Bogota Financial Corp. ("Bogota Financial") (Nasdaq: BSBK), the holding company for Bogota Savings Bank ("Bogota"), and GSL Savings Bank ("GSL") today announced the execution of a merger agreement pursuant to which GSL will merge with and into Bogota. The merger is expected to increase Bogota Financial's consolidated assets from approximately $877.2 million at March 31, 2026 to approximately $1.0 billion.

At the effective time of the merger, Frank Giancola, President and Chief Executive Officer of GSL, will become the Executive Vice President and Chief Operating Officer of Bogota.

Under the terms of the Merger Agreement, depositors of GSL will become depositors of Bogota and will have the same rights and privileges in Bogota Financial, MHC (the "MHC"), as if their accounts had been established in Bogota on the date established at GSL. As part of the transaction, Bogota Financial will issue shares of its common stock to the MHC in an amount equal to the fair value of GSL as determined by an independent appraisal. These shares are expected to be issued immediately prior to completion of the merger.