ConnectOne Bancorp, Inc. and The First of Long Island Corporation announced they have received approval from the Federal Deposit Insurance Corporation (FDIC) for their previously announced merger. This approval marks a significant step forward in the integration process, bringing the transaction closer to completion.
The closing of the merger is now expected to occur on or about June 1, 2025, contingent upon receiving approvals or waivers from the New Jersey Department of Banking and Insurance and the Federal Reserve Bank of New York. This regulatory clearance provides increased certainty for the strategic combination of the two banks.
Upon completion, the combined company will operate under the ConnectOne brand, with approximately $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans. This expanded scale is expected to establish ConnectOne as one of the top five community banks on Long Island in terms of deposit market share.
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