BCB Bancorp prices $85.25M stock offering ahead of expected Q3 loss

BCB Bancorp launched an underwritten public offering of 11 million common shares priced to raise $85.25 million in gross proceeds, with an underwriter option for an additional 1.65 million shares. The company plans to use the proceeds to bolster liquidity and bank capital, fund working capital, reduce debt, and support the potential disposition of problem loans. BCB Community Bank is marketing about $210 million in criticized or classified loans, alongside additional weakened commercial real estate and cannabis-related loans, with unsold assets expected to be transferred to held-for-sale status at estimated fair value. The cleanup is expected to produce $112 million to $120 million in third-quarter credit-loss provisions and contribute to a projected quarterly net loss of $126.2 million to $136.1 million. Management said the actions are intended to address legacy credit risks and position the company for more sustainable future performance.