ConnectOne Bancorp, Inc. and The First of Long Island Corporation have announced a definitive agreement for a merger, resulting in a combined entity operating under the ConnectOne brand with $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans. First of Long Island’s shareholders will receive 0.5175 shares of ConnectOne common stock per First of Long Island share, valuing the transaction at $284 million. The merger, expected to complete in mid-2025, will significantly enhance ConnectOne’s presence in the New York metro area. ConnectOne will raise $100 million in subordinated debt before the transaction closes. The merger is projected to be 36% accretive to ConnectOne’s earnings per share in 2025, with a tangible book value dilution of 12%, and an earnback period of approximately 2.9 years. The transaction, unanimously approved by both Boards, awaits shareholder and regulatory approvals.
Banking, Financial Services,United States, New York
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