Blue Foundry Bancorp Announces Adoption of Fourth Stock Repurchase Program

RUTHERFORD, N.J., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ: BLFY), the holding company for Blue Foundry Bank, announced that it has adopted a program to repurchase up to 1,203,545 shares of its common stock, which is approximately 5% of its outstanding common stock. This is the Company’s fourth stock repurchase program since completing its mutual-to-stock conversion and related stock offering in July 2021.

Since announcing its first stock repurchase program on July 20, 2022, the Company has repurchased 5,409,022 shares. As of February 26, 2024, there were 46,736 shares remaining to be repurchased under the third plan. The fourth plan will commence immediately upon the completion of the third plan.

The repurchase program permits shares to be repurchased in open market or private transactions, through block trades or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be made in accordance with Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements. The Company is not obligated to repurchase any particular number of shares or any shares in any specific time period.

James D. Nesci, President and CEO of the Company, remarked that “We are pleased to announce our fourth repurchase program. We believe that share repurchases are a prudent use of capital and are pleased to have the strong capital position that allows us the ability to purchase stock.”

About Blue Foundry Bancorp

Blue Foundry Bancorp is the holding company for Blue Foundry Bank, a place where things are made, purpose is formed, and ideas are crafted. Headquartered in Rutherford NJ, with a presence in Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset and Union counties, Blue Foundry Bank is a full-service, innovative bank serving the doers, movers, and shakers in our communities. We offer individuals and businesses alike the tailored products and services they need to build their futures. With a rich history dating back more than 145 years, Blue Foundry Bank has a longstanding commitment to its customers and communities. To learn more about Blue Foundry Bank visit BlueFoundryBank.com or call (888) 931-BLUE. Member FDIC.