TEANECK, N.J.–(BUSINESS WIRE)–Bogota Financial Corp. (Nasdaq: BSBK), the holding company for Bogota Savings Bank, today announced that, effective February 28, 2021, it had completed its acquisition of Gibraltar Bank.
Based on December 31, 2020 financial information, the combined institution has approximately $821 million in assets, $584 million in deposits and $142 million in stockholders’ equity. In addition, as part of the transaction, Bogota Financial issued 1,267,916 shares of its common stock to Bogota Financial, MHC.
The conversion and consolidation of data processing platforms, systems and customer files is expected to occur on or about August 16, 2021.
Joseph Coccaro, President and Executive Officer of Bogota Financial and Bogota said, “We are very pleased to have completed our combination with Gibraltar Bank and extend a warm welcome to Gibraltar’s customers and employees. We look forward to working with the Gibraltar team in delivering to all of our customers and shareholders the benefits that we expect from this transaction.”
About Bogota
Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in New Jersey since 1893. It operates from five offices located in Bogota, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey.
