Progressive Insurance Co. agreed to pay $2.2 million to Bayonne, N.J.-based BCB Bancorp Inc. in connection with a settlement of the banking company's lawsuit against the insurance company.
The payment is expected to be made by, on, or around March 10.
BCB Bancorp sued Progressive Insurance, seeking, among other things, indemnification, payment of and/or contribution toward the settlement related to the Pamrapo Bancorp deal, and reimbursement of attorney's fees.
In a Form 10-K, BCB Bancorp also disclosed that the Internal Revenue Service, which in January 2017 informed the company that its 2014 consolidated income tax return was selected for examination, will issue its final report in the first quarter. The preliminary findings are nominal.
