Bogota Financial to Merge with GSL Savings Bank, Boosting Assets to $1 Billion
BSBK•Bogota Financial Corp will merge with GSL Savings Bank, increasing consolidated assets from $877.2 million to about $1.0 billion and naming GSL CEO Frank Giancola as EVP and COO. The deal is expected to close in 2026 and be accretive to net income, EPS and tangible book value.
1. Merger Agreement Details
Bogota Financial Corp and GSL Savings Bank have executed a merger agreement under which GSL will merge into Bogota, increasing consolidated assets from approximately $877.2 million at March 31, 2026 to about $1.0 billion. Depositors of GSL will assume the same rights and privileges as existing Bogota account holders, and Bogota Financial will issue common shares to its mutual holding company reflecting the fair value of GSL.
2. Leadership and Governance Changes
Upon closing, GSL President and CEO Frank Giancola will become Executive Vice President and Chief Operating Officer of Bogota Financial. Bogota Savings Bank will maintain its current leadership team, and the boards of Bogota Financial, its mutual holding company and GSL have unanimously approved the transaction.
3. Financial Impact and Timeline
The merger is expected to close in the second half of 2026, subject to customary regulatory approvals. On a pro forma basis, the transaction is projected to be accretive to Bogota Financial’s 2026 net income, earnings per share and fully converted tangible book value.
