Bank / Credit Union

Bogota Savings, Gibraltar Bank merge

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September 4, 2020

Bogota Financial Corp., the holding company for Bogota Savings Bank and Gibraltar Bank announced that the two banks will be merging. The merger is expected to increase Bogota's consolidated assets from approximately $738.7 million on June 30, to approximately $846 million and more than double its branch network.

Gibraltar's existing three branch offices will become branch offices of Bogota. Following the merger, a Gibraltar director will join the boards of Bogota Financial, MHC, Bogota Financial and Bogota Savings Bank.

At the effective time of the merger, Robert Walsh, president and CEO of Gibraltar, will become the executive vice president and chief lending officer of Bogota.

"We have always focused on our customers' and communities' needs," said Robert Walsh, president and CEO of Gibraltar. "We feel the combined bank will be stronger than each was separately, allowing us to provide more services and convenience to our customers and the communities we serve."

Under the merger agreement, depositors of Gibraltar will become depositors of Bogota and will have the same rights and privileges in Bogota Financial, MHC, as would be the case if their accounts had been established in Bogota on the date established at Gibraltar.

"We are pleased to partner with Gibraltar, a bank with similar culture and values," Joseph Coccaro, president and CEO of Bogota said in the release. " We are very familiar with Gibraltar and believe the bank will be a great complement to us. This combination will be positive for both banks and ensures a stronger local banking presence throughout our communities. We look forward to having a greater impact in our market area."