BCB Bancorp, Inc. Announces Adoption of Stock Repurchase Program
March 02 2020 - 9:00AM
BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding
company for BCB Bank, today announced that its Board of Directors
has approved a stock repurchase program. Under the stock
repurchase program, management is authorized to repurchase up to
500,000 shares of the Company’s common stock. The shares authorized
for repurchase under the program equate to approximately 2.85% of
the Company’s outstanding shares of common stock. As of
February 28, 2020, the Company had approximately 17.5 million
shares of common stock outstanding. The stock repurchase program
does not obligate the Company to acquire any particular amount of
common stock, and it may be limited or terminated at any time
without prior notice.
“We believe our stock is an attractive
investment and repurchasing stock affirms our optimism for the
future and offers an excellent means to build long-term value for
our shareholders,” stated Thomas Coughlin, President and Chief
Executive Officer.
Under the stock repurchase program, the Company
may repurchase shares of common stock from time to time in open
market transactions or in privately negotiated transactions as
permitted under applicable rules and regulations. Open market
repurchases will be conducted in accordance with the limitations
set forth in Rule 10b-18 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), and the applicable legal
requirements. Repurchases may be conducted from time to time
and may be suspended or terminated at any time without
notice. The extent to which the Company repurchases its
shares of common stock and the timing of such purchases will be
determined at the Company’s discretion at prices the Company
considers attractive and in the best interests of the Company and
its stockholders, subject to the availability of stock, general
market conditions, trading price, alternate uses for capital and
the Company’s financial performance. Repurchases may also be
made pursuant to a trading plan under Rule 10b5-1 under the
Exchange Act, which would permit shares to be repurchased when the
Company might otherwise be precluded from doing so because of
self-imposed trading blackout periods or other regulatory
restrictions.
About BCB Bancorp, Inc.
Established in 2000 and headquartered in
Bayonne, N.J., BCB Community Bank is the wholly-owned subsidiary of
BCB Bancorp, Inc. The Bank has 30 branch offices in Bayonne,
Carteret, Colonia, Edison, Hoboken, Fairfield, Holmdel, Jersey
City, Lodi, Lyndhurst, Maplewood, Monroe Township, Parsippany,
Plainsboro, River Edge, Rutherford, South Orange, Union, and
Woodbridge, New Jersey, three branches in Hicksville and Staten
Island, New York, and a loan production office in Hoboken. The Bank
provides business and individuals a wide range of loans, deposit
products, and retail and commercial banking services. For more
information, please go to www.bcb.bank.
Forward-Looking Statements
The statements contained herein that are not
historical facts are forward-looking statements based on
management’s current expectations and beliefs concerning future
developments and their potential effects on the Company including,
without limitation, plans, strategies and goals, and statements
about the Company’s expectations regarding its capital and
franchise value.
Such statements involve inherent risks and
uncertainties, many of which are difficult to predict and are
generally beyond the control of the Company. There can be no
assurance that future developments affecting the Company will be
the same as those anticipated by management. The Company
cautions readers that a number of important factors could cause
actual results to differ materially from those expressed in, or
implied or projected by, such forward-looking statements.
These risks and uncertainties include, but are not limited to, the
following: the expected cost savings, synergies and other financial
benefits from any acquisition the Company has made or may make
might not be realized within the expected time frames or at all;
the strength of the United States economy in general and the
strength of the local economies in which the Company conducts
operations; the effects of, and changes in, trade, monetary and
fiscal policies and laws, including interest rate policies of the
Board of Governors of the Federal Reserve System; inflation,
interest rate, market and monetary fluctuations; the timely
development of competitive new products and services and the
acceptance of these products and services by new and existing
customers; the willingness of users to substitute competitors’
products and services for the Company’s products and services; the
impact of changes in financial services policies, laws and
regulations and of governmental efforts to restructure the U.S.
financial regulatory system; technological changes; changes in the
level of the Company’s nonperforming assets and charge offs; any
oversupply of inventory and deterioration in values of New Jersey
real estate, both residential and commercial; the effect of changes
in accounting policies and practices, as may be adopted from
time-to-time by bank regulatory agencies, the Securities and
Exchange Commission (“SEC”), the Public Company Accounting
Oversight Board, the Financial Accounting Standards Board or other
accounting standards setters; possible other-than-temporary
impairment of securities held by us; changes in consumer spending,
borrowing and savings habits; the effects of the Company’s lack of
a diversified loan portfolio, including the risks of geographic and
industry concentrations; ability to attract deposits and other
sources of liquidity; changes in the financial performance and/or
condition of our borrowers; changes in the competitive environment
among financial and bank holding companies and other financial
service providers; unanticipated regulatory or judicial
proceedings; and the Company’s ability to manage the risks involved
in the foregoing. Additional factors that could cause actual
results to differ materially from those expressed in the
forward-looking statements are discussed in the 2018 Annual Report
on Form 10-K of BCB Bancorp, Inc. filed with the SEC and available
at the SEC’s Internet site (http://www.sec.gov).
The Company undertakes no obligation to revise
or publicly release any revision or update to these forward-looking
statements to reflect events or circumstances that occur after the
date on which such statements were made.
Contact: |
Thomas Coughlin, |
|
President & CEO |
|
Thomas Keating, CFO |
|
(201) 823-0700 |
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