BCB Bancorp Inc., the holding company for BCB Community Bank, announced Sept. 16 the pricing of an underwritten public offering of 11 million shares of its common stock for total gross proceeds of $85.3 million before deducting underwriting discounts and commissions and estimated offering expenses payable by the 26-year-old company. The offering was expected to close on Sept. 18.
BCB Bank granted the underwriter a 30-day option to purchase 1.65 million additional shares of its common stock offered in the public offering, at the public offering price, less underwriting discounts and commissions.
The company intends to use the net proceeds of this offering of common stock for general corporate purposes, including maintaining liquidity, funding working capital needs, supporting bank capital, including in connection with the expected disposition of identified potential problem loans, reducing debt, and maintaining the company’s capital and liquidity ratios, and the capital and liquidity ratios of the Bank, at acceptable levels.
Piper Sandler & Co. is acting as the sole book-running manager for the offering.
Established in 2000 and based in Bayonne, BCB Community Bank is the wholly owned subsidiary of BCB Bancorp Inc. The bank has 22 branch offices in Bayonne, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, and four branches in Hicksville and Staten Island, New York.