Dime Community Bancshares, Brooklyn, N.Y., has announced plans to buy Financial Bancorp in nearby Long Island City for about $74 million.

Dime, which has $1.6 billion of assets, would pay about $40.50 a share- or 2.6 times book value-for Financial. The deal, which Dime plans to finance half in stock and half in cash, would boost Dime's assets to about $2 billion.

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