Strategic Insights into Banking & Fintech

Activist investor launches new effort to push Blue Foundry’s sale

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.

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