Community banking veteran Michael Shriner is taking the leadership reins at BCB Bancorp following the retirement of the New Jersey bank's longtime CEO.
Shriner will become president and CEO of the Bayonne, New Jersey-based firm and its BCB Community Bank subsidiary at the start of next year, the company said Thursday in a press release.
From 2012 to 2020, Shriner served as president and CEO of New Jersey-based MSB Financial and its Millington Bank subsidiary. In July 2020, Kearny Financial in Fairfield, New Jersey,
"Michael has an established record of building a high-performance banking culture and results-driven profitability management," Mark Hogan, chairman of BCB's board of directors, said in the press release.
Shriner will succeed Thomas Coughlin, who has served as BCB's CEO since 2014. Back in 2000, Coughlin founded the bank, originally known as Bayonne Community Bank, with the support of local investors.
BCB was started on the belief that Bayonne, a city of about 70,000 people that is sandwiched between Newark, Staten Island and Brooklyn, was underserved by community banks, according to the company.
For large community banks, ensuring minimum problematic loans is an important financial metric. In fact, of the top 20 midsize banks, 17 reported nonperforming loans below 1% of total assets.
Coughlin, who received $1.6 million in total compensation last year, will continue to serve on BCB's board of directors.
"It is an honor to have served BCB for almost 23 years," Coughlin said in the press release. "Throughout my career, I have been fortunate to work with an outstanding group of banking professionals, and I am extremely proud of what we have accomplished together."
BCB, which reported $3.8 billion of assets at the end of the third quarter, operates 28 branches in New Jersey and New York. The bank acquired in-state rival Allegiance Community Bank in 2011 and Edison, New Jersey-based IA Bancorp in 2018.
Shriner entered banking in 1987, and he served in various leadership positions at Millington Bank before moving into the top job in 2012. During his tenure as CEO, Millington Bank
