8-K

                   SECURITIES AND EXCHANGE COMMISSION

                          WASHINGTON, D.C.  20549


                   ------------------------------------

                                FORM 8-K

                              CURRENT REPORT
                  PURSUANT TO SECTION 13 OR 15(D) OF THE
                      SECURITIES EXCHANGE ACT OF 1934

                  ------------------------------------


   Date of Report (Date of earliest event reported):  December 30, 1998


                   DIME COMMUNITY BANCSHARES, INC.
            (Exact name of registrant as specified in its charter)


        Delaware                  0-27782                      11-3297463
    -----------------      ------------------------        ------------------
    (State or other        (Commission File Number)          (IRS Employer
     jurisdiction of                                       Identification No.)
     incorporation)



             209 HAVEMEYER STREET, BROOKLYN, NEW YORK   11211
       (Address of principal executive offices, including zip code)


    Registrant's telephone number, including area code: (718) 782-6200



                                   NONE
       (Former name or former address, if changed since last report)







ITEMS 1 THROUGH 4, 6, 8 & 9.  NOT APPLICABLE.

ITEM 5.       OTHER EVENTS.

     On December 30, 1998, Dime Community Bancshares, Inc. ("DCB") and its
wholly owned subsidiary, The Dime Savings Bank of Williamsburgh ("DSBW"),
received approval from the Office of Thrift Supervision (the "OTS") for the
merger of Financial Bancorp, Inc. ("FIBC") with and into DCB and the
concurrent merger of FIBC's wholly owned subsidiary, Financial Federal
Savings Bank, with and into DSBW.

     DCB publicly announced receipt of the OTS' approval in a press release
dated December 31, 1998, a copy of which is attached hereto as Exhibit 99
and is incorporated herein by reference.

ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

     (a)  Financial statements of business acquired.

          Not applicable.

     (b)  Pro forma financial information.

          Not applicable.

     (c)  Exhibits.  The following Exhibits are filed as part of this report:

              EXHIBIT NO.               DESCRIPTION

               99             Press Release issued December 31, 1998.

                                        -2-







                                SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.



                              DIME COMMUNITY BANCSHARES, INC.



                    BY:  /s/ KENNETH J. MAHON
                         ___________________________________________
                         Kenneth J. Mahon
                         Executive Vice President and Chief Financial
                         Officer


Dated: December 31, 1998









                               EXHIBIT INDEX




EXHIBIT                  DESCRIPTION

   99                    Press Release issued December 31, 1998.




                                        -4-

EX-99

                                   NEWS RELEASE



  DIME COMMUNITY BANCSHARES, INC. RECEIVES OTS APPROVAL TO ACQUIRE FINANCIAL
 BANCORP, INC. AND ITS WHOLLY OWNED SUBSIDIARY, FINANCIAL FEDERAL SAVINGS BANK



Brooklyn,   NY,  December  31,  1998.  Dime  Community  Bancshares,  Inc.  (the
"Company") (NASDAQ:  DCOM),  the  holding  company for The Dime Savings Bank of
Williamsburgh (the "Bank"), has received approval  from  the  Office  of Thrift
Supervision ("OTS") to acquire Financial Bancorp, Inc. ("FIBC") (NASDAQ: FIBC),
the  holding  company for Financial Federal Savings Bank ("Financial Federal").
The acquisition,  which  was  approved  by  FIBC's stockholders on December 18,
1998, is expected to be completed by the end of January, 1999.

Mr. Vincent F. Palagiano, Chairman and Chief  Executive  Officer of the Company
stated,  "We  look  forward to completing the FIBC acquisition,  which  we  are
confident will strengthen  our  current  banking franchise, enhance shareholder
value  and  provide  long-term benefits for our  shareholders,  customers  and,
particularly,  the communities  which  the  Bank  and  Financial  Federal  both
currently serve."

Dime Community Bancshares,  Inc.,  is  the holding company for The Dime Savings
Bank  of Williamsburgh, a community-oriented  financial  institution  providing
financial  services  and  loans  for  housing within its market areas. The Bank
maintains  its headquarters in the Williamsburgh  section  of  the  borough  of
Brooklyn, and  thirteen additional offices in the boroughs of Brooklyn, Queens,
and The Bronx, and in Nassau County.  The Bank's deposits are insured up to the
maximum allowable  amount  by  the Federal Deposit Insurance Corporation.  More
information on the Company and Bank  can  be  found  on  the Company's Internet
website at WWW.DIMEWILL.COM.


Contact:  Kenneth A. Ceonzo - VICE PRESIDENT AND DIRECTOR OF INVESTOR RELATIONS
 (718) 782-6200 extension 279
                                     {end}