ConnectOne Shareholders Approve Merger with First of Long Island
Deal News | Feb 14, 2025 | Globenewswire
ConnectOne Bancorp, Inc. and The First of Long Island Corporation have both received shareholder approval for their proposed merger, set to close in the second quarter of 2025, pending regulatory and customary approvals. ConnectOne will emerge as a leading community bank in the New York metro area, carrying approximately $14 billion in total assets. The merger is highly anticipated to create beneficial prospects for clients, employees, and investors. Frank Sorrentino III, CEO of ConnectOne, highlighted the hard work put into the integration process by their teams. Chris Becker, CEO of First of Long Island, will transition to Vice Chairman of ConnectOne post-merger. Together, they aim to enhance service offerings and expand their market share significantly in Long Island, retaining the brand name ConnectOne.
Sectors
- Banking & Financial Services
Geography
- United States – Both ConnectOne Bancorp and The First of Long Island Corporation operate within the United States, specifically focusing on the New York metropolitan area.
Industry
- Banking & Financial Services – The article discusses a merger between two banking institutions, impacting financial services and community banking sectors.
Financials
- $14 billion – Total assets expected post-merger
- $11 billion – Total deposits expected post-merger
- $11 billion – Total loans expected post-merger
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ConnectOne Bancorp, Inc. | Bidding Company | Company | Parent company of ConnectOne Bank, known for providing commercial banking and lending services, targeting small to middle-market businesses. |
| The First of Long Island Corporation | Target Company | Company | Parent company of The First National Bank of Long Island, offering a broad range of banking services in the Long Island and New York City area. |
| Frank Sorrentino III | CEO, ConnectOne Bancorp | Person | Chairman and CEO of ConnectOne Bancorp, overseeing the merger. |
| Chris Becker | CEO, The First of Long Island Corporation | Person | CEO of The First of Long Island, set to become Vice Chairman of ConnectOne post-merger. |