trust services. As an FDIC-insured mutual institution, it is owned by its depositors rather than external shareholders.

Product overview

Dime Bank is a community bank offering a comprehensive, multi-channel banking platform for personal, business, and wealth management customers in Connecticut and Rhode Island. The product portfolio spans consumer and commercial banking, residential and commercial lending, digital banking services, and wealth management. Consumer banking includes multiple checking account variants (DimePrime, myDime, Money Management, myDime Silver/Silver for seniors, myDime Student), savings products (Statement Savings, Club Accounts, CDs including Flex CDs), retirement accounts (Traditional IRA, Roth IRA, SEP Plans), and Health Savings Accounts. Digital banking is delivered through DimeOnLine (online banking), mobile apps for iPhone/Android, digital wallets (Apple Pay, Google Pay, Samsung Pay), Card Guard, eStatements, and Online Bill Pay. Lending products encompass residential mortgages (Fixed Rate, Adjustable Rate, Construction, 10/10 ARM Construction, Jumbo, Community Program), home equity products (Home Equity Loans, HELOCs, Investment Property LOC), consumer loans (Auto/Boat/Motorcycle, Personal Loans), and credit cards. Business banking includes multiple checking variants (Dime Commercial, Municipal Checking, Dime Select), business savings, commercial lending (Mortgages, Equipment Loans, SBA Loans, Lines of Credit, Short Term Loans), and cash management services (ACH, Merchant Services, Wire Transfers, Positive Pay, Remote Deposit, Lockbox, Sweep Services). Wealth management provides fiduciary services, asset management, and trust services for individuals, families, business owners, and non-profits.

Differentiator

Problem solved

Functional benefit

Brands

• DimeOnLine: Online banking platform for account management, bill pay, and eStatements
• Dime Foundation
• Dime Blue Crew
• Dime Academy

Products and services

• Personal Checking Accounts A suite of checking account products for individual consumers, including DimePrime interest-bearing checking, myDime basic checking, myDime Student checking for students, myDime Silver for older adults, and Money Management account. Features include free Visa debit cards, free online banking, and identity theft protection.
• Personal Savings Accounts Statement Savings account for personal customers, Money Market savings account, and Club Accounts (Vacation Club and Holiday Club) designed to help consumers set aside funds for specific goals.
• Certificates of Deposit Fixed-term Certificates of Deposit offered to both personal and business customers to earn a guaranteed rate of return over a specified term.
• Individual Retirement Accounts (IRAs) Tax-advantaged retirement savings vehicles available to individual consumers for long-term retirement planning.
• Health Savings Accounts (HSAs) Tax-advantaged savings accounts designed to help individuals save for qualified medical expenses, typically paired with high-deductible health plans.
• Consumer Credit Cards Visa credit card products for personal consumer use, offering rewards and purchase protection.
• Residential Mortgage Loans Fixed-rate and adjustable-rate mortgage products for consumers purchasing or refinancing primary residences.
• Home Equity Loans and Lines of Credit Home Equity Loans (fixed-term) and Home Equity Lines of Credit (HELOC, revolving) allowing homeowners to borrow against the equity in their primary residence.
• Consumer Vehicle Loans Financing for the purchase of automobiles, boats, and motorcycles for individual consumers, with convenient payment options.
• Personal Loans Unsecured personal loans for individual consumers for various personal financing needs, including the option to consolidate higher-rate credit card debt.
• Construction and Lot Loans Specialty loans for consumers to finance the construction of a new home or the purchase of land/buildable lots, with terms tailored to building projects.
• Business Checking Accounts A suite of business checking account options (three distinct accounts) designed for small businesses and commercial customers, with features like remote deposit and ACH/wire capabilities.
• Business Savings and Money Market Accounts Savings and money market accounts for businesses to earn interest on operating or reserve funds while keeping them accessible.
• Commercial Lines of Credit Revolving credit facilities for businesses to manage short-term working capital needs, cash flow, and seasonal fluctuations.
• Commercial Real Estate Loans Mortgage financing for the purchase, refinance, or development of commercial real estate held by business borrowers.
• Equipment Financing Loans and leases that help businesses finance the acquisition of equipment, machinery, or vehicles needed for operations.
• SBA Loans Small Business Administration-guaranteed loan programs offering favorable terms for qualifying small businesses.
• Short-Term Business Loans Short-term financing solutions for businesses to address immediate operational or bridging financing needs.
• Business Credit Cards Credit card products tailored for business use, helping companies manage expenses and earn rewards on business spending.
• Wealth Management and Trust Services Comprehensive wealth management services for individuals, including trust administration, estate planning, retirement planning, and investment management tailored to client goals.
• Online and Mobile Banking DimeOnLine web banking and a mobile banking app that allow customers to view accounts, transfer funds, pay bills, deposit checks remotely, and manage card controls via Card Guard. Supports Apple Pay, Samsung Pay, and Google Pay.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature5 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Elan Financial ServicescoreStrategic or Co-development PartnerElan Financial Services provides credit card services for Dime Bank's consumer and business credit cards. Elan Financial Services issues cards under Visa and Mastercard licenses and provides zero fraud liability protection for unauthorized transactions.
• Joint Marketing Financial PartnersminorGTM or Marketing PartnerDime Bank has joint marketing arrangements with other financial companies including securities brokerage, investment advisory, insurance services, and credit card companies as part of their marketing partnerships.

Scale indicators5 records

Recent moves17 records

Expansion highlights5 records

Direct peers

• Chelsea Groton Bank: Chelsea Groton Bank is a mutual savings bank headquartered in Norwich, CT, directly competing with Dime Bank in the same southeastern Connecticut market with overlapping branches, consumer/business banking, and similar mutual charter structure.
• Liberty Bank: Liberty Bank is a Connecticut-based mutual savings bank serving consumers and businesses across the state with comparable deposit, lending, and wealth management products, making it one of the closest peers in size and structure to Dime.
• Washington Trust Company: Washington Trust is a community bank headquartered in Westerly, RI, directly competing with Dime's Westerly branch. It offers consumer banking, commercial lending, and wealth management with similar scale and product mix.
• Savings Institute Bank & Trust: Savings Institute Bank & Trust is a Connecticut-based community bank offering consumer and business banking products with comparable geographic focus in eastern Connecticut, making it a direct peer in market and product overlap.
• Jewett City Savings Bank: Jewett City Savings Bank is a mutual savings bank in eastern Connecticut offering personal and business banking products, directly competing with Dime in the Norwich/southeastern CT market with similar mutual structure and product set.

Broad incumbents

• Berkshire Bank: Berkshire Bank is a larger regional community bank operating across the Northeast with full-service consumer, business, and wealth management capabilities. It competes with Dime in the greater Hartford market and offers broader geographic diversification and scale.
• Webster Bank: Webster Bank is a large regional bank headquartered in Connecticut offering consumer, business, and wealth management products. It competes with Dime across CT markets including greater Hartford, with substantially greater scale and product breadth.
• M&T Bank (formerly People's United): M&T Bank acquired People's United Bank, a major Connecticut-headquartered regional bank with extensive CT branch presence. It competes directly with Dime across the state with significantly greater scale, capital, and product breadth.
• Bank of America: Bank of America is a national incumbent with significant Connecticut retail and small business presence, competing with Dime for consumer deposits, mortgages, and small business banking with vastly greater scale and digital capabilities.
• Citizens Bank: Citizens Bank is a major regional bank with substantial Connecticut and Rhode Island branch presence. It competes with Dime across consumer and small business banking, particularly in greater Hartford and the Westerly RI market.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/DimeBankCT
• Facebookfacebook.com/DimeBank
• LinkedInlinkedin.com/company/dimebank
• Instagraminstagram.com/dimebank
• Xx.com/dimebankct

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dime Bank