Activist investor Lawrence Seidman continues to pressure Blue Foundry Bancorp, this time pressing the Rutherford, N.J., company to replace its management team or find a buyer.
Seidman, who says he owns about 0.8% of the $2.1 billion-asset company’s stock, sent a letter to the board making his demands.
Blue Foundry has lost money in each of the past 11 quarters. It had a 110.15% efficiency ratio in the third quarter.
Seidman has been exerting pressure on Blue Foundry for the past four years. He unsuccessfully tried to block a stock-based benefit plan in 2022 before launching a failed bid to elect two directors to the board. Last year, his proposal to have Blue Foundry hire an investment bank to seek a buyer was rejected by shareholders.