Document:

CERTIFICATE OF TRUST

                                       OF

                         DIME COMMUNITY CAPITAL TRUST I

         THIS CERTIFICATE OF TRUST OF Dime Community Capital Trust I (the
         "Trust") is being duly executed and filed by the undersigned on behalf
         of the Trust to form a statutory trust under the Delaware Statutory
         Trust Act (12 Del. C.ss.ss.3801 et seq.) (the "Act").

                  1.       NAME. The name of the statutory trust being formed is
                           Dime Community Capital Trust I.

                  2.       TRUSTEE. The name and business address of the trustee
                           of the Trust with a principal place of business in
                           the State of Delaware is as follows:

                                    Wilmington Trust Company
                                    Rodney Square North
                                    1100 North Market Street
                                    Wilmington, DE 19890
                                    ATTN: Corporate Trust Administration

         IN WITNESS WHEREOF, the undersigned has executed this Certificate of
         Trust in accordance with Section 3811(a) of the Act.

                                    WILMINGTON TRUST COMPANY,
                                    not in its individual capacity but solely as
                                    trustee of the Trust

                                    By:  /s/ Denise M. Geran
                                         -------------------------
                                         Denise M. Geran
                                         Vice PresidentDECLARATION OF TRUST
                                       OF
                         DIME COMMUNITY CAPITAL TRUST I

                  THIS DECLARATION OF TRUST is made as of March 11, 2004 (this
"Declaration"), by and between Dime Community Bancshares, Inc., a Delaware
corporation, as sponsor (the "Sponsor"), and Wilmington Trust Company, a
Delaware banking corporation, as Delaware trustee (the "Trustee"). The Sponsor
and the Trustee hereby agree as follows:

                  1. The trust created hereby shall be known as "Dime Community
Capital Trust I" (the "Trust"), in which name the Trustee or the Sponsor, to the
extent provided herein, may conduct the business of the Trust, make and execute
contracts, and sue and be sued.

                  2. The Sponsor hereby assigns, transfers, conveys and sets
over to the Trust the sum of $10. The Trustee hereby acknowledges receipt of
such amount in trust from the Sponsor, which amount shall constitute the initial
trust estate. The Trustee hereby declares that it will hold the trust estate in
trust for the Sponsor. It is the intention of the parties hereto that the Trust
created hereby constitute a statutory trust under Chapter 38 of Title 12 of the
Delaware Code, 12 Del. C ss. 3801, ET SEQ. (the "Statutory Trust Act"), and that
this Declaration constitute the governing instrument of the Trust. The Trustee
is hereby authorized and directed to execute and file a certificate of trust
with the Secretary of State of the State of Delaware in the form attached to
this Declaration.

                  3. The Sponsor and the Trustee will enter into an Amended and
Restated Declaration of Trust satisfactory to each such party to provide for the
contemplated operation of the Trust created hereby and the issuance by the Trust
of the Capital Securities and Common Securities referred to therein. Prior to
the execution and delivery of such Amended and Restated Declaration of Trust (i)
the Trustee shall not have any duty or obligation hereunder or with respect to
the trust estate, except as otherwise required by applicable law, and (ii) the
Sponsor shall take or cause to be taken any action as may be necessary to obtain
prior to such execution and delivery any licenses, consents or approvals
required by applicable law or otherwise. Notwithstanding the foregoing, the
Trustee may take all actions which the Sponsor deems necessary, convenient or
incidental to effect the transactions contemplated herein. The Trustee shall not
have any duty or obligation under or in connection with this Declaration or any
document contemplated hereby, except as expressly provided by the terms of this
Declaration, and no implied duties or obligations shall be read into this
Declaration against the Trustee. The right of the Trustee to perform any
discretionary act enumerated herein shall not be construed as a duty.

                  4. The Sponsor hereby agrees to (i) reimburse the Trustee for
all reasonable expenses (including reasonable fees and expenses of counsel and
other experts), (ii) indemnify, defend and hold harmless the Trustee and the
officers, directors, employees and agents of the Trustee (collectively,
including the Trustee in its individual

<PAGE>

capacity, the "Indemnified Persons") from and against any and all losses,
damages, liabilities, claims, actions, suits, costs, expenses, disbursements
(including the reasonable fees and expenses of counsel), taxes and penalties of
any kind and nature whatsoever (collectively, "Expenses"), to the extent that
such Expenses arise out of or are imposed upon or asserted at any time against
such Indemnified Persons with respect to the performance of this Declaration,
the creation, operation, administration or termination of the Trust, or the
transactions contemplated hereby; PROVIDED, HOWEVER, that the Sponsor shall not
be required to indemnify an Indemnified Person for Expenses to the extent such
Expenses result from the willful misconduct, bad faith or gross negligence of
such Indemnified Person, and (iii) advance to each such Indemnified Person
Expenses incurred by such Indemnified Person, in defending any claim, demand,
action, suit or proceeding with respect to the performance of this Declaration,
the creation, operation, administration or termination of the Trust or the
transactions contemplated hereby prior to the final disposition of such claim,
demand, action, suit or proceeding upon receipt by the Sponsor of an
undertaking, by or on behalf of such Indemnified Person, to repay such amount if
it shall be determined that such Indemnified Person is not entitled to be
indemnified therefor under this Section 4. The obligations of the Sponsor under
this Section 4 shall survive the resignation or removal of the Trustee, shall
survive the termination, amendment, supplement, and/or restatement of this
Declaration, and shall survive the transfer by the Sponsor of any or all of its
interest in the Trust pursuant to Section 5 below or otherwise.

                  5. The Sponsor, as sponsor of the Trust, is hereby authorized,
in its discretion, (i) to prepare, execute and file on behalf of the Trust, such
applications, reports, surety bonds, irrevocable consents, appointments of
attorney for service of process and other papers and documents that shall be
necessary or desirable to register or establish the exemption from registration
of the Capital Securities of the Trust under the securities or "Blue Sky" laws
of such jurisdictions as the Sponsor, on behalf of the Trust, may deem necessary
or desirable; (ii) to negotiate, execute, deliver and perform on behalf of the
Trust one or more placement agent agreements, dealer/manager agreements, escrow
agreements, subscription agreements and other similar or related agreements
providing for or relating to the sale and issuance of the Capital Securities of
the Trust and/or any other interests in the Trust; (iii) to prepare, execute and
deliver on behalf of the Trust any and all documents, certificates, papers,
instruments and other writings as it deems desirable in connection with any of
the foregoing; and (iv) to prepare, execute and deliver letters or documents to,
or instruments for filing with, a depository relating to the Capital Securities
of the Trust as it deems necessary or desirable.

<PAGE>

                  In the event that any filing referred to in this Section 5 is
required by the rules and regulations of the Securities and Exchange Commission
(the "Commission") or state securities or Blue Sky laws to be executed on behalf
of the Trust by a trustee, the Trustee, in its capacity as a trustee of the
Trust, so required to execute such filings is hereby authorized and, to the
extent so required, directed to join in any such filing and to execute on behalf
of the Trust any and all of the foregoing, it being understood that the Trustee,
in its capacity as a trustee of the Trust, shall not be required to join in any
such filing or execute on behalf of the Trust any such document unless required
to do so by the rules and regulations of the Commission or applicable state
securities or Blue Sky laws.

                  6. The Trustee is authorized to take such action or refrain
from taking such action under this Declaration as it may be directed in writing
by the Sponsor from time to time; PROVIDED, HOWEVER, that the Trustee shall not
be required to take or refrain from taking any such action if the Trustee shall
have determined, or shall have been advised by counsel, that such performance is
likely to involve the Trustee in personal liability or is contrary to the terms
of this Declaration or of any document contemplated hereby to which the Trust or
the Trustee is a party or is otherwise contrary to law. If at any time the
Trustee determines that it requires or desires guidance regarding the
application of any provision of this Declaration or any other document, or
regarding compliance with any direction it received hereunder, then the Trustee
may deliver a notice to the Sponsor requesting written instructions as to the
course of action desired by the Sponsor, and such instructions shall constitute
full and complete authorization and protection for actions taken and other
performance by the Trustee in reliance thereon. Until the Trustee has received
such instructions after delivering such notice, it may refrain from taking any
action with respect to the matters described in such notice.

                  7. This Declaration may be executed in two or more
counterparts.

                  8. The number of trustees of the Trust initially shall be one,
and thereafter the number of trustees of the Trust shall be such number as shall
be fixed from time to time by a written instrument signed by the Sponsor which
may increase or decrease the number of trustees of the Trust; PROVIDED, HOWEVER,
to the extent required by the Statutory Trust Act, there shall at all times be
one trustee of the Trust that shall either be a natural person who is a resident
of the State of Delaware or, if not a natural person, an entity which has its
principal place of business in the State of Delaware and otherwise meets the
requirements of applicable Delaware law. Subject to the foregoing, the Sponsor
is entitled to appoint or remove without cause any trustee of the Trust at any
time. Any trustee of the Trust may resign upon thirty days' prior notice to the
Sponsor.

                  9. This Declaration shall be governed by, and construed in
accordance with, the laws of the State of Delaware (without regard to conflict
of laws principles).

                            [SIGNATURE PAGE FOLLOWS]

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Declaration of Trust to be duly executed as of the day and year first above
written.

                                     DIME COMMUNITY BANCSHARES, INC.,
                                     as Sponsor

                                     By:  /s/ Kenneth J. Mahon
                                          -------------------------------
                                          Kenneth J. Mahon
                                          Chief Financial Officer

                                     WILMINGTON TRUST COMPANY,
                                     as Trustee

                                     By:  /s/ Denise M. Geran
                                          -------------------------------
                                          Denise M. Geran
                                          Vice President

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