ConnectOne Bancorp and The First of Long Island Corporation have announced that they have received approval from the Federal Deposit Insurance Corporation (FDIC) to move forward with their planned merger. The development comes around eight months after the two entities agreed to combine their operations in a deal valued at approximately $284m.
The merger is anticipated to close around 1 June 2025, contingent upon receiving necessary approvals or waivers from the New Jersey Department of Banking and Insurance and the Federal Reserve Bank of New York.
Once finalised, the merged entity will operate under the ConnectOne brand, significantly enhancing its market presence.
The combined organisation is projected to have total assets of about $14bn, with total deposits and loans each reaching approximately $11bn. This merger positions ConnectOne as one of the top five community banks on Long Island based on deposit market share, thereby strengthening its competitive stance in the region.
ConnectOne Bancorp operates through its subsidiary, ConnectOne Bank, which also includes the fintech subsidiary BoeFly.
ConnectOne chairman and CEO Frank Sorrentino III said: “We are pleased to have received FDIC approval to combine two highly complementary, client focused banks.
“By leveraging ConnectOne’s commercial expertise and modern infrastructure, we are well-positioned to serve First of Long Island’s distinguished client base. We look forward to unlocking new opportunities for our clients, employees, and stakeholders.”
The First National Bank of Long Island CEO Chris Becker said: “Following months of strategic and collaborative planning, our teams are ready to execute a seamless integration. I am thrilled to partner with an organisation that values client service in the same way we do, and I look forward to ensuring a smooth transition for our clients.”
