<SEC-DOCUMENT>0001026081-23-000010.txt : 20230503
<SEC-HEADER>0001026081-23-000010.hdr.sgml : 20230503
<ACCEPTANCE-DATETIME>20230503153118
ACCESSION NUMBER:		0001026081-23-000010
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230503
DATE AS OF CHANGE:		20230503

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:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40619
		FILM NUMBER:		23883414

	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:		DFAN14A

	MAIL ADDRESS:	
		STREET 1:		LANIDEX CORPORATE PARK
		STREET 2:		100 LANIDEX PLAZA 1ST FL
		CITY:			PARSIPPANY
		STATE:			NJ
		ZIP:			07054
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14a-blfy050323.htm
<DESCRIPTION>THE COMMITTEE TO PRESERVE STOCKHOLDER VALUE BLFY SCHEDULE 14A DEFINITIVE ADDITIONAL MATERIALS
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    <title> Preliminary Proxy Statement Schedule 14A Center Bancorp, Inc. </title>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION<br>
      Washington, D.C. 20549</div>
    <div style="font-size: 12pt;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">SCHEDULE 14A</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">(Rule 14a-101)</div>
    <div style="font-size: 12pt;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">INFORMATION REQUIRED IN PROXY STATEMENT<br>
      SCHEDULE 14A INFORMATION</div>
    <div style="font-size: 12pt;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934</div>
    <div style="font-size: 12pt;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">(Amendment No. )</div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 18pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">Filed by the Registrant &#9744;</div>
    <div style="text-align: left; margin-bottom: 18pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">Filed by a Party other than the Registrant &#9746;</div>
    <div style="text-align: left; margin-bottom: 18pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">Check the appropriate box:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">&#9744; Preliminary Proxy Statement</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">&#9744; Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"> &#9744; Definitive Proxy Statement</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">&#9746; Definitive Additional Materials</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">&#9744; Soliciting Material Under Rule 14a-12</div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="z8d11c4aa23bf468e82a262feb974d56e" style="width: 70%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; font-size: 12pt;">BLUE FOUNDRY BANCORP<br>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">(Name of Registrant as Specified in Its Charter)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="z84052aff8acb42d59569ab0f627b780a" style="width: 70%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; font-size: 12pt;">
            <div>
              <div> COMMITTEE TO PRESERVE STOCKHOLDER VALUE<br>
              </div>
            </div>
            <div> Seidman and Associates, L.L.C.<br>
            </div>
            <div>Seidman Investment Partnership, L.P.<br>
            </div>
            <div>Seidman Investment Partnership II, L.P.<br>
            </div>
            <div>Seidman Investment Partnership III, L.P.<br>
            </div>
            <div>LSBK06-08, L.L.C.<br>
            </div>
            <div> Broad Park Investors, L.L.C.<br>
            </div>
            <div>Chewy Gooey Cookies, L.P.<br>
            </div>
            <div>Veteri Place Corporation<br>
            </div>
            <div>JBRC I, LLC<br>
            </div>
            <div>Lawrence Seidman<br>
            </div>
            <div>Jennifer Corrou<br>
            </div>
            <div>Raymond Vanaria</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</div>
          </td>
        </tr>

    </table>
    <br>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" align="left" style="width: 70%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

          <tr>
            <td style="width: 100%; vertical-align: top;" colspan="4">
              <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt;">Payment of Filing Fee (Check all boxes that apply):</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.08%; vertical-align: top; text-align: center; font-size: 12pt;">&#160;&#9746; <br>
            </td>
            <td style="width: 95.92%; vertical-align: top;" colspan="3">
              <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt;">No fee required.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.08%; vertical-align: top; text-align: center; font-size: 12pt;">&#160;&#9744;</td>
            <td style="width: 95.92%; vertical-align: top;" colspan="3">
              <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt;">Fee paid previously with preliminary materials.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.08%; vertical-align: top; text-align: center; font-size: 12pt;">&#160;&#9744;</td>
            <td style="width: 95.92%; vertical-align: top;" colspan="3">
              <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt;">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.</div>
            </td>
          </tr>

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      <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;"> <font style="font-weight: normal;">May 3, 2023</font><br>
      </div>
      <div><br>
      </div>
    </div>
  </div>
  Dear Fellow Blue Foundry Shareholder:
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">I am writing in response to a letter you received from Blue Foundry Bancorp&#8217;s (the &#8220;Company&#8221;) Board of Directors dated May 1, 2023.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Based upon the Company&#8217;s Efficiency Ratio, Return on Average Assets (&#8220;ROAA&#8221;), and Return on Average Equity (&#8220;ROAE&#8221;) for calendar years
    2021 and 2022, the Company has the distinction of being one of the worst performing publicly traded financial institution between $1 and $3 billion in assets reported by S&amp;P Global.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z649b5bb4f56d44c08adba4b1899b4736" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 20.38%; vertical-align: middle;">&#160;</td>
        <td style="width: 12.57%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 7.98%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-size: 12pt; font-weight: bold;">2021</div>
        </td>
        <td style="width: 19.59%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 11.71%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 7.73%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-size: 12pt; font-weight: bold;">2022</div>
        </td>
        <td style="width: 20.04%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 20.38%; vertical-align: middle;">&#160;</td>
        <td style="width: 12.57%; vertical-align: middle;">
          <div style="text-align: center; font-size: 12pt;">Rank</div>
        </td>
        <td style="width: 7.98%; vertical-align: top;">&#160;</td>
        <td style="width: 19.59%; vertical-align: middle;">
          <div style="text-align: center; font-size: 12pt;"># of Institutions</div>
        </td>
        <td style="width: 11.71%; vertical-align: middle;">
          <div style="text-align: center; font-size: 12pt;">Rank</div>
        </td>
        <td style="width: 7.73%; vertical-align: top;">&#160;</td>
        <td style="width: 20.04%; vertical-align: middle;">
          <div style="text-align: center; font-size: 12pt;"># of Institutions</div>
        </td>
      </tr>
      <tr>
        <td style="width: 20.38%; vertical-align: middle;">
          <div style="text-align: right; font-size: 12pt;">Efficiency Ratio</div>
        </td>
        <td style="width: 12.57%; vertical-align: middle;">
          <div style="text-align: center; font-size: 12pt;">234</div>
        </td>
        <td style="width: 7.98%; vertical-align: top;">&#160;</td>
        <td style="width: 19.59%; vertical-align: middle;">
          <div style="text-align: center; font-size: 12pt;">234</div>
        </td>
        <td style="width: 11.71%; vertical-align: middle;">
          <div style="text-align: center; font-size: 12pt;">202</div>
        </td>
        <td style="width: 7.73%; vertical-align: top;">&#160;</td>
        <td style="width: 20.04%; vertical-align: middle;">
          <div style="text-align: center; font-size: 12pt;">205</div>
        </td>
      </tr>
      <tr>
        <td style="width: 20.38%; vertical-align: middle;">
          <div style="text-align: right; font-size: 12pt;">ROAA</div>
        </td>
        <td style="width: 12.57%; vertical-align: middle;">
          <div style="text-align: center; font-size: 12pt;">234</div>
        </td>
        <td style="width: 7.98%; vertical-align: top;">&#160;</td>
        <td style="width: 19.59%; vertical-align: middle;">
          <div style="text-align: center; font-size: 12pt;">234</div>
        </td>
        <td style="width: 11.71%; vertical-align: middle;">
          <div style="text-align: center; font-size: 12pt;">202</div>
        </td>
        <td style="width: 7.73%; vertical-align: top;">&#160;</td>
        <td style="width: 20.04%; vertical-align: middle;">
          <div style="text-align: center; font-size: 12pt;">205</div>
        </td>
      </tr>
      <tr>
        <td style="width: 20.38%; vertical-align: middle;">
          <div style="text-align: right; font-size: 12pt;">ROAE</div>
        </td>
        <td style="width: 12.57%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-size: 12pt;">234</div>
        </td>
        <td style="width: 7.98%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 19.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-size: 12pt;">234</div>
        </td>
        <td style="width: 11.71%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-size: 12pt;">170</div>
        </td>
        <td style="width: 7.73%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 20.04%; vertical-align: middle; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-size: 12pt;">174</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">This poor financial performance did not stop the Compensation Committee, and the Board, from rewarding the directors of the Company with
    approximately $970,000 in compensation, comprised of cash, stock awards and option awards, for calendar year 2022, and $12 million in stock options granted to senior management. (The $12 million award was made without shareholder approval.)</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">The Company lost $31,506,204 and $36,342,000 for calendar years 2020 and 2021, respectively, and had a $0.09 per share profit ($2,396,000)
    for calendar year 2022.&#160; The Company says these losses were designed to &#8220;build a foundation for future profitability&#8221;.&#160; Unfortunately, the results for 2023 do not support this optimism.&#160; The Board fails to mention that for the first quarter of 2023,
    the Company was only one (1) of ten (10) publicly traded financial institutions out of approximately four hundred sixty-five (465) that reported a loss (S&amp;P Global data as of May 2, 2023).</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">The Company is continuing its sub-par financial performance, losing $1.2 million, or $0.05 a share, in the first quarter of 2023, a figure
    that comes directly from the Company&#8217;s first quarter income statement (and not from any alleged re-configuring on my part).&#160; During its earnings call to discuss these results, the Company&#8217;s Chief Financial Officer indicated that the losses would most
    likely continue for an unspecified period of time.&#160; The only independent analyst that covers the Company lowered the Company&#8217;s EPS estimate to $(0.42) from $(0.28).&#160; The recently approved equity plans represented a substantial amount of the Company&#8217;s
    loss for the first quarter of 2023.&#160; Clearly, the Board and management are profiting while the shareholders are incurring losses.&#160; In addition to being one of the worst performing financial institutions for calendar years 2021 and 2022 and the first
    quarter of 2023, the Company&#8217;s tangible book value has been reduced from $15.71 in July 2021 (when it went public) to $14.06 as of March 31, 2023.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">The Board says that the Company is in a &#8220;turn around&#8221; process.&#160; It is to be noted that Mr. Ely has been on the Board for approximately
    twenty-six (26) years and Mr. Goldstein has been on the Board for approximately eight (8) years, while Mr. Nesci has been the President, Chief Executive Officer and a director for approximately four (4) years.&#160; This leads to the obvious observation:
    the situation that needs to be &#8220;turned around&#8221; is one that they created and has continued to exist during their tenure.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">The Company states that the &#8220;Board and management have engaged, and continue to engage with shareholders, and Seidman was no exception&#8221;.&#160;
    The Company fails to mention that even though it discloses it will accept questions during its quarterly earnings call from shareholders, it refused to accept any shareholder questions during these calls.&#160; How is this shareholder engagement?&#160; In
    addition, Mr. Nesci refused my request for Mr. Vanaria and I to meet with the entire Board.&#160; Hence the representation in the Company&#8217;s correspondence that I met with the Board is false.&#160; Mr. Nesci&#8217;s characterization of my meeting with him is also
    false.&#160; It seems he was offended by my comment that the Company&#8217;s financial performance was very poor.&#160; Unfortunately, my comment is accurate.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Now, the Board wants you to vote for Messrs. Ely and Goldstein, both of whom sat on the Compensation Committee. Mr. Ely was the Chairman.&#160;
    They both rewarded themselves handsomely for the Company&#8217;s poor financial performance.&#160; The Compensation Committee also recommended that the Board reward senior management with $12 million in stock options notwithstanding the Company&#8217;s extremely poor
    financial performance.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">The Company represents that I would have supported the 2022 Equity Plan if the Company had put Raymond Vanaria on the Board.&#160; This claim
    is false.&#160; The Board dismisses Mr. Vanaria&#8217;s qualifications simply because we are friends.&#160; It is true that Mr. Vanaria is my friend, but it is also true that he has served on the boards of three (3) financial institutions, all of which were
    financially successful and provided positive returns to all of their shareholders.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">It is now your choice to decide who you want to oversee the operation of the Company going forward.&#160; Your choice is to continue with two
    (2) directors who sat on the Board during the many years of poor financial performance or elect two (2) independent directors, who will work towards the goal of having the Company finally become profitable for its shareholders, rather than just the
    Board and management.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">
    <div style="text-indent: 36pt;">To maximize the likelihood of a turnaround at Blue Foundry Bancorp, we urge you to vote for Jennifer Corrou and Raymond Vanaria on the
      BLUE universal proxy card or BLUE voting instruction form.</div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 216pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Sincerely,</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 216pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Lawrence Seidman</div>
  <div style="text-align: left; text-indent: 216pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">The Committee to Preserve Stockholder Value</div>
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