Nasdaq-listed bank holding firm ConnectOne Bancorp has finalised its previously announced merger with Melville, New York-based First of Long Island, valued at approximately $284m.
The merger integrates First of Long Island’s subsidiary First National Bank of Long Island with ConnectOne Bancorp’s ConnectOne Bank. This expands the latter’s total assets to approximately $14bn, alongside $11bn each in deposits and loans.
Operating now under the ConnectOne brand, the merger establishes a significant presence in the middle-market banking sector, targeting the greater New York metropolitan area.
The merger deal, which was announced in September 2024, enhances ConnectOne’s retail network to over 60 branches across New York, New Jersey, and Southeast Florida.
ConnectOne Bancorp chairman and CEO Frank Sorrentino said: “We are pleased to conclude this complementary, financially savvy transaction, expanding the ConnectOne mission.
“With greater scale, enhanced capabilities and a shared client-first culture, we are poised to accelerate growth, and strengthen franchise value. I look forward to serving our growing client base and providing the robust Long Island community an even wider range of services.”
The terms of the merger dictate that shareholders from First of Long Island receive 0.5175 shares of ConnectOne Bancorp common stock per share held. This values each First of Long Island share at about $12.4, based on ConnectOne Bancorp’s closing stock price on 4 September 2024.
Shareholders also received cash for any fractional shares they were entitled to in this transaction. At the time of the agreement, First of Long Island operated 40 branches within the New York Metro area, predominantly in Nassau and Suffolk Counties.
Keefe, Bruyette & Woods, part of Stifel Financial, served as financial advisers for ConnectOne Bancorp, while legal counsel was provided by Windels Marx Lane & Mittendorf. Advising First of Long Island were Piper Sandler & Co., with legal counsel from Luse Gorman PC.
