ARTICLE
Bogota Financial Corp. (“Bogota Financial”) (Nasdaq: BSBK), the holding company for Bogota Savings Bank (“Bogota”), 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.”