RUTHERFORD, NJ – (BUSINESS WIRE) – Blue Foundry Bank (the “Bank”) today announced that Blue Foundry Bancorp (the “Company”), a newly incorporated holding company for the Bank, is launching its share offering in connection with the conversion of Blue Foundry, MHC from the mutual holding company to the organizational form of the joint stock holding company. The Bank also announced that the registration statement for the sale of the Company’s common shares has been declared effective by the Securities and Exchange Commission and that the approvals required to begin the offering have been received, including the approvals from the New Jersey Department of Banking and Insurance (the “NJDOBI”) and the Federal Reserve Board of Governors (the “FRB”).

The Company is offering for sale up to 24,150,000 common shares at a purchase price of $ 10.00 per share, although the Company may sell up to 27,772,500 common shares due to demand for them. actions or changing market conditions, without investors being resolved. The Company intends to contribute a total of 750,000 shares of its common stock and $ 1.5 million in cash to The Blue Foundry Charitable Foundation, Inc.

The company’s common stock is expected to be listed on the Nasdaq Global Select Market under the symbol “BLFY”.

The shares will first be offered as part of a subscription offer, in order of priority, to the Bank’s depositors with eligible deposits at the close of business on December 31, 2019, to the employee benefit plans of the Bank (including the Bank’s employee shareholding). Plan and 401 (k) Plan), to Bank depositors with eligible deposits at close of business on March 31, 2021, and finally to depositors of the Bank at close of business on May 5, 2021. The company began to post the subscription material on May 21, 2021.

The subscription offer will expire at 2:00 pm Eastern time on June 15, 2021. All common shares remaining after the subscription offer will be offered for sale to members of the general public as part of an offer. community-based, with preference given first to residents of Bergen, Morris, Passaic, Essex and Hudson counties, New Jersey.

Membership and community offerings are managed by Keefe, Bruyette & Woods, Inc. All questions regarding the offering or requests for offering material should be directed to the Market Information Center at 1-844-265- 9680. The Stock Information Center will be open Monday through Friday from 10:00 am to 4:00 pm Eastern Time, effective Monday, May 24, 2021. The Stock Information Center will be closed on statutory holidays.

Eligible depositors and others may be able to subscribe for Common Shares using funds from an Individual Retirement Account (“IRA”) or other retirement account if the account is maintained by an independent custodian or trustee. , such as a brokerage firm, not the bank. The Company recommends that anyone wishing to use funds from an IRA or other retirement account to purchase shares of the subscription or community offering to contact the Stock Exchange Information Center promptly, preferably at least. two weeks before the June 15, 2021 offer deadline, for assistance.

Completion of the share offer is subject to the sale by the Company of at least 17,850,000 common shares and is subject to receipt of final regulatory approvals for the conversion and offer of shares, to the affirmative vote. depositors of the Bank approving the conversion and other closing conditions.

This press release does not constitute an offer to sell or an offer to purchase common shares of the Company. The offer is made only by the prospectus of the Company and, when accompanied by a purchase order for shares. The Company has filed with the SEC a statement of registration of the offering to which this press release relates together with the final prospectus, dated May 14, 2021, for the subscription and community offering. Before investing, you should read this prospectus and other documents that the company has filed with the SEC for more complete information about the company and the stock offering. You can obtain these documents free of charge by visiting EDGAR on the SEC’s website at www.sec.gov.

Common shares of the Company are not deposits or savings accounts and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

About Blue Foundry Bancorp and Blue Foundry Bank.

Blue Foundry Bancorp will be the share holding company of Blue Foundry Bank upon completion of the share conversion and offering. Rutherford-based Blue Foundry Bank has nearly $ 2 billion in assets and operates 16 branches in Bergen, Morris, Essex and Passaic counties, New Jersey. For more than 80 years, Blue Foundry Bank has served the local communities where it operates and maintains deep and long-standing relationships with its commercial and retail clients as well as with local municipalities.

Forward-looking statements

This press release and the company’s prospectus for the offering contain forward-looking statements, which can be identified by the use of words such as “estimate”, “plan”, “believe”, “intend”, “Anticipate”, “plan,” “seek”, “expect”, “want”, “would”, “should”, “could” or “can”, and words with similar meanings. These forward-looking statements include statements about the objectives, intentions and expectations of the company; statements regarding the business plans, prospects, growth and operating strategies of the Company; statements regarding the quality of the company’s loan and investment portfolios; and estimates of the risks and future costs and benefits of the company.

These forward-looking statements are based on the current beliefs and expectations of the management of the Company and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company. In addition, these forward-looking statements are subject to assumptions regarding future business strategies and decisions that are subject to change. Actual results may differ materially from those stated in forward-looking statements due to many factors. Factors that may cause such differences include, but are not limited to: failure to obtain final approval from NJDOBI and FRB for the proposed conversion and related share offering, delays in the obtaining such approvals or any adverse conditions imposed in connection with such approvals; failure to obtain the depositor’s approval for the conversion; those related to the real estate and economic environment, in particular in the market areas in which the Company operates; the fiscal and monetary policies of the US government; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of loan loss reserves; declining deposit levels requiring increased borrowing to fund loans and investments; the effects of any pandemic, including COVID-19; operational risks, including, but not limited to cybersecurity, fraud and natural disasters; the risk that the Company will not succeed in implementing its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in documents filed by the Company with the Securities and Exchange Commission, available on the SEC website, www.sec.gov.

The Company cautions potential investors not to place undue reliance on these forward-looking statements, which speak only as of the date of their publication. The Company disclaims any obligation to publish any revision made to any forward-looking statement to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unforeseen events.