BCB Bancorp CEO O'Brien flags credit issues, possible capital raise; stock at 50-60% book

BCB BANCORP INC

New CEO Tom O'Brien prioritizes quantifying and ring-fencing criticized loans, citing cannabis and business express exposures.
He says stock trading at 50-60% of tangible book, indicating market doubts; plans formal update by Q3 earnings.
He signals possible restructuring or capital raise to keep bank well capitalized, if needed.
Aims to simplify capital structure, reduce wholesale funding, and add independent directors.
Emphasizes transparency and focus on long-term tangible book value growth over short-term earnings.

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