BCB Bancorp priced an underwritten public offering of 11 million shares of common stock at $7.75 per share, for expected gross proceeds of $85.25 million. The offering is expected to close September 18, and the company granted the underwriter a 30-day option to purchase up to 1.65 million additional shares at the public offering price, less underwriting discounts and commissions. BCB Bancorp said the net proceeds will be used for general corporate purposes, including maintaining liquidity, funding working capital, supporting bank capital in connection with the expected disposition of identified potential problem loans, reducing debt and maintaining capital and liquidity ratios. The stock price slipped about 4.4% on Wednesday after market hours of trading.
BCB Bancorp IncBCB Bancorp priced an $85.25M common stock offering at $7.75/share, a dilutive equity raise that pushed shares down ~4.4% after hours.
