Bogota Financial to acquire Gibraltar Bank
Bogota Financial in Teaneck, N.J., has agreed to buy Gibraltar Bank in Parsippany, N.J.
The $738.7 million-asset Bogata said in a press release Thursday that it will gain three branches from the $107.3 million-asset Gibraltar in the deal. The company did not disclose the financial details of the merger.
The deal is expected to close in the first quarter.
“We are pleased to partner with Gibraltar, a bank with similar culture and values,” Joseph Coccaro, Bogota’s president and CEO, said in the release.
“We are very familiar with Gibraltar and believe the bank will be a great complement to us,” Coccaro added. “This combination will be positive for both banks and ensures a stronger local banking presence throughout our communities.”
The deal is expected to be accretive to Bogota’s 2021 net income and earnings per share. It is expected to be accretive to Bogota’s fully converted tangible book value.
Robert Walsh, Gibraltar’s president and CEO, will become Bogota’s chief lending officer. One Gibraltar director will join Bogota’s board of trustees.
Bogota was advised by Piper Sandler and Luse Gorman. Gibraltar was advised by FinPro Capital Advisors and Stevens & Lee.