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BCB Bancorp Prices $85.3 Million Common Stock Offering

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BCB Bancorp (BCBP) is pricing its offering of 11 million shares of common stock for gross proceeds of $85.3 million, the holding company for BCB Community Bank said late Wednesday.

Underwriters have been granted a 30-day option to purchase an additional 1.7 million shares at the public offering price, according to the company.

BCB Bancorp said it intends to use the net proceeds from the offering for general corporate purposes, which include supporting the bank in connection with the expected disposition of identified potential problem loans, reducing debt, among others.

The offering is slated to close on Friday, subject to satisfaction of customary closing conditions.

Price: $8.40, Change: $+0.15, Percent Change: +1.82%

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$MPT
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BCB Bancorp Launches Stock Offering; Identifies Portfolio of Problem Loans; Expects Q3 Net Loss

BCB Bancorp (BCBP) said Wednesday it has launched an underwritten public offering of shares. Net proceeds will be used for general corporate purposes and to support capital, including in connection with the planned disposition of potential problem loans, among other purposes, it said.The company said that the management of its unit BCB Community Bank has identified for sale and started marketing of a portfolio of problem loans.The bank has received indications of interest from potential buyers covering all of the about $210 million principal balance of the problem loans for sale, it said, adding it expects to complete the sales during Q3.In addition, the bank said that during Q3, it plans to transfer about $27 million of commercial real estate loans showing credit weakness to held for sale. The bank also said it started marketing for the potential sale of its business lines focused on cannabis-related clients.The company said it now expects a Q3 provision for credit losses of $112 million to $120 million, and to post a Q3 net loss between $126.2 million and $136.1 million.BCB Bancorp shares were down nearly 8% in after-hours activity.

$BCBP