ConnectOne Bank’s parent company ConnectOne Bancorp and First of Long Island, the holding company of First National Bank of Long Island, announced that their respective shareholders have approved their proposed $284m merger.
The approvals were granted at separate special meetings of the bank holding companies, which are both listed on Nasdaq.
Initially announced in September 2024, the transaction is expected to be finalised in Q2 2025, subject to regulatory approvals and other customary conditions.
ConnectOne Bancorp chairman and CEO Frank Sorrentino III said: “Our integration teams have been working diligently to prepare for the combination, and we look forward to bringing together our two highly complementary cultures to create a truly premier New York-metro community bank.”
Following the closing of the deal, the combined entity will operate under the ConnectOne brand. It is expected to have approximately $14bn in total assets, $11bn in total deposits, and $11bn in total loans.
The merger is also anticipated to position ConnectOne Bancorp as one of the top five banks on Long Island by deposit market share.
In addition, the deal will strengthen ConnectOne Bancorp’s presence in the Greater New York Metro Area, particularly in Long Island’s Nassau and Suffolk Counties, where the combined company will hold 30% of its pro forma deposit base.
Under the terms of the agreement, shareholders of First of Long Island will receive 0.5175 shares of ConnectOne Bancorp common stock for each share of First of Long Island common stock.
The deal is also set to create a larger middle-market bank focused on serving businesses and consumers across the region. The combined entity is projected to have a market capitalisation exceeding $1.2bn.
ConnectOne Bancorp operates through ConnectOne Bank, a commercial bank providing a full range of banking and lending services tailored to small and mid-sized businesses.
The company also owns BoeFly, a fintech marketplace that connects franchise borrowers with funding solutions through a network of partner banks.
Headquartered in New York, First of Long Island provides a range of lending, deposit, investment, and digital products.
First of Long Island CEO Chris Becker said: “We’re excited about the prospect of combining with ConnectOne, which presents attractive opportunities for our respective clients, employees, and investors.”
