Bogota Financial Corp. Adopts and Receives Regulatory Approval of Third Repurchase Program

Rhea-AI Summary

Bogota Financial Corp. (BSBK) has received regulatory approval for a stock repurchase program of up to 556,631 shares, representing about 10% of its outstanding shares. This is the company’s third buyback initiative, aimed at enhancing shareholder value. Share repurchases will commence following the release of its Q3 2022 results. While there is no expiration date for the program, repurchases depend on various factors, including stock availability and market conditions.

Positive

• Regulatory approval for the buyback program enhances shareholder value.
• Repurchase of up to 556,631 shares indicates confidence in the company's financial health.

Negative

• None.

TEANECK, N.J.--(BUSINESS WIRE)-- Bogota Financial Corp. (the “Company”) (Nasdaq: BSBK), the holding company for Bogota Savings Bank (the “Bank”), announced that it has received regulatory approval for the repurchase of up to 556,631 shares of its common stock, which is approximately 10% of its outstanding common stock (excluding shares held by Bogota Financial, MHC), as previously approved by the board of directors of the Company. This is the Company’s third stock repurchase program.

Repurchases are expected to commence after the Company publicly releases its results of operations for the period ended September 30, 2022. Shares may be repurchased in open market or private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.

The repurchase program has no expiration date and may be suspended, terminated or modified at any time for any reason. The stock repurchase program does not obligate the Company to purchase any particular number of shares, and there is no guarantee as to the exact number of shares to be repurchased by the Company. The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be made in accordance with Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.

About Bogota Financial Corp.

Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from six offices located in Bogota, Hasbrouck Heights, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey and operates a loan production office in Spring Lake, New Jersey.

Forward-Looking Statements

This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, changes in the quality of our loan and security portfolios, increases in non-performing and classified loans, ongoing effects resulting from the COVID-19 pandemic and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221003005966/en/

For Bogota Financial Corp.:

Joseph Coccaro

President and Chief Executive Officer

(201) 862-0660

Source: Bogota Financial Corp.

FAQ

What is the purpose of the stock repurchase program by Bogota Financial Corp. (BSBK)?

The stock repurchase program aims to enhance shareholder value by reducing the number of outstanding shares.

When will Bogota Financial Corp. (BSBK) start buying back shares?

The share repurchase program is expected to commence after the company releases its Q3 2022 results.

How many shares will Bogota Financial Corp. (BSBK) repurchase?

The company plans to repurchase up to 556,631 shares, which is approximately 10% of its outstanding common stock.

Are there any conditions affecting the stock repurchase timing for BSBK?

Yes, the timing and amount of repurchases will depend on market conditions, stock availability, and the company's financial performance.