On June 1, 2026, Bogota Savings Bank, Bogota Financial Corp. and Bogota Financial, MHC, each of Teaneck, New Jersey, entered into a merger agreement with GSL Savings Bank, Guttenberg, New Jersey, pursuant to which GSL Savings Bank will merge with and into Bogota Savings Bank. The merger is expected to increase Bogota Financial Corp.’s consolidated assets from $877.2 million to approximately $1.0 billion at March 31, 2026.  As part of the merger, Bogota Financial Corp. will issue additional shares of its common stock to Bogota Financial, MHC, Bogota Savings Bank’s mutual holding company parent, equal to the fair value of GSL Savings Bank as determined by an independent appraisal.

Bogota Savings Bank operates from seven offices located in Bogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey, and operates a loan production office in Spring Lake, New Jersey.

GSL Savings Bank operates from two offices located in Guttenberg and Fairview, New Jersey.

Luse Gorman is serving as legal counsel to Bogota in the transaction. The Luse Gorman team consists of Zachary Davis, Scott Brown, Brendan Saxon, Kent Krudys and Babette Schwartz.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past seven years and on 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.