BCB Bancorp in Bayonne, N.J., is facing claims of wrongfully removing a director.
The $3.1 billion-asset company disclosed in a regulatory filing Friday that it had received a letter from a lawyer representing August Pellegrini claiming Pelligrini was removed after objecting to improper board practices.
The letter claimed that, since April 2019, Pellegrini had observed “numerous irregularities in the manner in which the board carried out its audit oversight.” He also claimed that the chairman of the board’s audit committee “at times seemed unprepared” for meetings.
Pelligrini’s letter also claims he was removed by the company’s chairman after voicing his concerns.
“This letter is to bring the circumstances of … Pellegrini’s improper removal to the board’s attention, in a good faith effort to seek a resolution of his potential claims without further litigation,” the letter said.
BCB said in the filing that Pelligrini gave no reason for his decision to retire in a July 8 email and there was no mention of any disagreement “on any matter relating to … operations, policies or practices.” The company added that it believes the claims in the letter “are totally without merit” and that it “intends to defend such claims vigorously.”