BCB Announces Suspension of Cash Dividend

BCB Bancorp (NASDAQ:BCBP) announced that its Board of Directors voted to suspend quarterly cash dividends on common and preferred stock, effective immediately. The suspension will conserve approximately $1.86 million in capital per quarter. CEO Thomas M. O'Brien stated the decision is part of a capital preservation strategy during a comprehensive evaluation of the bank's credit portfolios, aimed at maintaining the bank's 'well-capitalized' position and supporting long-term shareholder value.