Shareholders of ConnectOne Bancorp, Inc. and The First of Long Island Corporation Approve Proposed Merger
15 February 2025 - 8:24AM
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 $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 5 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,” 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
CorporationThe 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
StatementsCertain 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. BurnsSenior Executive VP &
CFO201.816.4474; bburns@cnob.com
First of Long Island Investor
Contact:Janet T. VerneuilleSenior Executive VP &
CFO516.671.4900 Ext. 7462; janet.verneuille@fnbli.com
Media Contact:Mitchell
MevorahMikeWorldWide646.306.1965; mmevorah@mww.com
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