BCB Bancorp, Inc. Completes Private Placement of $40.0 Million of Subordinated Notes Page 1

BAYONNE, N.J., Aug. 28, 2024 (GLOBE NEWSWIRE) — BCB Bancorp, Inc. (the “Company”), Bayonne, NJ (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today announced the closing of its private placement of $40.0 million in fixed-to-floating rate subordinated notes due 2034 (the “Notes”) to certain qualified institutional investors. The Notes initially bear a fixed interest rate of 9.250%, payable semi-annually, for the first five years and reset quarterly thereafter to the then-current quarterly Secured Overnight Financing Rate (SOFR) plus 582 basis points. The Notes have been rated BBB+ as investment grade by Egan-Jones Ratings Company.

The Company intends to use the net proceeds from the offering to refinance its existing $33.5 million of subordinated notes and for general corporate purposes. The notes are intended to qualify as Tier 2 capital for the Company for regulatory purposes and the portion the Company contributes to the Bank will qualify as Tier 1 capital for the Bank.