Bogota Financial in Teaneck, N.J., has agreed to buy GSL Savings Bank in Guttenberg, N.J.
Bogota said in a press release that it will issue shares to GSL’s mutual holding company as part of the deal, which is expected to close in the second half of 2026. The terms were not disclosed.
The deal “allows us to expand our ability to deliver personalized service and enhanced financial solutions while preserving the community-focused banking relationships that define us,” Kevin Pace, Bogota’s president and CEO, said in the release.
Frank Giancola, GSL’s president and CEO, will become Bogota’s chief operating officer.
The transaction is expected to be accretive to Bogota’s 2026 net income and earnings per share. It is projected to be accretive to fully converted tangible book value.
Bogota was advised by Piper Sandler and Luse Gorman. GSL was advised by Silver, Freedman, Taff and Tiernan.