BCB Bancorp, Inc. Completes Private Placement of $40.0 Million of Subordinated Notes

BAYONNE, N.J., Aug. 28, 2024 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), Bayonne, NJ (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today announced the completion of its private placement of $40.0 million in fixed-to-floating rate subordinated notes due 2034 (the “Notes”), to certain qualified institutional investors. The Notes initially bear a fixed rate of 9.250%, payable semi-annually, for the first five years and will reset quarterly thereafter to the then current three-month Secured Overnight Financing Rate (SOFR) plus 582 basis points. The Notes were assigned an investment grade rating of BBB+ by Egan-Jones Ratings Company.

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