<SEC-DOCUMENT>0000921895-22-002295.txt : 20220729
<SEC-HEADER>0000921895-22-002295.hdr.sgml : 20220729
<ACCEPTANCE-DATETIME>20220728175914
ACCESSION NUMBER:		0000921895-22-002295
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220729
DATE AS OF CHANGE:		20220728
EFFECTIVENESS DATE:		20220729

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Blue Foundry Bancorp
		CENTRAL INDEX KEY:			0001846017
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
		IRS NUMBER:				862831373
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40619
		FILM NUMBER:		221116560

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SEIDMAN LAWRENCE B
		CENTRAL INDEX KEY:			0001026081
		STATE OF INCORPORATION:			NJ

	FILING VALUES:
		FORM TYPE:		PX14A6G

	MAIL ADDRESS:	
		STREET 1:		LANIDEX CORPORATE PARK
		STREET 2:		100 LANIDEX PLAZA 1ST FL
		CITY:			PARSIPPANY
		STATE:			NJ
		ZIP:			07054
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<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>px14a6g08245001_07282022.htm
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<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: center"><B>NOTICE OF EXEMPT SOLICITATION</B></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Palatino Linotype, Palatino, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><B>Name of registrant:</B></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">Blue Foundry Bancorp</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Name of person relying on exemption:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Lawrence B. Seidman</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Address of person relying on exemption:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">100 Lanidex Plaza, Suite 100<BR>
Parsippany, New Jersey 07054</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0">Written materials are submitted pursuant to Rule 14a-6(g)(1)
promulgated under the Securities Exchange Act of 1934:</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: center"><B>LAWRENCE B. SEIDMAN</B></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: center"><B>100 Lanidex Plaza, Suite 100</B></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: center"><B>Parsippany, New Jersey 07054</B></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: center"><B>lseidman@seidman-associates.com</B></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: center"><B>Office 973-952-0405</B></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0">July 28, 2022</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0">Dear Fellow Shareholders:</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">I am writing to again
urge you to (i) <U>VOTE NO</U> on Blue Foundry Bancorp&rsquo;s (&ldquo;BLFY&rdquo;) 2022 Equity Incentive Plan (the &ldquo;Plan&rdquo;),
and (ii) WITHOLD with respect to the three (3) Director nominees. Both items are in the Proxy Statement you received for BLFY&rsquo;s
Annual Meeting to be held on August 25, 2022.</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Based upon the facts
set forth, the Plan should not be approved unless and until the Board and Management can prove that they are capable of earning a reasonable
return for shareholders.</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In Mr. Nesci&rsquo;s<FONT STYLE="font-family: Palatino Linotype, Palatino, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
Letter to Shareholders, which is included in the Proxy Statement, he states that &ldquo;earnings remain challenged in the near term.&rdquo;
It is not disclosed what this terminology means, but it appears to be a synonym for &ldquo;non-existent&rdquo; since there have been no
operating earnings &ndash; specifically, BLFY lost approximately $36.3 million in calendar year 2021 and $31.5 million for calendar year
2020.</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0"><FONT STYLE="font-family: Palatino Linotype, Palatino, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT> Mr. Nesci is the President and CEO of BLFY.</P>

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<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">BLFY continued its
poor financial performance in the second quarter of 2022. BLFY&rsquo;s net income of $40,000 was achieved by capitalizing approximately
$178,000 of expenses which, if expensed, would have created an operating loss. In addition, if the Plan was in effect for the second quarter,
it would have created a $1 million expense, further increasing BLFY&rsquo;s loss. This financial performance proves that approval of the
Plan must be delayed until BLFY has earnings to justify the expense of the Plan.</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Notwithstanding this
track record of losses, the Compensation Committee of the Board awarded Mr. Nesci a 2021 cash incentive bonus of $425,250, which equals
over 60% of his 2021 salary, and increased his other compensation by $50,780, which is a 49.5% increase from 2020. If the Plan is approved,
Mr. Nesci stands to receive an additional approximate $5.5 million in equity awards. It makes no sense to keep rewarding poor performance.</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the shareholders
approve the Plan, each Director will also get a windfall of approximately $900,000 in equity awards. The Compensation Committee, which
approved Mr. Nesci&rsquo;s compensation, will be the same Committee that will establish the performance standards for the Plan. Throughout
the Proxy Statement it is claimed the Board is working to create long-term value for shareholders. I do not see how having significant
operating losses, excessive cash incentive awards, and a Plan that increases operating expenses, while reducing BLFY&rsquo;s tangible
book value, will create long-term value.</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For calendar year
2021 and the first quarter of 2022, the following are comparisons of BLFY to the approximately 234 financial institutions with between
$1 and $5 billion in assets: (i) on return on assets, BLFY was 234<SUP>th</SUP> out of 234 for calendar year 2021 and 229<SUP>th</SUP>
out of 234 for the first quarter of 2022, (ii) on return on equity, BLFY was 234<SUP>th</SUP> out of 234 for calendar year 2021 and 219<SUP>th
</SUP>out of 234 for the first quarter of 2022, and (iii) with respect to efficiency ratio, BLFY was 234<SUP>th</SUP> out of 234 for
both calendar year 2021 and the first quarter of 2022.<FONT STYLE="font-family: Palatino Linotype, Palatino, Times, Serif; font-size: 10pt"><SUP>2
</SUP></FONT>Notwithstanding this extremely poor financial performance, BLFY awarded Mr. Nesci a very substantial bonus and the Board
now requests approval of a Plan that will provide Mr. Nesci and the Board with substantial financial rewards for BLFY&rsquo;s poor financial
performance. It is clear that Mr. Nesci&rsquo;s bonus was unwarranted and so is approval of the Plan at this time. Management and the
Board need to prove they can deliver reasonable financial performance before they seek approval for the Plan, and they should also re-think
any future bonuses for Mr. Nesci.</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0"><FONT STYLE="font-family: Palatino Linotype, Palatino, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT> Source: S&amp;P Global.</P>

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<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Again, please <U>VOTE
NO</U> on the Plan and <U>WITHOLD</U> on the three (3) Director nominees.</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Thank you for your
time in considering this very important matter.</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0 0 0 3.5in">Very truly yours,</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0 0 0 3.5in">/s/ Larry Seidman</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0 0 0 3.5in">Larry Seidman</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: justify"><B>This is not a solicitation of authority
to vote your proxy. Please DO NOT send us your proxy card, as it will not be accepted.</B></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0">&nbsp;</P>



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