Luse Gorman is Legal Counsel to Bogota Savings Bank in its MHC Reorganization and $56.6 Million Stock Offering
On January 15, 2020, Bogota Savings Bank, Teaneck, New Jersey, completed its reorganization from a mutual savings bank to the mutual holding company form of organization.
Concurrently with the reorganization, Bogota Financial Corp., the newly formed holding company for Bogota Savings Bank, completed its initial public offering. Bogota Financial Corp. sold 5,657,735 shares of its common stock at $10.00 per share and contributed 263,150 shares to the Bogota Savings Bank Charitable Foundation. Bogota Financial Corp. also issued 7,236,640 shares, or 55% of its outstanding common stock, to Bogota Financial, MHC, a newly formed mutual holding company. Bogota Financial Corp.’s common stock began trading on the Nasdaq Capital Market under the symbol “BSBK” on January 16, 2020.
Luse Gorman served as legal counsel to Bogota Financial Corp. and Bogota Savings Bank in the reorganization and stock offering. The Luse Gorman team consisted of Eric Luse, Kent Krudys, Scott Brown, Zachary Davis, Jeffrey Cardone and Brendan Saxon.
As of September 30, 2019, Bogota Savings Bank had $665.6 million in total assets and provides financial services from its two offices in Bogota and Teaneck, New Jersey.