ConnectOne Bancorp, Inc. and The First of Long Island Corporation announced Tuesday they have received approval from the Federal Deposit Insurance Corporation to proceed with their previously announced merger.
The transaction is expected to close on or about June 1, 2025, pending additional approvals or waivers from the New Jersey Department of Banking and Insurance and the Federal Reserve Bank of New York.
“We are pleased to have received FDIC approval to combine two highly complementary, client-focused banks,” said Frank Sorrentino III, chairman and CEO of ConnectOne. “By leveraging ConnectOne’s commercial expertise and modern infrastructure, we are well-positioned to serve First of Long Island’s distinguished client base.”
Chris Becker, CEO of The First National Bank of Long Island, said the merger followed months of strategic planning and called the integration effort “seamless.”
Upon completion, the combined company will operate under the ConnectOne brand with approximately $14 billion in total assets, $11 billion in deposits, and $11 billion in loans. The merger will position ConnectOne among the top five community banks on Long Island by deposit market share.
ConnectOne Bancorp, Inc. is the parent company of ConnectOne Bank and fintech subsidiary BoeFly, Inc. The First of Long Island Corporation is the parent of The First National Bank of Long Island, founded in 1927 and serving customers across Long Island and New York City.
