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

Rhea-AI Summary

Bogota Financial Corp. (NASDAQ: BSBK) has received regulatory approval for its sixth stock repurchase program, allowing the company to buy back up to 237,590 shares of its common stock. This represents approximately 5% of its outstanding common stock, excluding shares held by Bogota Financial, MHC.

The repurchase program has no expiration date and can be conducted through open market or private transactions, with flexibility to suspend, terminate, or modify the program. The timing and volume of repurchases will be influenced by factors including stock availability, market conditions, trading price, capital allocation alternatives, and company performance.

Positive

• Authorization to repurchase 5% of outstanding common stock
• Flexibility in repurchase execution with no expiration date
• Program demonstrates company's commitment to returning value to shareholders

Negative

• No guarantee on the exact number of shares to be repurchased
• Repurchase execution dependent on market conditions and stock price

TEANECK, N.J., Aug. 12, 2025 (GLOBE NEWSWIRE) -- 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 237,590 shares of its common stock, which is approximately 5% 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 sixth stock repurchase program.

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 seven offices located in Bogota, Hasbrouck Heights, Newark, Oak Ridge, Parsippany, Teaneck and Upper Saddle River, 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, 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.

Contact Information

For Bogota Financial Corp.:

Kevin Pace                 
President and Chief Executive Officer        
(201) 862-0660 ext. 1110                        

FAQ

How many shares can Bogota Financial Corp (BSBK) repurchase under its new program?

Bogota Financial Corp can repurchase up to 237,590 shares, representing approximately 5% of its outstanding common stock (excluding shares held by Bogota Financial, MHC).

What is the expiration date for BSBK's sixth stock repurchase program?

The repurchase program has no expiration date and can be suspended, terminated, or modified at any time for any reason.

How will Bogota Financial Corp (BSBK) execute its share repurchase program?

BSBK can execute the repurchases through open market or private transactions, or through trading plans adopted under Rule 10b5-1 of the SEC, in accordance with Rule 10b-18 requirements.

Is there a guaranteed number of shares that BSBK will repurchase?

No, the program does not obligate the company to purchase any particular number of shares. The timing and amount will depend on factors including stock availability, market conditions, trading price, and the company's financial performance.