05:58 PM EDT, 08/28/2024 (MT Newswires) -- BCB Bancorp ( BCBP ) said late Wednesday that it completed the private placement of $40 million in fixed-to-floating rate subordinated notes due 2034 to institutional investors.

The notes initially bear a fixed rate of 9.25% for the first five years and will reset quarterly thereafter to the then current three-month Secured Overnight Financing Rate plus 582 basis points, BCB said.

The company said it plans to use the net proceeds to refinance $33.5 million of its subordinated notes. It will also use the proceeds for general corporate purposes.

Shares of the company were down about 1.9% in after-hours activity.

Price: 12.22, Change: -0.24, Percent Change: -1.93