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): January 20, 2005
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
1.01 Entry into a Material Definitive Agreement
On March
17, 2005, the Board of Directors of Dime Community Bancshares, Inc. (the
"Company") approved an adjustment in annual base salary and cash bonus for the
five executive officers of the Company. Both the adjustment in annual base
salary and the cash bonus were based upon the recommendations of a nationally
recognized compensation consulting firm, which the Company retains. The specific
recommendations to the Company were based on a comparative analysis of ten to
fifteen comparably sized and similarly located public banks. Messrs. Palagiano
and Devine elected not to accept the recommended increase in annual base
salary.
The
following table summarizes the adjustment in annual base salary and cash bonus
for each executive officer of the Company:
|
Name
and Title of Executive Officer |
|
Increase
(Decrease) in Annul Base Salary* |
|
Cash
Bonus |
|
Vincent
F. Palagiano, Chairman of the Board and
Chief Executive Officer ** |
|
- |
|
$139,000 |
| |
|
|
|
|
|
Michael
P. Devine, President and
Chief Operating Officer ** |
|
- |
|
111,000 |
| |
|
|
|
|
|
Kenneth
J. Mahon, Executive Vice President and
Chief Financial Officer |
|
$12,000 |
|
95,000 |
| |
|
|
|
|
|
Timothy
B. King, Senior Vice President and
Chief Investment Officer |
|
8,000 |
|
55,000 |
| |
|
|
|
|
|
Michael
Pucella, Senior Vice President - Finance |
|
7,000 |
|
50,000 |
|
TOTALS |
|
$27,000 |
|
$450,000 |
* By
authorization of the Board of Directors of the Company, the adjustment to base
salary for each executive officer is effective as of January 1,
2005.
**
Executive officer elected not to accept the recommended increase in annual base
salary for the year ending December 31, 2005.
On
January 20, 2005, the Board of Directors of the Company approved the extension,
through December 31, 2007, of the existing employee retention agreements between
the Company and executive officers Michael Pucella and Timothy B. King. Each of
these employee retention agreements provides for an assurance period of five
years in the event of a change in control of the Company.
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
Executive
Vice President and Chief Financial Officer
Dated:
March 29, 2005