Teaneck, N.J.-based Bogota Financial Corp. is acquiring GSL Savings Bank, Guttenberg, N.J..The deal, which is expected to close in the second half of this year, will grow Bogota Financial to $1 billion in assets from $877.2 million. Bogota Financial has $877 million in assets and seven branches in northern and central New Jersey. As of last month, GSL Savings Bank had $156 million in assets, $125 million in deposits and two branches in Guttenberg and Fairview, N.J. The two towns are 2 miles apart and 10 miles from New York City. Bogota Financial Corp. is the holding company for Bogota Savings Bank. GSL President and CEO Frank Giancola will become chief operating officer of Bogota Financial. Giancola said customers will have more branches along with products and services while still having a relationship-based local banking model. Minneapolis-based investment banking company Piper Sandler & Co. advised Bogota Financial, while Luse Gorman, PC, Washington, D.C., provided legal advice. Washington-based law firm Silver, Freedman, Taff and Tiernan LLP represented GSL Savings Bank.
