ConnectOne Bancorp, Inc. and The First of Long Island Corporation announced that shareholders of both companies have approved proposals related to their pending merger. This significant step moves the transaction closer to its expected closing in the second quarter of 2025, pending regulatory approval and other customary conditions.
Upon completion, the combined entity will operate under the ConnectOne brand, boasting approximately $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans. This combination is projected to establish ConnectOne as one of the top five community banks on Long Island in terms of deposit market share.
Frank Sorrentino III, Chairman and CEO of ConnectOne, expressed satisfaction with the strong shareholder support, emphasizing the complementary cultures of the two institutions. Chris Becker, CEO of First of Long Island, is slated to become Vice Chairman of ConnectOne following the transaction's close, ensuring leadership continuity and integration expertise.
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