Bogota Financial Corp., parent of Bogota Savings Bank, has completed its previously announced acquisition of Gibraltar Bank, it said Monday.
The merger deal was first announced in September, and creates a bank with approximately $821 million in assets, $584 million in deposits and $142 million in stockholders’ equity.
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“We are very pleased to have completed our combination with Gibraltar Bank and extend a warm welcome to Gibraltar’s customers and employees,” Joseph Coccaro, executive officer and president of Bogota, said in a prepared statement. “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.”
Bogota said in a news release that conversion and consolidation of data processing platforms, customer files and more should be completed by Aug. 16.
