Shareholders of ConnectOne Bancorp, Inc. and The First of Long Island Corporation Approve Proposed Merger
ConnectOne Bancorp (CNOB) and The First of Long Island (FLIC) shareholders have approved their proposed merger at separate special meetings. The transaction is expected to close in Q2 2025, pending regulatory approval. The combined entity will operate under the ConnectOne brand, creating a premier New York-metro community bank with approximately $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans.
The merger will position ConnectOne among the top 5 banks on Long Island by deposit market share. Chris Becker, current CEO of First of Long Island, will become Vice Chairman of ConnectOne following the transaction's completion.
ConnectOne Bancorp (CNOB) e The First of Long Island (FLIC) hanno approvato la loro proposta di fusione in riunioni speciali separate. Si prevede che la transazione si concluda nel secondo trimestre del 2025, in attesa dell'approvazione normativa. L'entità risultante opererà sotto il marchio ConnectOne, creando una banca comunitaria di primo livello nella metropoli di New York con circa 14 miliardi di dollari in attivi totali, 11 miliardi di dollari in depositi totali e 11 miliardi di dollari in prestiti totali.
La fusione posizionerà ConnectOne tra le prime 5 banche di Long Island per quota di mercato dei depositi. Chris Becker, attuale CEO di First of Long Island, diventerà Vice Presidente di ConnectOne al termine della transazione.
ConnectOne Bancorp (CNOB) y The First of Long Island (FLIC) han aprobado su propuesta de fusión en reuniones especiales separadas. Se espera que la transacción se cierre en el segundo trimestre de 2025, a la espera de la aprobación regulatoria. La entidad combinada operará bajo la marca ConnectOne, creando un banco comunitario de primer nivel en la metrópoli de Nueva York con aproximadamente 14 mil millones de dólares en activos totales, 11 mil millones de dólares en depósitos totales y 11 mil millones de dólares en préstamos totales.
La fusión posicionará a ConnectOne entre los 5 principales bancos de Long Island por participación de mercado en depósitos. Chris Becker, actual CEO de First of Long Island, se convertirá en Vicepresidente de ConnectOne tras la finalización de la transacción.
ConnectOne Bancorp (CNOB)와 The First of Long Island (FLIC)의 주주들이 별도의 특별 회의에서 제안된 합병을 승인했습니다. 이 거래는 규제 승인을 기다리며 2025년 2분기에 마감될 것으로 예상됩니다. 결합된 실체는 ConnectOne 브랜드로 운영됩니다, 약 140억 달러의 총 자산, 110억 달러의 총 예금, 110억 달러의 총 대출을 가진 뉴욕 대도시의 최고 은행 커뮤니티를 창출합니다.
이번 합병은 ConnectOne을 롱아일랜드의 상위 5개 은행 중 하나로 자리매김하게 할 것입니다. First of Long Island의 현재 CEO인 Chris Becker는 거래 완료 후 ConnectOne의 부회장이 됩니다.
ConnectOne Bancorp (CNOB) et The First of Long Island (FLIC) ont approuvé leur proposition de fusion lors de réunions spéciales distinctes. La transaction devrait se clôturer au deuxième trimestre 2025, sous réserve de l'approbation réglementaire. L'entité combinée opérera sous la marque ConnectOne, créant une banque communautaire de premier plan dans la métropole de New York avec environ 14 milliards de dollars d'actifs totaux, 11 milliards de dollars de dépôts totaux et 11 milliards de dollars de prêts totaux.
La fusion positionnera ConnectOne parmi les 5 plus grandes banques de Long Island par part de marché des dépôts. Chris Becker, actuel PDG de First of Long Island, deviendra vice-président de ConnectOne après l'achèvement de la transaction.
ConnectOne Bancorp (CNOB) und The First of Long Island (FLIC) Aktionäre haben ihre vorgeschlagene Fusion in separaten Sonderversammlungen genehmigt. Der Abschluss der Transaktion wird für das zweite Quartal 2025 erwartet, vorbehaltlich der regulatorischen Genehmigung. Die kombinierte Einheit wird unter der Marke ConnectOne operieren und eine erstklassige Gemeinschaftsbank in der Metropolregion New York mit etwa 14 Milliarden Dollar an Gesamtkapital, 11 Milliarden Dollar an Gesamteinlagen und 11 Milliarden Dollar an Gesamtdarlehen schaffen.
Die Fusion wird ConnectOne unter den Top 5 Banken auf Long Island nach Marktanteil bei Einlagen positionieren. Chris Becker, der derzeitige CEO von First of Long Island, wird nach Abschluss der Transaktion Vizevorsitzender von ConnectOne.
- Combined entity will have $14B in assets, $11B in deposits, and $11B in loans
- Will become a top 5 bank on Long Island by deposit market share
- Strong shareholder support demonstrated for the merger
- Integration teams already preparing for combination
- None.
Insights
This strategic merger marks a transformative development in the New York metropolitan banking landscape, creating a significantly larger institution with $14 billion in total assets, $11 billion in deposits, and $11 billion in loans. The transaction's shareholder approval demonstrates strong investor confidence in the strategic rationale and potential synergies.
The merger's positioning as a top 5 bank on Long Island represents a substantial competitive advantage in a highly attractive market. Long Island's wealthy demographic profile and dense business community offer significant opportunities for cross-selling and market share expansion. The combined entity's enhanced scale should provide improved operational efficiency and a stronger competitive position against larger regional and national banks.
The retention of Chris Becker as Vice Chairman suggests a thoughtful approach to leadership integration and relationship continuity, particularly important for maintaining First of Long Island's established client base. The focus on small to middle-market businesses aligns well with the economic composition of the New York metro area, while BoeFly's fintech capabilities could provide a technological edge in serving this segment.
From an operational perspective, the Q2 2025 targeted closing allows adequate time for integration planning and regulatory approval. The combined loan-to-deposit ratio of 100% indicates a well-balanced funding profile, though careful attention to deposit retention during the integration phase will be crucial.
ENGLEWOOD CLIFFS, N.J. and MELVILLE, N.Y., Feb. 14, 2025 (GLOBE NEWSWIRE) -- ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), and The First of Long Island Corporation (Nasdaq: FLIC) (“First of Long Island”), parent company of The First National Bank of Long Island, today announced that at separate special meetings the shareholders of both companies approved proposals relating to the pending merger of ConnectOne and First of Long Island. Closing of the transaction is expected to occur in the second quarter of 2025, subject to the receipt of regulatory approval and other customary closing conditions.
“We are pleased that shareholders demonstrated strong support for this compelling transaction,” commented Frank Sorrentino III, Chairman and Chief Executive Officer of ConnectOne. “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.”
Upon completion of the transaction, the combined company will operate under the ConnectOne brand, and will have approximately
“We’re excited about the prospect of combining with ConnectOne, which presents attractive opportunities for our respective clients, employees, and investors,” said Chris Becker, CEO of First of Long Island. “We look forward to beginning this next chapter in our bank’s history.” As previously announced, Mr. Becker will become Vice Chairman of ConnectOne following the close of the transaction.
About ConnectOne Bancorp, Inc.
ConnectOne Bancorp, Inc., is a modern financial services company that operates, through its subsidiary, ConnectOne Bank, and the Bank’s fintech subsidiary, BoeFly, Inc. ConnectOne Bank is a high-performing commercial bank offering a full suite of banking & lending products and services that focus on small to middle-market businesses. BoeFly, Inc. is a fintech marketplace that connects borrowers in the franchise space with funding solutions through a network of partner banks. ConnectOne Bancorp, Inc. is traded on the Nasdaq Global Market under the trading symbol "CNOB," and information about ConnectOne may be found at https://www.connectonebank.com.
About The First of Long Island Corporation
The First of Long Island Corporation (Nasdaq: FLIC) is the parent company of The First National Bank of Long Island, a local bank founded in 1927 in Glen Head, New York. Through its branch network branded as First National Bank LI, the Bank focuses on business and consumer needs on Long Island and in New York City. We offer a broad set of lending, deposit, investment, and digital products. First National Bank LI is known for its culture of delivering extraordinary service and a “Customer First” banking experience to small and middle market businesses, professional service firms, not-for-profits, municipalities and consumers. The Bank’s tagline “Go First, Go Far” communicates the benefits of its employees’ commitment to helping customers reach their financial goals. For more information about the Bank and Corporation visit fnbli.com.
Forward-Looking Statements
Certain statements contained herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms.
Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. The following factors, among others, could cause actual results to differ materially from the anticipated results expressed in the forward-looking statements: failure to consummate the merger for any reason, including the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company) or failure to satisfy any of the other closing conditions in a timely basis or at all; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against ConnectOne or FLIC; and potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in ConnectOne’s and FLIC’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission (the “SEC”) and available at the SEC’s Internet website (www.sec.gov). Except as required by law, ConnectOne and FLIC do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.
ConnectOne Investor Contact:
William S. Burns
Senior Executive VP & CFO
201.816.4474; bburns@cnob.com
First of Long Island Investor Contact:
Janet T. Verneuille
Senior Executive VP & CFO
516.671.4900 Ext. 7462; janet.verneuille@fnbli.com
Media Contact:
Mitchell Mevorah
MikeWorldWide
646.306.1965; mmevorah@mww.com
FAQ
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