BCB Bancorp Suspends Quarterly Cash Dividends
BCB Bancorp's board voted to suspend payment of the company's quarterly cash dividends on its common and preferred stock. In connection with the suspension of its cash dividends, the board voted to suspend its 2026 Amended and Restated Dividend Reinvestment and Stock Purchase Plan. CEO Thomas O'Brien stated, "As I noted during my introductory call, we will be undergoing a fulsome evaluation of the Bank's credit portfolios, which will take some time. During that period, we will be focused on capital preservation and eliminating our quarterly dividend will conserve approximately $1.86M of capital per quarter. While this decision is difficult, we believe it is the most prudent course of action to preserve the Bank's "well-capitalized" position with a reasonable cushion and to support long-term shareholder value. We expect that the Bank will continue to support the company's debt service obligations given the parent company's limited cash position."
