BCB Bancorp, Inc. (NASDAQ: BCBP), the holding company for BCB Community Bank, announced that its Board of Directors voted to suspend quarterly cash dividends on both common and preferred stock.

The Bayonne, N.J.-based company said the suspension is expected to conserve approximately $1.86 million of capital per quarter. The Board also voted to suspend its 2026 Amended and Restated Dividend Reinvestment and Stock Purchase Plan.

Thomas M. O'Brien, President and Chief Executive Officer, said the company plans to conduct an evaluation of the bank's credit portfolios. "During that period, we will be focused on capital preservation and eliminating our quarterly dividend will conserve approximately $1.86 million of capital per quarter," O'Brien said in a statement. He added that the decision is intended to preserve the bank's "well-capitalized" position and "support long-term shareholder value."

O'Brien also noted that the bank is expected to continue supporting the parent company's debt service obligations given the parent company's limited cash position.

BCB Community Bank operates 23 branch offices across New Jersey and four branches in New York.