ConnectOne Bancorp Solidifies Market Position Through First of Long Island Merger
Deal News | Jun 02, 2025 | Globenewswire
ConnectOne Bancorp, Inc., the parent company of ConnectOne Bank, has completed its merger with The First of Long Island Corporation, the parent company of The First National Bank of Long Island. This merger results in a combined entity operating under the ConnectOne brand, now boasting assets of approximately $14 billion, with deposits and loans each reaching $11 billion. Through this strategic acquisition, ConnectOne aims to expand its market footprint with enhanced scale and capabilities, particularly in the New York, New Jersey, and Southeast Florida regions. The leadership team is poised to leverage their shared client-first culture to drive growth and strengthen franchise value further. Financial advisors and legal counsel facilitated the merger, with significant representation from both companies on the newly expanded ConnectOne Board of Directors.
Sectors
- Banking
- Financial Services
Geography
- United States – Both ConnectOne Bancorp and The First of Long Island Corporation are U.S.-based companies operating primarily in New Jersey, New York, and Southeast Florida.
- New York – The merger significantly impacts the New York region, particularly Long Island, where The First of Long Island has a strong presence.
- New Jersey – ConnectOne Bancorp is headquartered in New Jersey, influencing the local banking landscape with this merger.
Industry
- Banking – The merger between ConnectOne Bancorp and The First of Long Island is a major event in the banking sector, as both companies are parent to prominent regional banks.
- Financial Services – Both entities involved in the merger offer a wide range of financial services products, expanding ConnectOne's capabilities and reach.
Financials
- 14 billion – Total assets of the combined company post-merger.
- 11 billion – Total deposits and total loans of the combined company post-merger.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ConnectOne Bancorp, Inc. | Bidding Company | Company | A financial services company and parent of ConnectOne Bank, known for its commercial banking and fintech solutions. |
| The First of Long Island Corporation | Target Company | Company | Parent company of The First National Bank of Long Island, with a strong presence in the New York banking sector. |
| Frank Sorrentino | Chairman and CEO | Person | Chairman and CEO of ConnectOne Bancorp, leading the company through its strategic merger. |
| Christopher Becker | Vice Chairman | Person | Former President and CEO of The First National Bank of Long Island, now Vice Chairman at ConnectOne following the merger. |
| Keefe, Bruyette & Woods, Inc. | Financial Advisor | Company | Financial advisor to ConnectOne Bancorp for the merger deal. |
| Windels Marx Lane & Mittendorf, LLP | Legal Advisor | Company | Legal counsel for ConnectOne Bancorp during the merger. |
| Piper Sandler & Co | Financial Advisor | Company | Financial advisor to The First of Long Island Corporation in the merger. |
| Luse Gorman PC | Legal Advisor | Company | Legal counsel for The First of Long Island Corporation during the merger. |