Business
Bogota Savings Bank and Gibraltar Bank Announce Receipt of Regulatory and Member Approvals and Targeted Closing Date of Pending Merger
TEANECK, N.J. & PARSIPPANY, N.J.--(BUSINESS WIRE)-- Bogota Financial Corp. (“Bogota Financial”) (Nasdaq: BSBK), the holding company for Bogota Savings Bank
About this update from Bogota Financial Corp.
[{"type":"text","content":" TEANECK, N.J. & PARSIPPANY, N.J.--(BUSINESS WIRE)--\nBogota Financial Corp. (“Bogota Financial”) (Nasdaq: BSBK), the holding company for Bogota Savings Bank (“Bogota”), and Gibraltar Bank (“Gibraltar”) today announced that all regulatory approvals relating to the merger of Gibraltar with and into Bogota have been received.\n\nAdditionally, Gibraltar’s members approved the transaction at a special meeting of members on January 20, 2021. The merger is targeted to close on or about February 28, 2021.\n\nThe conversion and consolidation of data processing platforms, systems and customer files is expected to occur on or about August 16, 2021.\n\nAbout Bogota \n\nBogota 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 two offices located in Bogota and Teaneck, New Jersey.\n\nAbout Gibraltar \n\nGibraltar is a federally chartered mutual savings bank that has served the banking needs of its customers in New Jersey since 1909. It operates from three offices located in Newark, Oak Ridge and Parsippany, New Jersey in Morris and Essex Counties.\n\nForward-Looking Statements\n\nThis press release contains certain forward-looking statements about Bogota Financial, Bogota and Gibraltar. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. The following factors, among others, could cause actual results to differ materially from the anticipated results expressed in the forward-looking statements: (1) the businesses of Bogota and Gibraltar may not be combined successfully, or such combination may take longer than expected; (2) the cost savings from the merger may not be fully realized or may take longer than expected to be realized; (3) operating costs, customer loss and business disrupt...