BCB Bancorp, Inc. Announces April 6, 2018 Deadline for Electing Cash or Stock as the Merger Consideration Regarding the IA Bancorp, Inc. Acquisition

BAYONNE, N.J., March 30, 2018 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), Bayonne, NJ (NASDAQ:BCBP), the holding company for BCB Community Bank (the “Bank”), today announced that the deadline for shareholders of IA Bancorp, Inc. (“IA Bancorp”), to elect the form of consideration they wish to receive in connection with the merger of IA Bancorp with and into the Company (the “Merger”) is 5:00 pm Eastern Time on April 6, 2018 (the “Election Deadline”).

In exchange for each share of IA Bancorp common stock issued and outstanding immediately prior to the closing of the Merger scheduled to occur on April 17, 2018, IA Bancorp shareholders may elect to receive either: (1) cash, in an amount equal to $3.05, subject to a maximum aggregate cash consideration amount of  $2,547,709; or (2) 0.189 of a share of the Company’s common stock. All elections are subject to the proration procedures described in the Agreement and Plan of Reorganization, dated as of June 7, 2017 (the “Merger Agreement”), entered into between the Company and IA Bancorp. Failure to complete an election form in a timely manner will result in the distribution of a prorated amount of cash and shares detailed in the Merger Agreement.

Elections can be made by mailing a completed form of election (the "Form of Election"), which was previously mailed to each IA Bancorp shareholder, in accordance with the instructions on the Form of Election. If you have any questions regarding the Form of Election, please contact Georgeson, the information agent for the Form of Election, at 888-565-5190. If you have further questions regarding the Merger, please contact Thomas Keating, the Company’s Chief Financial Officer, at 201-823-0700, ext. 2013, or by e-mail at tkeating@bankwithbcb.com. A copy of the Merger Agreement can be found on the Company’s website at www.BCB.bank, under the tab “About BCB,” under the link entitled “SEC Filings.”

If you hold shares of IA Bancorp through a broker, bank, trustee or other nominee, you should contact your broker, bank, trustee or other nominee for instruction on how to make an election or with questions and inquiries with respect to completion of the Form of Election.

About BCB Bancorp, Inc.

The Bank, the wholly-owned subsidiary of the Company, presently operates 23 branches in Bayonne, Carteret, Colonia, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lodi, Lyndhurst, Maplewood, Monroe Township, Rutherford, South Orange, Union, and Woodbridge, New Jersey, and two branches in Staten Island, New York.

Forward-Looking Statements

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. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

In addition to factors previously disclosed in the Company’s reports filed with the U.S. Securities and Exchange Commission (the "SEC") and those identified elsewhere in this document, the following factors among others, could cause actual results to differ materially from forward-looking statements or historical performance: ability to meet closing conditions to the Merger; delay in closing the Merger; difficulties and delays in integrating the IAB business or fully realizing cost savings and other benefits of the Merger; business disruption following the Merger; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer acceptance of BCB products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.

Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

Contact: Thomas Coughlin,
President & CEO
Thomas Keating, CFO
(201) 823-0700


Source:BCB Bancorp, Inc.