On September 3, 2020, Bogota Savings Bank, Bogota Financial Corp. and Bogota Financial, MHC, each of Teaneck, New Jersey, entered into a merger agreement with Gibraltar Bank, Parsippany, New Jersey, pursuant to which Gibraltar Bank will merge with and into Bogota Savings Bank. The merger is expected to increase Bogota Financial Corp.’s consolidated assets from approximately $738.7 million at June 30, 2020 to approximately $846.0 million. As part of the merger, Bogota Financial Corp. will issue additional shares of its common stock to Bogota Financial, MHC, Bogota’s mutual holding company parent, equal to the fair value of Gibraltar Bank as determined by an independent appraisal.
Bogota Savings Bank operates from two offices located in Bogota and Teaneck, New Jersey in Bergen County.
Gibraltar Bank operates from three offices located in Newark, Oak Ridge and Parsippany, New Jersey in Morris and Essex Counties.
Luse Gorman has served as counsel on more than 100 financial institution mergers and acquisitions during the past five years, which is more than any other legal advisor during that time period. To learn more about our mergers and acquisitions practice, please visit our website.