Anthony P. Terracciano, the newly appointed chairman of Dime Bancorp, has a tough job ahead of him in convincing Wall Street that the company is worth more than it seems to be.

The veteran banker is familiar with the feeling. Thirteen years ago Mr. Terracciano joined a struggling Mellon Bank Corp. as president and set out to slash expenses, clean up the balance sheet, and put the Pittsburgh banking company on better footing.

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