Dime Community Bancshares in Hauppauge, N.Y., hired four deposit-focused groups from the failed Signature Bank.
The $13.8 billion-asset company did not disclose how many bankers it hired or where the groups are located. New York Community Bancorp bought most of Signature after it was closed by regulators.
“The recent disruption in our marketplace caused by the failure of a local competitor has provided a significant opportunity for Dime to grow our deposit franchise,” Stuart Lubow, the company’s president and chief operating officer, said in a press release.
Net income available to Dime shareholders rose by 8.5% from a year earlier, to $35.5 billion, reflecting a reserve release and lower operating expenses. The company recorded a $1.4 million loss from selling securities and other assets.
Deposits increased by 1.3%, to $10.6 billion.