BCB Bancorp Extends Exchange Offer for Subordinated Notes
BCB Bancorp, Inc. Announces Extension of Exchange Offer
BCB Bancorp, Inc. (NASDAQ: BCBP), the holding company for BCB Community Bank, recently made an announcement regarding an extension to its exchange offer. Initially set to close soon, the offer involves exchanging up to $40 million in its outstanding 9.25% Fixed-to-Floating Rate Subordinated Notes due 2034 for newly issued securities registered under the Securities Act. This exchange aims to facilitate a smoother investment process for existing and potential investors.
Details of the Extended Exchange Offer
The previous expiration of the exchange offer was slated for December 3, 2024. However, the Company has decided to extend this deadline to December 5, 2024, at 5:00 PM Eastern Time. This decision comes in response to the encouraging participation in the exchange offer, with approximately $39 million, or 97.5% of the Old Notes, already tendered as of the original deadline.
Background on the Exchange Notes
The Old Notes were initially issued as part of a private offering, and the extension reflects the Company's commitment to ensuring that its investors can transition smoothly to the new Exchange Notes. As the financial landscape continues to evolve, such proactive measures are crucial for maintaining investor confidence and securing favorable conditions.
Investor Engagement and Communications
Investors seeking additional information about the exchange offer can obtain the prospectus and related documents through the designated exchange agent, UMB Bank, N.A. This shows BCB Bancorp’s dedication to transparency and communication throughout the exchange process.
Contact Information for UMB Bank, N.A.
To reach UMB Bank, N.A., interested parties can contact:
UMB Bank, N.A.
Attn: Corporate Trust Officer/James Henry
5555 San Felipe, Suite 870
Houston, Texas 77056
Telephone: (512) 582-5851
Facsimile (for eligible institutions only): (512) 582-5855
About BCB Bancorp, Inc.
Established in 2003, BCB Bancorp, Inc. has been the holding company for BCB Community Bank. Headquartered in Bayonne, New Jersey, BCB Community Bank offers a range of banking services to individuals and businesses across its various branches. The Bank's commitment to its community is evident through its extensive array of loans, deposits, and retail banking products.
BCB Community Bank's Reach
With a strong presence in New Jersey, BCB Community Bank operates twenty-three branches and has expanded its services into parts of New York. This strategic growth not only enhances its service offerings but also strengthens its position in the competitive banking sector.
Conclusion
By extending the exchange offer for its subordinated notes, BCB Bancorp, Inc. demonstrates its adaptability and responsiveness to market conditions. The opportunity to exchange the Old Notes for new registered securities will likely result in improved liquidity and investor satisfaction. This proactive step signals the Company's ongoing commitment to its shareholders and the marketplace.
Frequently Asked Questions
What is the significance of the exchange offer?
The exchange offer allows BCB Bancorp, Inc. to improve liquidity and provides investors with an opportunity to hold newly issued registered securities.
How long has the exchange offer been extended?
The exchange offer has been extended to December 5, 2024.
What are the benefits of the Exchange Notes?
The Exchange Notes are registered under the Securities Act, which may enhance marketability and investor confidence.
Who can I contact for more information about the exchange offer?
You can contact UMB Bank, N.A. at (512) 582-5851 for details on the exchange offer.
What banking services does BCB Community Bank offer?
BCB Community Bank offers a wide variety of loans, deposit products, and retail banking services to businesses and individuals.
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