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Our History

Since 1869, we've grown from assisting "small savers" to full-service banking for communities in Connecticut and Rhode Island. Through the years, we continue to provide banking expertise with a personal touch. 

Our history of outstanding local service defines who we are 

From the beginning, we served "small savers" turned away by many commercial bank
Public-spirited local business people made Dime a mutual savings bank
Dime does not issue stock, so there are no stockholders
We are owned by our depositors, which means our primary concern is your needs
How it all started...

The Connecticut Legislature approved the charter of Dime Savings Bank of Norwich on June 1, 1869. A dime was the minimum deposit, and 63 people opened accounts that day.

We're always focused on you, our valued customer

Dime Bank has grown into a full-service financial institution operating 14 branches in two states and serving our neighbors with consumer and commercial banking, mortgages, and wealth management & trust services. We remain committed to helping people reach their financial goals and providing the customer service they deserve.


Landmark dates in Dime Bank history 

  • 1869: On the day Dime opened for business, Sept. 27, 1869, the minimum deposit was 10 cents. Sixty-three customers opened accounts that day. Total deposits? $1,000.
  • 1926: Dime Savings Bank of Norwich moved to a modern brick and sandstone building at 33 Broadway. By then, Dime had 7,714 depositors, deposits of $4.3 million and more than $2 million in mortgages.
  • 1977: Dime established its first branch in Ledyard.
  • 1978: A branch was opened in Barker’s Department Store in Norwich and closed only when the corporate center was built nearby.
  • 1982: A third branch opened in Taftville.
  • 1991: Ahead of its time, Dime had the first supermarket branch in the area when it opened a branch at the Better Val-U in Lisbon.
  • 1991: Dime Bank assets surpassed $100 million. No longer just a savings bank, Dime had become a financial institution offering comprehensive services to people and businesses throughout southeastern Connecticut.
  • 1996: Dime Bank Corporate Financial Center was completed. After 70 years at 33 Broadway, Dime relocated its corporate operations to Salem Turnpike.
  • 1996, 1997 and 1999: New branches opened in Norwichtown, Montville and East Lyme.
  • 1997: Assets reached the $200 million mark.
  • 1999: Assets eclipsed $300 million.
  • 2002: The long-established Ledyard branch outgrew its very small facility and was replaced with a modern, spacious building.
  • 2004: A memorable year. Assets passed $500 million. A new branch in New London brought Dime banking to a new community. Also, Dime crossed state lines and made history as the first Connecticut bank to open a Rhode Island branch – in Westerly.
  • 2009: The Stonington Borough branch celebrated a summertime opening.
  • 2016: Not only did a Colchester branch open in June, but assets reached $800 million, with 11 convenient branch locations throughout southeastern and shoreline Connecticut and Westerly, RI. 
  • 2020: In December, Dime Bank extended its reach into greater Hartford, opening two branches in the communities of Glastonbury, CT and Manchester, CT. This expansion marked 13 branch locations for the bank and made Dime one of the only community banks in Greater Hartford.
  • 2021: A milestone year, Dime Bank reached $1 billion in assets
  • 2022: Dime continues its expansion into greater Hartford by opening a branch in Vernon, CT.

Dime Bank is committed to serving our customers and community with trusted financial solutions, local CT and Westerly, RI support, and more.

Frequently asked questions

As a mutual bank, Dime is owned by our depositors. This means that we answer to our customers, not shareholders. With no dividends paid to shareholders, mutuality allows us to reinvest profits back into the communities that we live and work in. 

Of the 4,000 chartered banks in the US, less than 500 are mutual banks. Dime is governed by a Board of Directors who, along with our corporators, represent the interests of depositors in the communities we serve.