Financing ·
BCB Bancorp raises $98 million from public offering of 12.65 million shares at $7.75
BCBPBcb Bancorp Inc
BCB Bancorp, Inc. closed a public offering of 12,650,000 shares of common stock at $7.75 per share, including the full exercise of the underwriter's over-allotment option for an additional 1,650,000 shares. The aggregate gross proceeds were approximately $98 million, with net proceeds totaling approximately $92.4 million after deducting underwriting discounts and estimated offering expenses. Piper Sandler & Co. served as the sole book-running manager. The company intends to use the net proceeds for general corporate purposes, including maintaining liquidity, funding working capital needs, supporting bank capital to address potential problem loans, reducing debt, and maintaining acceptable capital ratios. BCB Bancorp operates in the banking industry as the holding company for BCB Community Bank, providing retail and commercial banking services through branches in New Jersey and New York.