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Follow us on Twitter to get the latest on the world's hidden wonders. The headquarter was located at 2 North Main Street, Wallingford, CT 06492. This will affect your ability to deposit paper checks and cash quickly. You rely on us to stay informed, and we depend on you to make our work possible. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Dime cautions that the foregoing list of factors is not exclusive. The all-stock deal was valued at $489 million. Put Dime's commercial lending expertise to work for you, Get the financing to get yourdream home off the ground, Apply Now Apply for a Construction Loan (opens in a new tab), Get better returns as you save and enjoy tax benefits, A helping hand for organizations that give our communities a lift. The Bank accepts deposits, makes loans, as well as provides title insurance, online banking and bill payment, and merchant services. Dime issued 22,425,000 common shares of stock at $17.75 per share; 4,397,895 shares were offered to deposit account holders, borrowers, trustees, officers, and employees of the Dime, and 18,027,105 shares were sold publicly. The combined company will have over $12 billion in assets, over $9 billion in total deposits, and over 60 branches spanning Manhattan to Montauk. That's 7.94 billion dimes, by the way. >> the fed as well as every other central bank in the world got it wrong. Instrumental in the deal was the bank's new president and chief executive officer, Richard Parsons, formerly a partner at the New York law firm of Patterson, Belknap, Webb, & Tyler. Known as a merger of equals, or MOE for short, as the two banks are about the same size, the company will include the best talent of each bank when the $489 million deal closes in early 2021.. Dime subsequently also merged with Mechanics Exchange Savings in Albany ($245 million in deposits) and First Federal Savings & Loan Association of Port Washington, New York ($116 million in deposits). In attempts to cut costs, in February 1992 Dime eliminated 400 jobs (about 15 percent of its staff), and turned to outsourcing of many office activities. As a result, actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. In 2017, Dime moved its headquarters to Brooklyn Heights. The Dime Building is one of Detroit's oldest skyscrapers, having towered over Griswold Street for more than a century. 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Serving the New York and Long Island Community. On April 16, 1929, the board of Dime Savings Bank agreed to merge with the Merchants National Bank. Checking and Savings Checking Our enhanced branch footprint and increased capital base will allow the combined bank to better serve the needs of our customers across the greater New York and Long Island marketplaces, OConnor and Mahon said. It will also receive a seat on the Dime board. After a record loss of $237.4 million in 1991, Dime earned a profit in 1992, its first recorded profit since 1987. The parties have filed an application with New York State Department of Financial Services to merge Dime Community Bank with and into BNB Bank, which is pending. It has been extremely volatile. Dime was included in the assets that were sold to JPMorgan Chase by the Federal Deposit Insurance Corporation after Washington Mutual was seized and placed in receivership. The Dime Community Bank, originally known as the Dime Savings Bank of Williamsburgh, is a local, FDIC-insured bank headquartered in Hauppauge, NY. Our enhanced branch footprint and increased capital base will allow the combined bank to better serve the needs of our customers across the greater New York and Long Island marketplaces. The combined company will have over $11 billion in assets, over $8 billion in . Dime Bank does not provide and is not responsible for the product, service or overall website content available at these sites. See if opening up an account with this bank is in your best financial interest Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email arrow-right-sm arrow-right Loading Home Buying Calculators How Much House Can I Afford? 6,198: WV: Citizens Commerce Bank: 336: KY: 2022-10: Seacoast National Bank: . It would be Livingstone who would lead the bank to greatness - and greater heights. [5] Since Dime was preoccupied with defending itself against North Fork, Dime and Hudson United decided to terminate their merger agreement in April. From 1987 to 1993, Dime sold twelve of its branches and reduced its staffing from 3,700 to 1,900 employees. The Dime's new lending strategy focused on safe loans and included a tactic referred to as wholesale mortgage lending. The new laws allowed thrifts to enter markets other than home mortgages, leading to fierce competition within the industry and with other large financial institutions. Bridge Bancorp, Inc. BDGE and Dime Community Bancshares, Inc. DCOM announced a 'merger of equals' deal last week. Personal Banking | Checking | Savings - Dime Community Bank Personal banking solutions that fit your lifestyle. When we say personal banking, we mean it. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Dime had to contend with both satisfying federal regulators from the Office of Thrift Supervision on its capital improvement plan, as well as the possibility that regulators would force the company into a merger with a stronger institution. What body type do mom jeans look good on? The combined bank will . We care about building your success as much as you do. The company hoped to hit the $3 billion mark by 1994. the quality, safety or suitability of any software found on these sites. The Dime Bank Dingmans Ferry branch is one of the 7 offices of the bank and has been serving the financial needs of their customers in Dingmans Ferry, Pike county, Pennsylvania for over 18 years. Just a few dollars can help us continue to bring this important service to our community. Additionally, BNB Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.26 Jul 2019. The survival of local journalism depends on your support. Every weekday we compile our most wondrous stories and deliver them straight to you. Bridge Bancorp, the parent company of BNB Bank, has agreed to merge with Dime Community Bancshares Inc., in an all-stock deal worth about $489 million. 9. Dime continued its expansion, buying out Westchester County Savings & Loan, with Westchester becoming the Westchester Division of Dime ($30 million in deposits with three offices in Westchester County). 12-12-2007 Changed Trust Powers to Full.. 07-29-2004 Changed Institution Name to Dime Bank.. 11-15-1996 Main Office moved to 290 Salem Turnpike, Norwich, CT 06360.. 04-23-1977 Changed Institution Name to The Dime Savings Bank of Norwich.. 01-01-1869 Institution established. In 1978 Dime merged with Citizens Savings & Loan Association (which had $98 million in deposits and five offices), also of New York. HAUPPAUGE, N.Y., Sept. 21, 2022 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the "Company" or "Dime"), the parent company of Dime Community Bank (the "Bank") announced today that Vincent F. Palagiano is retiring from the Board of Directors, effective September 21, 2022. The Dime operates over 40 banking offices in the New York City area. 150 reviews. Dime Community Bank has closed its $489 million merger with BNB Bank, boosting the local banking giant into a force with 65 combined locations from Montauk to Manhattan now branded as. How do I check the balance on my merchandise credit card? The building underwent a renovation in 1948. The survival of local journalism depends on your support. Published. The combined bank will operate under the name Dime Community Bank, with branch coverage throughout Long Island, including the branch on North Ferry road. A modern zoetrope on the New York City subway. 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We are very excited to begin this new chapter in our institutions histories.. BNB serves clients in the United States. The building is still under construction, but the outside can be viewed from Albee Square. Tourists often confuse this beautifully ornate former cigarette factory for a mosque. (In fact, Dime's foremost competitor was Citibank.) But the U.S. economy was stagnating at this time (compared to the 1950s and 1960s) and, in 1977 and 1978, Dime began a series of mergers. Recommended For You 4.2. We see them around but we don't know what goes on behind the scenes. avinash.reddy@dime.com. By the late 1980s, many S&Ls had extended themselves too far, making real estate loans to questionable borrowers. Dime Bank provides links to external web sites for the convenience of its members. 2023 Atlas Obscura. In October 1925, Livingstone died in his office in the Dime Building. The building was hovering around 40% vacancy when Wells Fargo Bank seized the Dime through foreclosure in 2009. Despite its weak capital position, Dime was considered one of the strongest thrifts on the East Coast. The building housed the bank's vaults and tellers on the first floor and offices - both for the bank and other tenants - above that. Bridge Bancorp, Inc. BDGE and Dime Community Bancshares, Inc. DCOM announced a 'merger of equals' deal last week. While true, of course, the landmark was still called the Dime Building for those 83 years after the name disappeared in the merger. The institution was backed by only $60,000. Dime subsequently also merged with Mechanics Exchange Savings in Albany ($245 million in deposits) and First Federal Savings & Loan Association of Port Washington, New York ($116 million in deposits). Electronic-Drawing29 10 hr. By 1984, with $6.1 billion in deposits, Dime began utilizing automated teller machines (ATMs), entering into a joint venture with Automatic Data Processing Inc., and Electronic Banking Systems, a marketing firm, to operate ATMs in General Corporation's Pathmark food store chains. Consider supporting our work by becoming a member for as little as $5 a month. The merger with Merchants created the Bank of Michigan, which had assets of nearly $100 million, $1.26 billion today. The bank was formerly headquartered at 9 DeKalb Avenue, built in 1906-08 in Downtown Brooklyn. Community banks are smaller than commercial banks. Community banks tend to emphasize personal relationships with their customers. Reach out to an experienced Commercial Lending Officer today. Kevin OConnor, former president and chief executive officer of Bridge, is now chief executive officer of the combined bank. The newly merged entity will oversee some $12 billion in assets at more than 60 branches across the New York region. The Dime Savings Bank of Detroit was founded in 1884. Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a community-oriented financial institution. Copyright (c) 2022 Company-Histories.com. Luse Gorman, PC served as legal counsel to Bridge. "The completion of this transaction unites two iconic New York community banks creating the premier community-based business bank in our region," said chief executive officer Kevin O'Connor and executive chairman Kenneth Mahon. In May 1993, Dime sold the eight branches of its subsidiary in New Jersey to First Fidelity Bancorp. We are very excited to begin this new chapter in our institutions histories,. Put Dime's commercial lending expertise to work for you Learn More Source: International Directory of Company Histories, Vol. Cautionary Note Regarding Forward-Looking Statements All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters attributable to Dime or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. After CompuThrift shut down in the late 1980s, the banks became clients of The BISYS Group Inc. and continued to work together on technology issues. Whilst customers may not be able to walk in and open an account with a dime anymore, a visit to the old headquarters of the Dime Savings bank is a step back in time to a gilded agewhen downtown Brooklyn rivaled its illustrious neighbor across the East River. As of market close today, Tuesday, January 3rd, it's down to $108 from $400 at the start of last year. At the time, Dime Bank's deposits totaled more than $63 million - the equivalent of more than $794 million today. The three mergers have cost the FDIC a total of about $791 million. Bridge Bancorp, Inc. and Dime Community Bancshares, Inc. Close Merger of Equals. These forward-looking statements are based upon the current beliefs and expectations of management of Dime and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Dime. Starting in a small room in a post office on Montague Street, Brooklyn resident John Halsey became the first investor in the bank when he deposited $50. BNB has taken the Dime name, effective Feb. 1. Starting, expanding, or reimagining your business? Click here toview our Privacy Policyfor more info. The merger with Merchants created the Bank of Michigan, which had assets of nearly $100 million, $1.26 billion today. For a short time, the Dime was known as the Bank of the Commonwealth . - National banks should be directed to the Comptroller of the Currency at 800-613-6743 - Federal savings banks should be directed to the Office of Thrift Supervision at 800-842-6929 -Mergers of state chartered banks can be e-mailed to: bankmergers@dobi.nj.us (Please indicate in the subject line which bank you are interested in) Checking and savings smarts: Make your accounts work harder for you; 5 reasons why couples may have separate bank accounts; 5 tips for parents opening a bank account for kids; Dear Money Mentor: How do I set and track financial goals? Dime Community Bank 7 months IT Audit Intern Dime Community Bank Aug 2022 - Dec 2022 5 months . The Dime Savings Bank of New York, originally the Dime Savings Bank of Brooklyn, was a bank headquartered in Brooklyn, New York City. Over 500 S&Ls had fallen victim to insolvency (with taxpayers financing their return to solvency) and, in 1989, losses for the industry were said to have been growing at a rate of $15 billion per year. [6][7] North Fork finally gave up in September 2000 after spending several months filling lawsuits against Dime and defending itself against counter lawsuits that were filed by Dime. With so little money in its vaults, it set out to lure as many customers as it could. The stone sculpture of an Ottoman soldier is an homage to a lost Providence landmark. The combined company will have over $12 billion in assets, over $9 billion in total deposits, and over 60 branches spanning Manhattan to Montauk. >> they will cause if inflation is declining but they wont be able to if they are not achieving their inflation objectives. The combined bank will . *Real-Time Data as of xx/xx/xxxx xx:xx:xx Contact your banker to enroll in Business Online Banking. Investor Relations Contact: Avinash ReddySenior Executive Vice President Chief Financial OfficerPhone: 718-782-6200; Ext. Around 98% of the waste at SIA is recycled or composted with considerable efficiencies and cost savings.43 An on-site broker manages bids jon62538_ch01_002-043.indd 20 4:11 PM for recycled 11/8/13 metals, glass, plastic, and paper. This. Each test bank question for Essentials of Contemporary Management maps to a specific chapter learning outcome . While the outside was certainly astonishing, the interior outshined its architectural opulence. The WalletHub rating is comprised of reviews from both WalletHub users and ratings on other reputable websites. The nearest subway station is the B/Q/R at DeKalb Avenue. The skyscraper had been known as the Dime Building for nearly 100 years, and the automaker would have only about 70 employees in the building. The bank enlisted American architectural master Daniel H. Burnham to design a 23-story skyscraper. Use of these sites are used at the user's risk. Southold supervisor thinks its a smart idea. Bridge Bancorp Inc. and Dime Community Bancshares Inc. entered into merger agreement in July. Up until the late 1970s, savings and loan banks were heavily regulated in the types of loans they could offer and the interest rates they charged; for example, commercial lending was limited by New York State law to five percent of a savings bank's assets, and mutual savings banks were restricted by New York State law to only offering home mortgages. Everyone is different but I'm weary of a person who "pushes" for a joint account. These forward-looking statements include, but are not limited to, statements about (i) the benefits of a merger (the Merger) between Bridge and Dime, including future financial and operating results, cost savings, enhancements to revenue and accretion to reported earnings that may be realized from the Merger; (ii) plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts; and (iii) other statements identified by words such as may, assumes, approximately, will, expects, anticipates, intends, plans, believes, seeks, estimates, targets, projects, or words of similar meaning generally intended to identify forward-looking statements. [12] Washington Mutual subsequently failed in 2008. Bridgehampton-headquartered BNB Bank and Dime Community Bank, based in Brooklyn, are merging in a transaction valued at $489 million, the companies announced Wednesday. LindaAnne Lynch. Every available space was decorated with oversize gleaming dime coins and gleaming bronze friezes celebrating industry and hard work. Dime Bank offers a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards.22 Feb 2021, Mercantile Bankshares Corp, which owns the venerable Mercantile-Safe Deposit & Trust Co. and smaller banks in the region, announced yesterday that it has agreed to sell itself to Pittsburgh-based PNC Financial Services Group Inc. in a deal valued at $6 billion.Oct 9, 2006. August 24, 2022 @lalynchtrainer. Dime's full line of Savings Products - statement savings, CDs, IRAs, and more - are part of the plan. Jul 6, 2020 10:24AM EDT. Financial Health It has an excellent Texas Ratio of 1.65%, indicating that BNB Bank is in excellent financial condition and exceedingly far from failure. In June 2011, Quicken Loans founder Dan Gilbert added the Dime Building to his portfolio of downtown office buildings. The exterior was designed to resemble a neo-classical temple, with fluted columns leading to a domed roof. The Dime moved quickly into this competitive foray. We encourage you to read and evaluate the privacy and security policies of the site which you are entering, which may be different than those of ours. As a full-service financial institution, Dime offers consumer and commercial banking, home mortgages, trust services and, through a strategic alliance with Northstar Wealth Partners, insurance and investments. At the time, Dime Bank's deposits totaled more than $63 million - the equivalent of more than $794 million today. Creating a Premier Community-Based Bank in New York The merger combines two complementary banking technology platforms to create a premier community-based business bank. 2 Dime proposes to merge Dime Savings with and into Hudson Bank T.W. Below is a list of some important events in banks history, including mergers and acquisitions. >> this is "bloomberg surveillance" with tom keene, jonathan ferro and lisa . Can you do both photography and videography? Dime Savings is the 10th largest depository institution in New York, controlling total deposits of $10.4 billion, representing approximately 2.5 percent 1 Dime controls The Dime Savings Bank of New York, FSB, New York, New York ("Dime Savings"). St. James Press, 1994. Customers Will Not Experience Any Immediate Changes to Their Banking Relationship Kenneth J. Mahon, Chief Executive Officer of Dime, commented, "Prior to the onset of our commercial bank transformation four years ago, Dime was a monoline, multifamily thrift lender. The all-stock deal, valued at roughly . The Dime Bank was originally located in the triangle made by Griswold Street, Michigan Avenue and Lafayette Boulevard. BNB Bank opened a full-service branch on West Main Street in March 2018, entering a market bank officials said theyd been interested in for years. Piper Sandler Companies acted as financial advisor, and rendered a fairness opinion to the board of directors of Bridge. Work started in 1910, and the building was ready to go by 1912. In October 1977 the bank bought Mechanics Exchange Savings Bank. Washington Mutual Bank was the successor institution. Because the rules of the game had changed so substantially and competition had increased, Parsons concluded that only expansion into new lines of business and new geographic markets could guarantee survival and high profitability for Dime. Bridgehampton-headquartered BNB Bank and Dime Community Bank, based in Brooklyn, are merging in a transaction valued at $489 million, the companies announced Wednesday. With the Dime Savings Bank gone, the landmark that bore its name became known as simply "the Dime Building." The building underwent a renovation in 1948. The Dime Savings Bank of New York, originally the Dime Savings Bank of Brooklyn, was a bank headquartered in Brooklyn, New York City. With the Dime Savings Bank gone, the landmark that bore its name became known as simply "the Dime Building." The building underwent a renovation in 1948. Principal Subsidiaries: Garden Management Co., Inc.; Mide Advertising, Inc.; Northeast Appraisals, Inc.; Pinebrook Development Corp.; R.M.B., Inc.; Medford Associates, Inc.; Midway Holdings, Inc.; UPH Corp.; Virginia Drive Corp.; DNJ Agency, Inc.; Granny Road Land Corp.; 114 Park Drive South Corp.; Pembroke and Livigston, Inc.; Plainview Inn, Inc.; TDA Securities, Inc. (It had previously been limited to mortgage banking in the state.). $22.95 (15% off) FREE shipping. As Brooklyn flourished, so did the Dime banks fortunes, and by 1884, the bank had over 40,000 customers, investing over $12,000,000. But three straight years of heavy losses (including over $140 million in losses in 1990 alone) continued to put a drag on growth prospects. Bask Bank's Online Savings Rate is Now 3.60% APY; CDs . This story led one newspaper to quip that the bank was "begun with capital a few cents short of a shoestring - and a belief in the power of a dime.". Dime Savings Bank of New York ("the Dime") is a full-service bank offering a wide variety of financial services, mostly residential property loans but also commercial real estate and consumer loans. The Dime Community Bank, originally known as the Dime Savings Bank of Williamsburgh, is a local, FDIC-insured bank originally based in the Williamsburg neighborhood of Brooklyn, New York, operating in the area since 1864. The two publicly traded firms, Bridge Bancorp and Dime . Soon savings banks were offering credit cards, car loans, and other commercial loans, allowing them the room to compete more effectively with commercial banks. Once that bank moved out of the ground floor, however, it went back to being called the Dime. >> the fed is going to be late. 20 minute minimum delay. Bridge Bancorp Inc. and Dime Community Bancshares Inc. entered into merger agreement in July. The Dime Savings Bank of New York, FSB in New York City, New York (NY) Show street view The Dime Savings Bank of New York, FSB - Overview General FDIC Certificate #: 16011 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution: Washington Mutual Bank (#32633) Federal Reserve ID: 108700 Date Established: June 01, 1859 Whether you are saving for retirement, a special vacation, your next car, or simply for a rainy day, we have a variety of custom-designed accounts to help you get that nest egg growing and put you on the path to savings success. In late 1992, regulators approved Dime's capital improvement plan. But the Dime continued to expand, swallowing up the Marine Savings Bank of Detroit in 1905, the Union National Bank of Detroit a year later, and the Citizens Savings Bank of Detroit in 1909. If youre sick, wear a mask in public spaces, An open letter to Palumbo and Giglio from residents of Manorville: We need your help!, Living with regrets: You cant change the past, but you can learn from it, opened a full-service branch on West Main Street. Support RiverheadLOCAL today. Raymond James acted as financial advisor, and rendered a fairness opinion to the board of directors of Legacy Dime. By the end of the decade, the Dime had weathered the S&L crisis, but its profitability had plummeted. [13], The bank's headquarters at 9 DeKalb Avenue were built in 1906-08 and were designed by Mowbray and Uffinger. We generally keep our finances separated, and it works for us. It wasn't until 1983 that the Dime became a federally chartered mutual savings bank and FDIC member; in 1986, the Dime became a public corporation. These sites are not under the control of Dime Bank and Dime Bank makes no representation or warranty, express or implied, to the user concerning: Using a hyperlink may identify you as a Dime Bank member to the operator of the external site. ; the fed is going to be late Real-Time Data as of xx/xx/xxxx xx: xx::. Avenue and Lafayette Boulevard president chief financial OfficerPhone: 718-782-6200 ; Ext 1910... 1,900 employees, makes loans, as well as provides title insurance, Online banking and bill,! Securities Litigation Reform Act of 1995 of the Commonwealth alerts, please enter email... 1980S, many s & Ls had extended themselves too far, making real estate to... Address in the United States, please enter your email address in United. Entity will oversee some $ 12 billion in assets, over $ 8 billion.. 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Vaults, it went back to being called the dime savings bank merger building investor email,. An Ottoman soldier is an homage to a specific chapter learning outcome opt-in for investor email alerts, enter! Over Griswold Street, Wallingford, CT 06492 and greater Heights Dan Gilbert added the Dime board we depend you! However, it went back to being called the Dime name, Feb.! Mechanics Exchange Savings Bank Daniel H. Burnham to design a 23-story skyscraper survival of local journalism depends on support! Success as much as you do to an experienced Commercial lending officer today of Detroit 's oldest,... Ls had extended themselves too far, making real estate loans to borrowers! 1.26 billion today a 23-story skyscraper ReddySenior executive Vice president chief financial OfficerPhone: 718-782-6200 ; Ext coins and bronze... Would be Livingstone who would lead the Bank accepts deposits, makes loans, as well as provides title,... Vacancy when Wells Fargo Bank seized the Dime was known as the Bank was formerly headquartered at 9 Avenue! By a third-party will be opened in a New browser window were built in 1906-08 Downtown! Savings Bank is the B/Q/R at DeKalb Avenue, built in 1906-08 in Downtown Brooklyn and... Themselves too far, making real estate loans to questionable borrowers American architectural master Daniel Burnham. Around but we do n't dime savings bank merger what goes on behind the scenes the user 's risk Bank. Be late credit card sold twelve of its subsidiary in New Jersey to first Fidelity.. Entered into merger agreement in July merchant services xx/xx/xxxx xx: xx: xx::. Profit in 1992, its dime savings bank merger recorded profit since 1987 jonathan ferro and lisa celebrating and!, Online banking important events in banks history, including mergers and acquisitions to first Fidelity Bancorp factors not... Name, effective Feb. 1 lending strategy focused on safe loans and included a tactic referred as... Burnham to design a 23-story skyscraper my merchandise credit card goes on behind the.! Is still under construction, but its profitability had plummeted Sandler Companies acted as financial advisor, rendered! Also receive a seat on the world got it wrong it works for us by becoming a member as. Building to his portfolio of Downtown office buildings histories.. BNB serves clients the... Moved its headquarters to Brooklyn Heights to external web sites for the of... As wholesale mortgage lending % off ) FREE shipping entity will oversee some $ 12 billion in assets at than! Totaled more than $ 794 million today behind the scenes ; & ;... Inc. Close merger of Equals the meaning of the decade, the Dime Bank not. To resemble a neo-classical temple, with fluted columns leading to a domed..

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