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BCB Bancorp, Inc.
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FOR IMMEDIATE RELEASE Contact: Donald Mindiak
201.823.0700
Bayonne Community Bank Continues Steady Expansion
o $300 million in assets as of 12/31/2003
o Two Branches Added in Three Years
o Eight Consecutive Profitable Quarters
o Five-Star Rating by Bauer Financial
Bayonne, NJ (March 15, 2004) - Since opening its doors in November 2000, Bayonne
Community Bank (BCB) has maintained a steady pattern of growth, due in large
part to the response from residents and businesses of the City of Bayonne.
Milestones include reaching profitability in just ten months of business
followed by eight consecutive profitable quarters, the addition of two branch
offices over the past two years, reaching $300 million in assets as of December
31, 2003, and a "superior" rating by Bauer Financial, the highest possible
rating for a bank. Bayonne Community Bank is the wholly-owned subsidiary of BCB
Bancorp, Inc., (OTCBB: BCBP).
"The residents and businesses of Bayonne have responded overwhelmingly to the
service and competitive interest rates that Bayonne Community Bank has offered
over the past three years," said Donald Mindiak, President and CEO. "Deposits
grew 200% during the first two years of business, and we have seen continued
growth over the past year. The Company and Bank paid three 10% stock dividends
since its inception, two of which occurred in 2003. Management believes that its
actions has enhanced, and will continue to enhance shareholder value through
prudent financial management."
Bauer Financial, Inc., a nationally recognized rating agency of financial
institutions, gave BCB a superior rating, which is five stars, the highest
possible for a bank. The five-star rating system, which Bauer introduced in
1988, is nationally recognized as "the bank rating system" and is available
without charge to the public as a consumer service. The ratings are important
because government regulators require each federally insured financial
institution to file a report in order to meet federal compliance requirements.
"Bayonne is a unique city. People here are dedicated, work hard and appreciate
the attention a community bank provides," said Mindiak. "We look forward to
growing in partnership with them while we provide the value to our shareholders
and service to our customers that distinguishes us from our peers."
This press release has been distributed by directors Mark Hogan, Robert
Ballance, Judith Q. Bielan, Joseph Brogan, James E. Collins, Thomas M. Coughlin,
Joseph Lyga, Donald Mindiak, Alexander Pasiechnik and Dr. August Pellegrini, Jr.
Information regarding the direct or indirect interests of such directors by
security holdings, or otherwise, may be obtained by reviewing the Company's
preliminary proxy materials on Schedule 14A, which may be accessed on the
Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.
SECURITYHOLDERS ARE ENCOURAGED TO READ THE COMPANY'S PROXY STATEMENT WHEN IT IS
AVAILABLE BECAUSE IT CONTAINS IMPORTANT INFORMATION. PROXY SOLICITATION
MATERIALS, AS WELL AS THE COMPANY'S, ANNUAL REPORT ON FORM 10-K FOR THE YEAR
ENDED DECEMBER 31, 2003 WILL UPON FILING, BE AVAILABLE FOR FREE FROM THE SEC
WEBSITE.
A definitive proxy statement meeting the requirements of the Securities Exchange
Act Rule 14a-3(a) will be provided to securityholders before or at the same time
as the proxy cards are forwarded or requested from securityholders.
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