Monica LaCroix-Rubin
Executive Vice President and Chief Compliance Officer at Dime Community Bancshares, Inc. /NY/
Executive
About Monica LaCroix-Rubin
Monica LaCroix-Rubin is Executive Vice President and Chief Compliance Officer of Dime Community Bank; she was appointed SVP and Chief Compliance Officer in February 2021 and promoted to EVP in May 2024. She is 42 and previously served as Chief Compliance Officer and Chief Risk Officer at Legacy BNB; prior roles included BSA Compliance positions at New York Community Bank, Carver Federal Savings Bank, and Capital One, and consulting as a Compliance Manager at Integrated Compliance Solutions . During 2024, company performance highlights included 18.5% total shareholder return, ~20% core deposit growth, improved capital ratios (CET1 >11%, Total Capital >15.5%), reduced CRE concentration, and NIM expansion, alongside maintaining full regulatory compliance and receiving an “Outstanding” CRA rating across Lending, Investment, and Service tests .
Company performance snapshot (FY 2024)
| Metric | Value | Notes |
|---|---|---|
| Total shareholder return (TSR) | 18.5% | Top quartile vs compensation peer group |
| Core deposit growth YoY | ~20% | ~$1.8B raised by new teams |
| Wholesale funding (FHLB + brokered) | 8% of total assets | Reduced funding reliance |
| Loan-to-deposit ratio | <100% | Balance sheet de-risking |
| CET1 ratio | >11% | Post ~$136M equity raise |
| Total capital ratio | >15.5% | Strengthened capital position |
| NPLs / Loans | 0.46% | Better than peer median 0.55% |
| NIM trend | Expanded each quarter after Q1’24 | Balance sheet improvement |
| CRA rating | Outstanding (overall and all 3 components) | FRBNY exam highlights |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Legacy BNB (Bridge Bancorp) | Chief Compliance Officer and Chief Risk Officer | Joined 2012; served until Feb 2021 | Led compliance and risk functions pre-merger; transitioned into Dime role |
| Dime Community Bank | SVP & Chief Compliance Officer | Feb 2021–May 2024 | Post-merger compliance leadership |
| Dime Community Bank | EVP & Chief Compliance Officer | May 2024–present | Executive compliance oversight |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| New York Community Bank | BSA Compliance roles | Not disclosed | BSA/AML compliance execution |
| Carver Federal Savings Bank | BSA Compliance roles | Not disclosed | BSA/AML compliance execution |
| Capital One | BSA Compliance roles | Not disclosed | BSA/AML compliance execution |
| Integrated Compliance Solutions | Compliance Manager (consulting engagements) | Not disclosed | Compliance advisory and program support |
Fixed Compensation
- Individual base salary, target/actual bonus, and cash perquisites for Ms. LaCroix-Rubin are not disclosed; the proxy reports detailed compensation only for Named Executive Officers (NEOs), and she is not listed among the NEOs in 2024/2025 .
Performance Compensation
The company’s executive incentive architecture provides useful context for senior leaders even though Monica’s specific targets/payouts are not disclosed.
2024 Annual (Cash) Incentive Plan – Corporate Factor
| Metric | Weighting | Threshold | Target | Maximum |
|---|---|---|---|---|
| Adjusted Non-Interest Expenses / Average Assets | 50.0% | 1.75% | 1.55% | 1.35% |
| Relative Asset Quality (NPLs / Loans vs peer group) | 12.5% | 25th percentile | 50th percentile | 75th percentile |
| Tier 1 Risk-Based Capital Ratio | 10.0% | 10.25% | 11.0% | 12.0% |
| CRE Concentration (Consolidated) | 15.0% | 550% | 510% | 470% |
| Loan-to-Deposit Ratio | 12.5% | 105.0% | 97.5% | 90.0% |
- Discretionary Factor (15% weight) assessed on deposit growth from new hires (7.5%) and broader operational/regulatory/compliance/technology/TSR/community metrics (7.5%); 2024 discretionary assessment was 120% of target .
2024 Long-Term (Equity) Incentive Plan – Performance shares
| Metric | Weighting | Threshold | Target | Maximum |
|---|---|---|---|---|
| Relative deposit franchise quality vs Metro NY/NJ banks | 50% | 25th percentile | 50th percentile | 75th percentile |
| Consolidated CRE Concentration Ratio | 50% | 490% | 450% | 400% |
- Structure: PRSAs 60% of target with three-year performance measurement (2024–2026); RSAs 40% of target vesting ratably over three years; upward discretion on RSAs is not permitted .
Equity Ownership & Alignment
- Individual beneficial ownership for Ms. LaCroix-Rubin is not separately disclosed; the proxy provides consolidated totals for directors/executive officers as a group: 3,129,931 shares of common stock (7.1% of outstanding) as of March 20, 2025 .
- Anti-pledging and anti-hedging: Directors, officers, and employees are prohibited from pledging stock or entering into hedging/derivative transactions (e.g., short sales, options, swaps, collars, exchange funds) .
- Insider trading policy: Pre-defined trading windows and compliance with applicable securities laws; policy applies to Board, executive management, and employees .
- Stock ownership guidelines: Minimum ownership requirements apply to directors and NEOs with a five-year period to achieve compliance; as of December 31, 2024, all directors and NEOs were in compliance or within the five-year window; performance-based shares do not count toward compliance until vested .
Employment Terms
- No specific employment or change-of-control agreement for Ms. LaCroix-Rubin is disclosed in the proxy or 8-Ks; detailed terms are provided for certain NEOs only .
- Company practice (NEO employment agreements): Severance upon termination without cause or resignation for good reason before a change in control equals 3x base salary plus recent bonus, pro rata bonus, continued contributions to retirement plans over three years, and 150% of COBRA premiums for the benefits period; one-year non-compete and non-solicit apply; no excise tax gross-ups, but defense-of-tax-position reimbursement (not taxes/penalties) is provided .
- Company practice (post-change-in-control for NEOs): Double trigger with severance of 3x (2x for certain executives) base plus bonus (greater of target or three-year average), pro rata bonus, continued retirement contributions over the benefits period, and 150% of COBRA premiums; non-compete/non-solicit applies for 6–24 months per agreement .
- Clawback policy: Compliant with SEC/Dodd-Frank rules; recoups incentive compensation for the three completed fiscal years preceding a required accounting restatement to the extent payments exceed amounts based on restated results .
Performance & Track Record
- Compliance oversight: The Board’s Compliance Risk Committee oversees consumer protection, fair lending, CRA, and BSA/AML; it reviews the effectiveness of the Bank’s compliance management system and associated risk monitoring .
- 2024 outcomes linked to compliance/risk: The company maintained full regulatory compliance and received an “Outstanding” CRA rating across all components; cyber risk management continued to prioritize ransomware and sophisticated threats with no material disruptions reported .
Compensation Committee & Say‑on‑Pay Context
- Compensation governance: Independent Compensation Committee (Chen chair) retained Pay Governance as independent consultant; uses a 22‑bank peer group centered around ~$14B assets with commercial lending focus .
- Say‑on‑Pay: 2024 advisory vote on 2023 executive compensation received 81.0% support; 2025 meeting results recorded 25,344,352 For, 7,625,329 Against, 167,544 Abstain, with 5,328,084 broker non‑votes .
Investment Implications
- Alignment: Strong governance signals include anti‑pledging/hedging, insider trading windows, and clawbacks; stock ownership guidelines further align directors/NEOs with shareholders, though Monica’s individual ownership and guideline status are not disclosed .
- Retention risk: Absence of disclosed employment/change‑of‑control terms for Ms. LaCroix‑Rubin limits direct assessment of severance economics and vesting acceleration for her role; company practice suggests robust retention constructs for NEOs (double‑trigger CoC, 3x multiples), but applicability to CCO is unknown .
- Performance linkage: Corporate AIP/LTIP metrics emphasize cost discipline, capital/liquidity quality, asset quality, CRE concentration reduction, and deposit franchise strength—areas consistent with risk/compliance priorities; continued top‑quartile TSR and regulatory outcomes in 2024 reinforce execution quality .
- Trading signals: Without Form 3/4 granularity for Monica, monitor future filings for any insider transactions and equity vesting cadence; continued delivery on AIP/LTIP metrics (deposit quality, CRE reduction, capital levels) should support pay‑for‑performance alignment across senior leadership .