ConnectOne Bancorp and First of Long Island Set for Merger
Shareholders Vote to Approve Merger
ConnectOne Bancorp, Inc. (NASDAQ: CNOB) and The First of Long Island Corporation (NASDAQ: FLIC) have reached a pivotal moment in their corporate journeys. Recently, shareholders from both financial institutions gathered in separate meetings to approve the merger that promises to reshape their banking landscape. This union is expected to finalize in the upcoming quarter, pending necessary regulatory approvals and standard closing conditions.
CEO Insights on the Merger
Frank Sorrentino III, the Chairman and CEO of ConnectOne, expressed his satisfaction regarding the strong backing from shareholders. He stated, "The enthusiasm shown by our shareholders is a clear indication of the value this merger brings to both companies and their stakeholders. Our teams have been working tirelessly to integrate our strengths and cultures, creating a robust community bank in the New York metropolitan area."
The Benefits of the Merger
The consolidated entity will operate under the ConnectOne brand, bringing together an impressive portfolio. With approximately $14 billion in total assets, $11 billion in deposits, and an equal amount in loans, this merger positions ConnectOne among the top five banks on Long Island by market share. This vast network will enhance customer accessibility and service offerings significantly.
Leadership Transition
As part of this strategic alignment, Chris Becker, the current CEO of First of Long Island, will transition into the role of Vice Chairman of ConnectOne after the merger's completion. Becker remarked on the merger's potential, saying that it opens up attractive avenues for clients and employees alike, creating a win-win situation for all involved.
About ConnectOne Bancorp, Inc.
ConnectOne Bancorp operates through its subsidiary, ConnectOne Bank, alongside BoeFly, Inc., its fintech division. ConnectOne Bank is dedicated to delivering a comprehensive array of banking products specifically tailored for small to middle-market enterprises. BoeFly connects franchise borrowers with financing options, further diversifying the services provided by ConnectOne Bancorp.
About The First of Long Island Corporation
The First of Long Island Corporation, through its bank, has been servicing the New York City and Long Island markets since 1927. With a strong reputation for excellent customer service, the First National Bank of Long Island enhances the banking experience for both businesses and individual customers. Their offerings span various banking services, with a distinct emphasis on building enduring relationships with clients.
Looking Ahead
As both companies merge, the emphasis on customer service and a commitment to community banking will remain paramount. Teams from both organizations are working together closely to ensure a seamless transition that maximizes benefits for all stakeholders. The new entity aims to maintain the high standards set by both banks while enhancing service offerings through well-rounded solutions.
Frequently Asked Questions
What prompted the merger between ConnectOne and First of Long Island?
The merger aims to expand services and resources for customers, creating a stronger banking entity in the New York area.
When is the merger expected to be finalized?
The merger is anticipated to close within the next few months, contingent upon regulatory approvals.
What will happen to the current brands after the merger?
Post-merger, the combined company will operate under the ConnectOne brand, unifying the two entities.
How will this merger affect customers?
Customers can expect enhanced services and broader product offerings as the two banks integrate their systems and competencies.
Who will lead the combined company after the merger?
Frank Sorrentino III will continue as the CEO, while Chris Becker will serve as Vice Chairman, ensuring leadership continuity.
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