Parsippany-based Gibraltar Bank is merging with and into Bogota Savings Bank, parent company Bogota Financial Corp. announced this week.
Gibraltar has three branches, in Newark, Oak Ridge and Parsippany. Bogota Savings Bank has locations in Bogota and Teaneck. Gibraltar’s branches will join the Bogota branch network.
The merger would grow Bogota Financial’s assets from just under $739 million to about $846 million, it said in a news release. Other financial terms were not disclosed.
“We are pleased to partner with Gibraltar, a bank with similar culture and values,” Bogota CEO and President Joseph Coccaro said in a prepared statement. “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.”
Robert Walsh, Gibraltar’s CEO and president, will become Bogota’s executive vice president and chief lending officer, Bogota said. In addition, one Gibraltar director will join the Bogota Financial board of trustees, as well as the boards of directors of Bogota Financial and Bogota Savings Bank.
“We have always focused on our customers’ and communities’ needs,” Walsh said in a statement. “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.”
The transaction has been unanimously approved by all three boards, and is expected to close in the first quarter, pending customary approvals and conditions.
Piper Sandler & Co. advised Bogota, while Luse Gorman P.C. served as its legal representation. FinPro Capital Advisors Inc. advised Gibraltar, while Stevens & Lee served as its legal representation.