TEANECK, N.J.--(BUSINESS WIRE)--Bogota Financial Corp, the holding company for Bogota Savings Bank, announced today the Company has received all regulatory approvals required for the completion of the Company’s minority stock offering and expects to close the offering on January 15, 2020.

A total of 5,657,735 shares of the Company’s common stock are expected to be sold in the offering at a price of $10.00 per share. The Company will contribute 263,150 shares of common stock and $250,000 in cash to the Bogota Savings Bank Charitable Foundation. Upon closing, 13,157,525 shares of the Company’s common stock will be outstanding, including 7,236,640 shares that will be to Bogota Financial, MHC. Bogota Savings Bank’s employee stock ownership plan intends to own 3.92% of the Company’s outstanding shares of common stock. Accordingly, the employee stock ownership plan intends to purchase up to 515,775 shares of Company common stock in the open market.

About Bogota Savings Bank

Bogota Savings Bank has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from two offices located in Bogota and Teaneck, New Jersey. At September 30, 2019, the Bank had total assets of $665.6 million, total deposits of $474.4 million and total equity of $74.1 million.