Bogota Savings Bank

Bogota Savings Bank

Founded in Bergen County, Bogota Savings Bank is proud to be one of the oldest banks in New Jersey. In 1893, local businessman William Smith determined that the employees of his company, Bogota Paper Mills, should have a local place to tend to their banking needs. To help achieve his goal, Mr. Smith enlisted the help of New York banker Victor Ludwig. Employing Mr. Ludwig’s vast experience from his tenure at the Bowery Savings Bank, both men set out to make this idea a reality, and on March 31st of that year, Bogota Building and Loan was born. Bogota Building and Loan found space to conduct its early meetings in the town firehouse, then later moved to the Borough Hall. To house bank records, Bogota Building and Loan also leased space from another local bank, Bank of Bogota, which was located on the corner of Elm Ave & Fort Lee Road. As the new Building & Loan grew, there was a need for even more space. Offices were leased and transactions taken on behalf of the Building and Loan from another local bank, Bogota National Bank. Throughout that time, Mr. Ludwig remained involved with Bogota Building and Loan as a part-time employee. Over the years, there were changes in management at Bogota National Bank, requiring the separation of banking transactions between the Building and Loan and Savings Bank. Along with that change, the growth of Bogota Building and Loan continued, and in 1933, Edwin “Pop” Ludwig became its first full-time employee.

In 1940, Bogota Building and Loan purchased land and erected a small building at 60 East Main Street, which is still standing today as one of its branches. The next year Bogota Building and Loan was renamed Bogota Savings and Loan Association. In 1996, Bogota Savings and Loan converted its charter to that of a State Mutual Savings Bank and adopted the new name of Bogota Savings Bank. In 2004, Bogota Savings Bank purchased a branch of Interchange Bank, 819 Teaneck Road in Teaneck, which is now the home of Bogota’s second branch and administrative offices.

Bogota Savings Bank’s merger with Gibraltar Bank in March 2021 created a new banking experience for all customers, allowing expansion into Essex and Morris counties. The longstanding history of Gibraltar Bank continues on with Bogota Savings Bank as they grow into the future. Along with the merger in 2021, Bogota Savings Bank opened a new, state of the art branch in Hasbrouck Heights. Located at 181 Boulevard, the newly renovated, full-service branch brings a modern banking approach to Bogota Savings Bank, with the same level of service they have always provided customers. With six branches across Northern New Jersey, they continue to deliver the banking experience they pride themselves on for new and existing customers.

Community has been at the heart of Bogota Savings Bank since 1893. Throughout its more than 125-year history, they have always worked hard to earn and keep the community’s trust. Generations of families have relied on Bogota Savings Bank for all of their banking needs – a new mortgage or home equity loan, a child’s first savings account, an IRA or CD, and online / mobile services. Commercial customers also rely on Bogota Savings Bank for products that help grow their business and allow them to capitalize on opportunity – commercial and multi-family mortgages, business checking and merchant services. Customers trust in Bogota Savings Bank’s commitment to always deliver the very best products, services, value, and convenience.