RUTHERFORD, N.J.–(BUSINESS WIRE)–Blue Foundry Bank announced today that Blue Foundry Bancorp, the newly formed holding company for the Bank, has completed the subscription offering being conducted in connection with the previously announced plan to convert Blue Foundry, MHC from the mutual holding company to the stock holding company form of organization.
Sufficient orders were received in the subscription offering such that it is expected that no community offering or syndicated offering will be held. The Company is currently processing the orders received; accordingly, no further information regarding the offering is available at this time. The closing of the offering and conversion remains subject to customary regulatory approvals. The Special Meeting of Depositors was commenced on June 25, 2021, with depositors approving the Plan of Conversion and the meeting being adjourned until 1:00 p.m., Eastern Time, on Thursday, July 8, 2021 in order to permit additional time to solicit proxies on the proposal to establish and fund the Blue Foundry Charitable Foundation.
About Blue Foundry Bancorp and Blue Foundry Bank.
Blue Foundry Bancorp will be the stock holding company for Blue Foundry Bank upon the completion of the conversion and stock offering. Rutherford-based Blue Foundry Bank has nearly $2 billion in assets and operates 16 branches in Bergen, Morris, Essex and Passaic Counties, New Jersey. For over 80 years, Blue Foundry Bank has served the local communities where it operates and has deep and longstanding relationships with its business and retail customers as well as local municipalities.
