Dime Completes Acquisition of Citibank Auto Finance Business
2 August 1999
Dime Completes Acquisition of Citibank Auto Finance Business
NEW YORK--Aug. 2, 1999--Dime Bancorp, Inc. announced today that its subsidiary, The Dime Savings Bank of New York, FSB, had completed its previously-announced acquisition of Citibank, N.A.'s automobile finance business, effective August 1, 1999. Citibank is a member of Citigroup . In connection with the transaction, Dime acquired approximately $945 million of loans, consisting primarily of prime credit quality auto loans. Dime also acquired dealer-floor-plan loans and commercial mortgages and assumed certain commercial deposit relationships."The acquisition of this established indirect auto finance business opens up exciting new opportunities," said Robert K. Kettenmann, Dime Executive Vice President and General Manager of Consumer Lending. "We are adding new customers--both consumer and business-- in our tri-state area market and we are committed to providing them with continued outstanding service and value. Going forward, we will focus on expanding those relationships and providing a broad range of products and services from Dime. We also benefit by adding a capable management team with extensive experience in auto finance.
"At the same time, this transaction strengthens Dime by adding nearly $1 billion of consumer and business loans to our portfolio, which is consistent with our strategy of diversifying our operations by building a strong consumer lending and business banking franchise," he added.
At June 30, 1999, Dime had assets of $21.4 billion and deposits of $13.4 billion. The Dime Savings Bank of New York, FSB (www.dime.com) is a regional bank serving consumers and businesses through 100 branches located throughout the greater New York City metropolitan area. Directly and through its mortgage banking subsidiary, North American Mortgage Company (www.namc.com), Dime also provides consumer loans, insurance products and mortgage banking services throughout the United States.
Certain statements in this press releases may be forward-looking. A variety of factors could cause Dime's actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. Such factors include, but are not limited to, risks and uncertainties related to integration activities, interest rate movements, competition from both financial and non-financial institutions, changes in applicable laws and regulations, the timing and occurrence (or non-occurrence) of transactions and events that may be subject to circumstances beyond Dime's control and general economic conditions. Dime assumes no obligation to update these forward-looking statements.