March 2, 2021

On February 28, 2021, Bogota Savings Bank, Teaneck, New Jersey, completed its merger with Gibraltar Bank, Parsippany, New Jersey.

As part of the merger, Bogota Financial Corp., the holding company for Bogota Savings Bank, issued 1,267,916 shares of its common stock to Bogota Financial, MHC, Bogota Financial Corp.’s mutual holding company parent, equal to the fair value of Gibraltar Bank as determined by an independent appraisal.

As a result of the merger, Bogota has $821 million in assets, $584 million in total deposits, and operates five offices located in Bogota, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey.

Luse Gorman served as legal counsel to Bogota in the transaction. The Luse Gorman team consisted of Kent M. Krudys, Scott A. Brown, Zachary Davis and Brendan Saxon.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.