Shareholders of ConnectOne Bancorp, the parent company of ConnectOne Bank, and The First of Long Island Corp., the parent company of The First National Bank of Long Island, have approved proposals related to the companies’ pending merger. The votes were cast at separate special meetings.
Closing of the transaction is expected to occur in the Q2/25, subject to the receipt of regulatory approval and other customary closing conditions.
“We are pleased that shareholders demonstrated strong support for this compelling transaction,” Frank Sorrentino III, chairman and CEO of ConnectOne, said. “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 $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans. The combination will establish ConnectOne as one of the top five banks on Long Island, in terms of deposit market share.
“We’re excited about the prospect of combining with ConnectOne, which presents attractive opportunities for our respective clients, employees, and investors,” Chris Becker, CEO of First of Long Island, said. “We look forward to beginning this next chapter in our bank’s history.”
As previously announced, Becker will become vice chairman of ConnectOne following the close of the transaction.
