Bogota Savings Bank's depositors approved the reorganization plan and minority stock issuance pursuant to which the bank will reorganize into the two-tier mutual holding company structure.
The bank's depositors also approved the contribution to the Bogota Savings Bank Charitable Foundation in connection with the reorganization.
In a subscription offering that closed Dec. 12, 2019, Bogota Financial Corp. received orders in excess of 5,657,735 shares, which is the adjusted maximum of the offering range. The number of shares to be sold in connection with the stock offering will be based on a final appraisal and receipt of final regulatory approvals, according to a news release.
Bogota Financial, a newly formed Maryland corporation and holding company of the bank, is currently processing orders. The company expects to close the reorganization and stock offering in mid-January and its stock is anticipated to begin trading the following business day on the Nasdaq Capital Market under the symbol BSBK.