BAYONNE, N.J., Sept. 29, 2020 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc., (NASDAQ: BCBP), the holding company for BCB Community Bank, today announced that the Bank completed the sale and leaseback of its corporate offices to a local investor group. The sale transaction consists of one city-block of property, located at 591-611 Avenue C in Bayonne, New Jersey, which includes the Company’s executive offices, a parking lot, and a bank branch. The Company anticipates to realize a pre-tax gain of approximately $4.4 million on the sale.

In the lease transaction, the Bank will lease back the property for an initial term of seven years and will have four optional terms of five years each. The base annual rent will be $450,000, subject to annual rent increases of 2.5%. We expect to be able to offset a substantial portion of this rental expense with the elimination of depreciation expense on the property.

About BCB Bancorp, Inc.

Established in 2000 and headquartered in Bayonne, N.J., BCB Community Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has 31 branch offices in Bayonne, Carteret, Colonia, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lodi, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, and three branches in Hicksville and Staten Island, New York. The Bank provides businesses and individuals a wide range of loans, deposit products, and retail and commercial banking services. For more information, please go to www.bcb.bank.