ConnectOne Bancorp, Inc. and The First of Long Island Corporation have received approval from their respective shareholders for a proposed merger, which is expected to close in the second quarter of 2025 pending regulatory approval and other customary closing conditions. Upon completion of the transaction, the combined company will operate under the ConnectOne brand and will have approximately $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans. This merger will position ConnectOne as one of the top 5 banks on Long Island in terms of deposit market share.
ConnectOne Bancorp, Inc. currently operates through its subsidiary, ConnectOne Bank, and the bank’s fintech subsidiary, BoeFly, Inc. ConnectOne Bank offers a full suite of banking and 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.
The First of Long Island Corporation, on the other hand, 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, offering a broad set of lending, deposit, investment, and digital products.
As a result of the merger, Chris Becker, CEO of First of Long Island, will become vice chairman of ConnectOne following the close of the transaction. The press release does not provide specific financial metrics for the two companies, but it does indicate the significant size and market share that the combined entity will hold. Following these announcements, the company's shares moved -0.4%, and are now trading at a price of $26.86. If you want to know more, read the company's complete 8-K report here.
