BCB Bancorp raises $98m as it prepares to dispose of potential problem loans
BCB Bancorp raised about $98m in gross proceeds from a stock offering after its underwriter exercised the full over-allotment option, according to a Friday filing.
The New Jersey bank holding company sold 12.65 million shares at $7.75 each. Net proceeds were about $92.4m after discounts, commissions and estimated expenses.
The company said the money may maintain liquidity, fund working capital and support the capital of BCB Community Bank. It also connected the raise to the expected disposition of identified potential problem loans.
That is the notable line. BCB did not identify those loans or put a value on them in the filing.
