BCB Bancorp named Thomas O’Brien to the position of president and CEO, effective June 1.
O’Brien has been the CEO of six different banking companies over the course of a 48-year career, most recently serving as CEO of Sterling Bank & Trust. He also previously served as president and CEO of Sun Bancorp, Inc. and Sun National Bank.
“The Board of Directors determined to make a change at the CEO level at this time to address the recent operational and credit challenges the Company has experienced. While much has been accomplished to date, we feel the need to accelerate our efforts. When we learned of Tom’s availability, the board found common ground with its needs and his experience. We believe that he is the right person to address the challenges we have endured in the recent past and to provide a sound foundation for the Company’s future. The board has unanimously endorsed his hiring and his agenda,” Mark Hogan, chairman of the board, said.
BCB, based in Bayonne, N.J.,, is the holding company for BCB Community Bank, which has 23 branch offices in Bayonne, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge. It also has four branches in Hicksville and Staten Island, New York.
“The challenges in the community banking space continue to impact many organizations. The heavy demands of regulation, operating costs, technology, and finding key talent coupled with intense competition for quality lending opportunities pressures this industry on a daily basis. BCB has been confronting these industry challenges coupled with the operating costs from its legacy credit portfolio. My immediate goal is to identify the areas of the company that need further improvement and undertake an aggressive program to address these matters. I look forward to working with the board and employees of BCB on this journey,” OʻBrien said.