<SEC-DOCUMENT>0001193125-21-122966.txt : 20210615
<SEC-HEADER>0001193125-21-122966.hdr.sgml : 20210615
<ACCEPTANCE-DATETIME>20210420165358
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-122966
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Blue Foundry Bancorp
		CENTRAL INDEX KEY:			0001846017
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		19 PARK AVENUE
		CITY:			RUTHERFORD
		STATE:			NJ
		ZIP:			07070
		BUSINESS PHONE:		201-939-6600

	MAIL ADDRESS:	
		STREET 1:		19 PARK AVENUE
		CITY:			RUTHERFORD
		STATE:			NJ
		ZIP:			07070
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LUSE GORMAN, PC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>ATTORNEYS AT LAW </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>5335
WISCONSIN AVENUE, N.W., SUITE 780 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20015 </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>TELEPHONE (202) <FONT STYLE="white-space:nowrap">274-2000</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>FACSIMILE (202) <FONT STYLE="white-space:nowrap">362-2902</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><U>www.luselaw.com</U> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>WRITER&#146;S DIRECT DIAL NUMBER</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><B>WRITER&#146;S <FONT STYLE="white-space:nowrap">E-MAIL</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top">(202) <FONT STYLE="white-space:nowrap">274-2009</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><U>mlevy@luselaw.com</U></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;20, 2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tonya
Aldave, Staff Attorney </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F&nbsp;Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549-0303 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Blue Foundry Bancorp</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-1</FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B><U>Filed March&nbsp;10, 2021 File No.&nbsp;333-254079</U></B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Aldave: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Blue Foundry Bancorp (the &#147;Company&#148;) and in accordance with Rule 101 of Regulation
<FONT STYLE="white-space:nowrap">S-T,</FONT> we are hereby transmitting <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;1 to the Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> (the
&#147;Amended <FONT STYLE="white-space:nowrap">S-1&#148;).</FONT> Set forth below are the comments from the Staff&#146;s letter dated April&nbsp;6, 2021, as well as the Company&#146;s responses to those comments. The Amended <FONT
STYLE="white-space:nowrap">S-1</FONT> has been blacklined to reflect changes from the original filing. In addition, a &#147;Recent Developments&#148; section has been added to the Amended <FONT STYLE="white-space:nowrap">S-1.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">S-1</FONT> filed on March&nbsp;10, 2021 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Cover Page </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1. &nbsp;&nbsp;&nbsp;&nbsp;We note
your disclosure on page 10 and other sections of the prospectus that generally no individual may purchase more than 40,000 shares of your common stock. Please add this maximum purchase amount to the cover page of the prospectus or advise. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The requested disclosure noting the maximum purchase amount has been added to the cover page of the prospectus. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>LUSE GORMAN, PC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ATTORNEYS AT LAW </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tonya Aldave, Staff Attorney </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 20, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page&nbsp;
 2
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Summary, page 1 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. &nbsp;&nbsp;&nbsp;&nbsp;Please include organizational structures depicting the company&#146;s structure both prior and after the conversion, including
various legal entities and affiliations that exist. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: A diagram setting forth the company&#146;s current and post-conversion
organizational structures has been added to the prospectus on page&nbsp;2 under &#147;Summary&#151;Conversion of Blue Foundry, MHC.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.
&nbsp;&nbsp;&nbsp;&nbsp;Refer to page 107. We note your disclosure that all depositors of Blue Foundry Bank have voting rights in Blue Foundry, MHC as to all matters requiring depositor approval, and that upon completion of the conversion,
depositors will cease to have any voting rights. Please disclose this in the summary section or include a cross-reference to this section. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The requested disclosure noting that all depositors of Blue Foundry Bank have voting rights in Blue Foundry, MHC as to all matters requiring
depositor approval, and that upon completion of the conversion, depositors will cease to have any voting rights, has been added to the prospectus on page 2 under &#147;Summary&#151;Conversion of Blue Foundry, MHC.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>How We Determined the Offering Range, page 7 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4. &nbsp;&nbsp;&nbsp;&nbsp;Please refer to the table on page 8 and footnote to the second column that <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">price-to-</FONT></FONT> earnings multiple column stating that values are &#147;not meaningful.&#148; Disclose the multiples here and in the table on page 111 or explain why you believe these amounts are not meaningful. We
also note your disclosure of the maximum, midpoint and minimum price- <FONT STYLE="white-space:nowrap">to-earnings</FONT> multiples. Disclose the multiples for each of the peer companies listed in the first table on page 8. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">price-to-earnings</FONT></FONT> multiple values are not meaningful, as
the result of the Company&#146;s pro forma loss per share at each point in valuation range (see &#147;Pro Forma Data&#148; beginning on page 46 of the prospectus) and resulting negative
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">price-to-earnings</FONT></FONT> multiples. A negative <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">price-to-earnings</FONT></FONT> multiple is not meaningful, as
it calculates to a negative pro forma market capitalization. The Company has not disclosed the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">price-to-earnings</FONT></FONT> multiples for each of the peer companies in the
prospectus because these individual multiples are not utilized by the independent appraiser as part of its appraisal methodologies and, therefore, are not material to investors. The independent appraiser utilizes average and median peer group
pricing multiples for purposes of its appraisal report and its comparison of peer group multiples to Company multiples, and the average and median peer group pricing multiples are disclosed on pages 8 and 115 of the prospectus. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>LUSE GORMAN, PC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ATTORNEYS AT LAW </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tonya Aldave, Staff Attorney </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 20, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page&nbsp;
 3
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Risk Factors </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Future changes in interest rates may reduce our profits, page 21 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5. &nbsp;&nbsp;&nbsp;&nbsp;We note that you had a net loss in fiscal year ended December&nbsp;31, 2020. Because you discuss &#147;[your] profitability&#148;
in this risk factor, please balance the disclosure by adding a statement regarding your losses in the most recent fiscal year. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The
requested disclosure regarding the Company&#146;s net loss in fiscal 2020 has been added to this risk factor on page 21 of the prospectus. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>If our <FONT
STYLE="white-space:nowrap">non-performing</FONT> assets increase, page 22 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6. &nbsp;&nbsp;&nbsp;&nbsp;Please update your disclosure regarding
your <FONT STYLE="white-space:nowrap">non-performing</FONT> assets to the most recent practicable date, or advise. Similarly, please update the Delinquent Loans chart on page 69 or advise. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The requested disclosure has been added to the &#147;Recent Developments&#148; disclosure beginning on page 34 of the prospectus. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Business of Blue Foundry Bank </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Delinquencies
and Asset Quality </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Classified Assets, page 71 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7. &nbsp;&nbsp;&nbsp;&nbsp;We note your disclosure that special mention loans included one <FONT STYLE="white-space:nowrap">non-residential</FONT> real
estate loan totaling $150.2&nbsp;million and three multi-family real estate loans totaling $16.6&nbsp;million as of December&nbsp;31, 2020. We also note you present $16,802&nbsp;thousand of special mention loans as of December&nbsp;31, 2020 in the
table. Please reconcile the discrepancies or revise, as appropriate. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The reference to one
<FONT STYLE="white-space:nowrap">non-residential</FONT> real estate loan totaling $150.2&nbsp;million on page 75 of the prospectus has been revised and now references one <FONT STYLE="white-space:nowrap">non-residential</FONT> real estate loan
totaling $154,000. As further clarification, we would note that the classified loans table on page 75 of the prospectus refers to approximately $16,802,000 in special mention loans as opposed to the $16,802 referenced above. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Executive Officers Who are Not
Directors, page 93 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8. &nbsp;&nbsp;&nbsp;&nbsp;We note the discussions of the business experiences of your executive officers Daniel Chen,
Elizabeth Miller, Brent Ciurlino, Michele Johnson, and Mugur Tolea. For each of the officers listed, please expand the disclosure to detail their business experience in the last five years, including specific positions held and names of
organizations/corporations, in which such occupations and employment were carried out. </B></P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>LUSE GORMAN, PC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ATTORNEYS AT LAW </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tonya Aldave, Staff Attorney </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 20, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page&nbsp;
 4
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>:&nbsp;The requested
disclosure has been added to the &#147;Executive Officers Who are Not Directors&#148; disclosure of the prospectus beginning on page&nbsp;97. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Summary Compensation Table, page 96 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.
&nbsp;&nbsp;&nbsp;&nbsp;It appears that the amounts recorded in the <FONT STYLE="white-space:nowrap">&#147;non-equity</FONT> incentive compensation&#148; column of the summary compensation table are the same amounts as the amounts listed on
page&nbsp;98 under the annual incentive plan subsection. Please disclose the material terms of any <FONT STYLE="white-space:nowrap">non-equity</FONT> incentive plan award made to a named executive officer during the last completed fiscal year,
including a general description of the formula or criteria to be applied in determining the amounts payable and vesting schedule. Refer to Item&nbsp;402(o)(5) of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-K.</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>:&nbsp;The requested disclosure has been added to the &#147;Summary Compensation Table&#148; disclosure on page 100 and the &#147;Annual
Incentive Plan&#148; on page&nbsp;102. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The Conversion and Stock Offering </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Approvals Required, page 107 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.
&nbsp;&nbsp;&nbsp;&nbsp;We note that the affirmative vote of a majority of the total votes eligible to be cast by the depositors of Blue Foundry MHC is required to approve the plan of conversion and the establishment and funding of the charitable
foundation. Please revise to disclose when you plan to conduct these votes, how the timing of the vote relates to the timing of the effectiveness of the registration statement, and how this vote will be conducted, such as with a proxy statement, or
advise. Please briefly also describe what types of matters currently require depositor approval under &#147;Effect on Voting Rights of Depositors,&#148; at page&nbsp;107. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>:&nbsp;The requested disclosure has been added to &#147;The Conversion and Stock Offering&#151;Approvals Required&#148; and &#147;The
Conversion and Stock Offering&#151;Effects of Conversion&#151;Effect on Voting Rights of Depositors&#148; disclosure on page 111. The eligibility of depositors to vote is unrelated to an individual&#146;s eligibility to purchase shares in the Stock
Offering. As such, no additional disclosure is included regarding how the timing of the depositor vote relates to the timing of the effectiveness at the registration statement. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>LUSE GORMAN, PC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ATTORNEYS AT LAW </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tonya Aldave, Staff Attorney </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 20, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page&nbsp;
 5
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibits </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11. &nbsp;&nbsp;&nbsp;&nbsp;Please also include the participation interests in the Exhibit 5 legal opinion. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: A revised legal opinion addressing the participation interests is included as Exhibit 5 to the Amended
<FONT STYLE="white-space:nowrap">S-1.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>General </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12. &nbsp;&nbsp;&nbsp;&nbsp;We note that your forum selection provision identifies a state court of federal court located within the State of Delaware as
the exclusive forum for certain litigation, including any &#147;derivative action.&#148; Please disclose whether this provision applies to actions arising under the Securities Act or Exchange Act. If so, please also state that there is uncertainty
as to whether a court would enforce such provision. If the provision applies to Securities Act claims, please also state that investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. In that
regard, we note that Section&nbsp;22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. If
this provision does not apply to actions arising under the Securities Act or Exchange Act, please also ensure that the exclusive forum provision in the governing documents states this clearly, or tell us how you will inform investors in future
filings that the provision does not apply to any actions arising under the Securities Act or Exchange Act. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The disclosure has been
revised on page 138 of the prospectus to indicate the forum selection provision applies to action arising under the Securities Act or Exchange Act, that there is uncertainty as to whether a court will enforce such provision and investors cannot
waive compliance with the federal securities laws and the rules and regulations thereunder. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13. &nbsp;&nbsp;&nbsp;&nbsp;Please provide us with
supplemental copies of all written Rule 405 under the Securities Act, that you, or anyone authorized to do so on your behalf, have presented or expect to present to potential investors in reliance on Section&nbsp;5(d) of the Securities Act, whether
or not you retained, or intend to retain, copies of those communications. Please contact Tonya K. Aldave at (202) <FONT STYLE="white-space:nowrap">551-3601</FONT> to discuss how to submit the materials, if any, to us for our review. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: We note the Staff&#146;s comment. At this time the Company does not intend, nor does it expect to authorize anyone on its behalf, to present
to potential investors any written communications, as defined in Rule 405 under the Securities Act, in reliance on Section&nbsp;5(d) of the Securities Act. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>LUSE GORMAN, PC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ATTORNEYS AT LAW </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tonya Aldave, Staff Attorney </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 20, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page&nbsp;
 6
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14.
&nbsp;&nbsp;&nbsp;&nbsp;Please include the Security Ownership section in your prospectus. Refer to item 403 of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Pursuant to discussions with the Staff, no additional disclosure is included in the prospectus in response to this comment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15. &nbsp;&nbsp;&nbsp;&nbsp;We note that the cover page of the registration statement indicates that Blue Foundry Bancorp and Blue Foundry Bank 401(k)
Savings Plan as the registrant(s). Please advise if Blue Foundry Bank 401(k) Savings Plan is intended to be a <FONT STYLE="white-space:nowrap">co-registrant</FONT> or remove that entity as a registrant. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Please be advised that the Blue Foundry Bank 401(k) Savings Plan is intended to be a <FONT STYLE="white-space:nowrap">co-registrant.</FONT>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe the
foregoing is responsive to the Staff&#146;s comments. The Company wishes to have the registration statement declared effective as soon as possible. Should you have any questions, please do not hesitate to contact the undersigned at (202) <FONT
STYLE="white-space:nowrap">274-2009</FONT> or John Gorman at (202) <FONT STYLE="white-space:nowrap">274-2001.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD VALIGN="top">/s/Marc Levy</TD></TR>
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<TD VALIGN="bottom">Marc Levy</TD></TR>
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<TD VALIGN="top" NOWRAP>cc:</TD>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">James Nesci, Chief Executive Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Susan Block, SEC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Becky Chow, SEC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">William Schroeder, SEC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">John Gorman, Esq.</P></TD></TR>
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