Jul. 7, 2010 (Business Wire) -- On July 6, 2010, BCB Bancorp, Inc. ("BCB Bancorp") completed its previously announced acquisition of Pamrapo Bancorp, Inc. ("Pamrapo Bancorp").
The 100% stock transaction is valued at about $38.8 million based on BCB Bancorp's July 2, closing share price of $7.87 per share. In accordance with the terms of the merger agreement, each share of Pamrapo Bancorp common stock has been converted into 1.00 share of BCB Bancorp's common stock. BCB Bancorp common stock continues to be listed on the NASDAQ Global Market under the symbol "BCBP."
Mark D. Hogan, Chairman of the Board of BCB Bancorp commented on the completion of the merger: "We are pleased to welcome Pamrapo Bancorp's customers and shareholders into the BCB Bancorp family. We look forward to continuing to provide excellent banking services to the Bayonne community."
Donald Mindiak, President and Chief Executive Officer of BCB Bancorp added: "With the combination of BCB Bancorp and Pamrapo Bancorp, we are the largest Bayonne based community bank. We believe that the combined bank will be able to provide superior customer service and products to our customers."
In accordance with the merger agreement, each of BCB Bancorp's and the BCB Community Bank's boards of directors appointed Robert A. Hughes and Kenneth D. Walter as directors. In addition, Mr. Walter joined BCB Bancorp's management team as Chief Financial Officer.
BCB Community Bank presently operates four offices, three located in Bayonne and one located in Hoboken, New Jersey.
Questions regarding the content of this release should be directed to either Donald Mindiak, President & CEO, or Thomas Coughlin, COO & Principal Accounting Officer at 201-823-0700.
Forward-looking Statements and Associated Risk Factors
This release, like many written and oral communications presented by BCB Bancorp, Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions.
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