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Dime Community to form municipal bank

Brooklyn, N.Y.-based Dime Community Bank plans to establish a commercial bank subsidiary, with the sole purpose of accepting municipal deposits.

The proposed bank, according to a regulatory filing, will have $6.0 million in capitalization, of which $2.4 million will be capital stock. The subsidiary will be named Dime Municipal Bank. It will primarily use the existing company's staff, but is expected to hire a senior vice president of municipal banking.