Bogota Financial Corp. (NASDAQ: BSBK) announced it will acquire GSL Savings Bank in a merger that will increase the company's consolidated assets to approximately $1.0 billion from $877.2 million as of March 31, 2026.

Under the merger agreement, GSL will merge with and into Bogota Savings Bank. Frank Giancola, currently president and chief executive officer of GSL, will become executive vice president and chief operating officer of Bogota following the transaction's completion.

GSL depositors will become Bogota depositors and receive the same rights and privileges in Bogota Financial, MHC as if their accounts had been established at Bogota on the original date they were opened at GSL. Bogota Financial will issue shares of its common stock to the MHC equal to GSL's fair value as determined by an independent appraisal.

The boards of directors of Bogota Financial, Bogota Savings Bank, and GSL have unanimously approved the transaction, along with the board of trustees of the MHC. The merger is expected to close in the second half of 2026, subject to regulatory approvals and other customary closing conditions.

Bogota Financial projects the transaction will be accretive to 2026 net income and earnings per share, including shares issued to the MHC, and accretive to fully converted tangible book value.

Bogota Savings Bank, founded in 1893, operates seven offices in northern and central New Jersey and a loan production office in Spring Lake. GSL Savings Bank, established in 1907, operates locations in Guttenberg and Fairview, New Jersey.

Piper Sandler & Co. served as Bogota's investment banking advisor, with Luse Gorman, PC providing legal counsel. Silver, Freedman, Taff and Tiernan LLP represented GSL in the transaction.