Dime Community Bancshares (DCOM) in Brooklyn, N.Y., has appointed a new chief operating officer.
Kenneth Mahon, who previously served as chief financial officer, is now COO of the $4 billion-asset company, according to a Thursday press release. He took over for Michael Devine, who will remain president and assume the role of vice chairman of the company and its bank, Dime Savings Bank of Williamsburgh. The company said in the news release that the appointment demonstrated its "commitment to the management succession process."
"I can think of no one better suited to oversee the day-to-day operations of the Dime," Devine said in the release. "The management ranks below [Mahon] have matured as part of a team that bears his mark and assures continued successful operations. I truly look forward to continue working with [Mahon] and the rest of The Dime team to maintain our reputation as a well-run bank."
Mahon expressed some interest in a merger of equals earlier this week in American Banker. Several analysts believe that Dime could be a likely seller, particularly as the average age of its directors and executives climbs.