Transforming a 152-year-old institution is no easy task.

But Dime Community Bank in Brooklyn, N.Y., is hoping that Kenneth Mahon, a longtime veteran of the company poised to take over as CEO on Jan. 1, will be able to move it beyond its historical roots in multifamily lending and into other business lines, such as commercial and industrial loans. Banks' heavy concentrations in multifamily and other commercial real estate lending have drawn scrutiny from investors and regulators lately.

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