An important way of summarizing a bipartite graph is to give a set of (quasi-) bicliques that contain (almost) all of its edges. These quasi-bicliques are somewhat similar to clustering of the nodes, giving sets of similar nodes. Unlike clustering, however, the quasi-bicliques are not required to partition the nodes, allowing greater flexibility when creating them. When we identify the bipartite graph with its bi-adjacency matrix, the problem of finding these quasi-bicliques turns into the problem of finding the Boolean matrix factorization of the bi-adjacency matrix -a problem that has received increasing research interest in data mining in recent years. But many real-world graphs are dynamic and evolve over time. How can we update our bicliques without having to re-compute them from the scratch?An algorithm was recently proposed for this task (Miettinen, ICMD 2012). The algorithm, however, is only able to handle the case where the new 1s are added to the matrix -it cannot handle the removal of existing 1s. Furthermore, the algorithm cannot adjust the rank of the factorization. This paper extends said algorithm with the capability of working in fully dynamic setting (with both additions and deletions) and with capability of adjusting its rank dynamically, as well. The behaviour and performance of the algorithm is studied in experiments conducted with both real-world and synthetic data.