BCB Bancorp, Inc. Redeems 5.625% Fixed-to-Floating Rate Subordinated Notes due 2028

BCB Bancorp, Inc. recently announced the complete redemption of all its issued and outstanding 5.625% Fixed-to-Floating Rate Subordinated Notes due 2028 (referred to as the “2028 Notes”) on November 1, 2024. The 2028 Notes, amounting to $24.1 million in aggregate principal as of the redemption date, along with accrued and unpaid interest, were successfully redeemed by the company.

During the third quarter of 2024, BCB Bancorp had repurchased $9.4 million worth of the 2028 Notes with the intention of redemption.

These recent actions signify a strategic financial move by BCB Bancorp, indicative of the company’s commitment to managing its capital structure effectively and optimizing its financial obligations.

The Company’s leadership, including Executive Vice President and Chief Financial Officer Jawad Chaudhry, played a pivotal role in overseeing and executing these financial decisions.

This redemption marks a significant financial event for BCB Bancorp, showcasing the company’s proactive approach in optimizing its financial position.

As per regulatory requirements, the pertinent details of this redemption have been duly reported in a Form 8-K filing, affirming BCB Bancorp’s adherence to transparent and regulatory-compliant financial reporting standards.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read BCB Bancorp’s 8K filing here.

About BCB Bancorp

BCB Bancorp, Inc operates as a bank holding company for BCB Community Bank that engages in the provision of banking products and services to businesses and individuals in the United States. The company offers insured deposit products, including savings and club accounts, interest and non-interest-bearing demand accounts, money market accounts, certificates of deposit, and individual retirement accounts.