ConnectOne Bancorp and First of Long Island Merger Gains Approval
Merger Approval Between ConnectOne Bancorp and First of Long Island
ConnectOne Bancorp, Inc. (Nasdaq: CNOB) and The First of Long Island Corporation (Nasdaq: FLIC) are thrilled to announce their shareholders' overwhelming support for their proposed merger. During separate special meetings, both companies received the green light on the merger proposals, paving the way for a collaboration that promises to enrich the financial landscape.
Details of the Merger
According to the latest updates, this merger is not merely a consolidation of services but a strategic move aimed at creating a powerhouse in the banking sector. The completion of the merger is anticipated in the upcoming second quarter, pending regulatory approvals and customary closing conditions. This merger will yield a combined entity boasting approximately $14 billion in assets, alongside $11 billion in deposits and loans.
Leadership Insights on the Merger
Frank Sorrentino III, the Chairman and Chief Executive Officer of ConnectOne, expressed immense gratitude for the shareholder support. He reflected on the efforts of integration teams working relentlessly to ensure a seamless transition. Sorrentino noted that merging these two institutions will create a premier community bank, enhancing services and offering greater value to their collective clientele.
Chris Becker, CEO of The First of Long Island Corporation, stated his enthusiasm for the merger, highlighting the attractive opportunities it presents for clients and investors alike. Upon the merger's conclusion, Becker will transition into the role of Vice Chairman at ConnectOne, suggesting a synergistic collaboration between the two companies' leadership.
Strengthened Market Position
The merger positions ConnectOne among the top five banks on Long Island based on deposit market share. This enhancement is pivotal as both companies are rooted in serving the local community with a focus on small to middle-market businesses. The union is expected to solidify their foothold in the market while expanding the range of services offered.
About ConnectOne Bancorp, Inc.
ConnectOne Bancorp, Inc. operates through its subsidiary, ConnectOne Bank, and its fintech arm, BoeFly, Inc. The bank is recognized for its robust suite of commercial banking services aimed at supporting small and middle-market businesses. BoeFly serves as a vital connection point for franchise borrowers in need of funding solutions. As a publicly traded entity on Nasdaq under the ticker CNOB, ConnectOne continues to innovate in the financial services sector.
The First of Long Island Corporation Overview
Founded in 1927, The First of Long Island Corporation oversees The First National Bank of Long Island. The bank emphasizes personal banking tailored to consumer and business needs, offering a diverse selection of lending, investment, and digital products. Their commitment to extraordinary service is encapsulated in their tagline, "Go First, Go Far," which illustrates their mission to aid customers in realizing their financial aspirations.
Frequently Asked Questions
What is the primary benefit of the ConnectOne and First of Long Island merger?
The merger aims to create a stronger, more competitive banking entity with combined resources, enhancing service offerings and market share.
When is the merger expected to be finalized?
The closing of the merger is projected for the second quarter of the year, contingent upon the necessary regulatory approvals.
Who will lead ConnectOne after the merger?
Chris Becker of The First of Long Island will assume the position of Vice Chairman at ConnectOne post-merger.
How will this merger impact customers?
Customers can expect improved banking services and a wider array of financial products due to the merger's synergies.
Where can I find more information about ConnectOne Bancorp?
Additional information about ConnectOne and its offerings can be found on their official website at www.connectonebank.com.
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