TEANECK, New Jersey – (COMMERCIAL THREAD) – Bogota Financial Corp. (“Bogota Financial”) (Nasdaq: BSBK), the holding company of Bogota Savings Bank (“Bogota”), today announced that it has completed the acquisition of Gibraltar Bank on February 28, 2021.

Based on financial information as of December 31, 2020, the combined institution has approximately $ 821 million in assets, $ 584 million in deposits and $ 142 million in equity. In addition, as part of the transaction, Bogota Financial issued 1,267,916 common shares to Bogota Financial, MHC.

The conversion and consolidation of data processing platforms, systems and customer files is expected to take place on or around August 16, 2021.

Joseph Coccaro, President and CEO of Bogota Financial and Bogota, said: “We are very pleased to have completed our merger with Gibraltar Bank and warmly welcome Gibraltar customers and employees. We look forward to working with the Gibraltar team to provide all of our clients and shareholders with the benefits we expect from this transaction. ”

About Bogota

Bogota Financial Corp. is a Maryland company organized as an intermediate holding company of Bogota Savings Bank and is the majority owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered savings bank that has served the banking needs of its clients in New Jersey since 1893. It operates from five offices located in Bogota, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey.

Forward-looking statements

This press release contains certain forward-looking statements regarding Bogota Financial and Bogota. Forward-looking statements include statements regarding anticipated future events and may be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe”, “expect”, “anticipate”, “estimate” and “intend” or future or conditional verbs such as “will”, “should”, “should”. “,” Could “or” may. ” Forward-looking statements, by their nature, are subject to risks and uncertainties. The following factors, among others, could cause actual results to differ materially from the anticipated results expressed in forward-looking statements: (1) the activities of Bogota and Gibraltar Bank may not be combined successfully; (2) the cost savings resulting from the merger may not be fully realized or may take longer than expected to be realized; (3) operating costs, loss of customers and business interruption as a result of the merger may be greater than expected; (4) the interest rate environment may further compress margins and negatively affect new interest income; (5) risks associated with continued asset diversification and adverse changes in credit quality; (6) general economic conditions and increased competitive pressure; (7) conditions in the securities markets; and (8) changes in legislation, regulations and policies. Additional factors which could cause actual results to differ materially from those expressed in forward-looking statements are discussed in Bogota Financial’s reports (such as annual report on Form 10-K, quarterly reports on Form 10- Q and current reports on Form 8 -K) filed with the Securities and Exchange Commission (the “SEC”) and available on the SEC website (www.sec.gov).

Additionally, given its ongoing and dynamic nature, it is difficult to predict what continued effects the COVID-19 pandemic will have on our business and operating results. The pandemic and associated local and national economic disruptions may result in decreased demand for our products and services; increased levels of loan defaults, problematic assets and foreclosures; an increase in our allowance for loan losses; a decline in the value of loan guarantees, including real estate; a greater decline in the return on our interest-bearing assets than the fall in the cost of our interest-bearing liabilities; and increased cybersecurity risks as employees increasingly work remotely.

Bogota Financial does not undertake to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.