ConnectOne to Acquire The First of Long Island in a $284 Million All-Stock Deal

ConnectOne Bancorp, Inc. (CNOB) entered into a merger agreement on September 5, 2024, to acquire smaller peer The First of Long Island Corporation (FLIC) in an all-stock deal valued at $284 million.

Deal Structure:

Under the terms of the agreement, First of Long Island shareholders will receive 0.5175 shares of ConnectOne common stock for each share of First of Long Island common stock.

The transaction is valued at about $12.40 per First of Long Island share, representing a discount of 0.80% from the stock’s last close.

The First of Long Island, with $4.2 billion in total assets, will be required to pay an $11.85 million termination fee if the deal falls through.

Company Profile:

The First of Long Island is the parent company of The First National Bank of Long Island, which provides various banking services like loans, savings accounts, and digital banking to businesses and people in Long Island and New York City.

ConnectOne is a financial company that operates through ConnectOne Bank and the fintech firm BoeFly, Inc. It provides banking and loan services to small businesses and people in the New York and South Florida areas.

In 2019, ConnectOne acquired Bancorp of New Jersey for $113 million and, in 2014, acquired Center Bancorp for $243 million.

Deal Details and Timeline:

The deal will form a combined bank with approximately $14 billion in total assets and enhance ConnectOne’s presence in New York City.

“We are excited to bring together two highly complementary, commercially focused banks to create a truly premier New York-metro community bank,” said ConnectOne CEO Frank Sorrentino III. Sorrentino also mentioned that the deal would speed up the bank’s growth strategy for Long Island, where ConnectOne opened its first branch in 2018.

As part of the deal, First of Long Island CEO Chris Becker will assume the role of vice chairman at ConnectOne.

The deal is expected to close in mid-2025 and is projected to increase ConnectOne’s earnings per share by 36% in 2025, on an adjusted basis.

The First of Long Island’s current Price/Book (TTM) ratio is 0.75, below the sector median of 1.24.

Deal Metrics:

More details about this merger and acquisition transaction can be found on the Deal Metrics page here:
Deal Metrics for the acquisition of The First of Long Island Corporation (FLIC) by ConnectOne Bancorp, Inc. (CNOB)

The Deal Metrics page provides a comprehensive overview of the merger, including:

• A spread history chart from announcement to completion or failure of the merger.
• Detailed timeline of events such as HSR period expiration, regulatory approvals, shareholder votes, etc.
• News and SEC filings related to the merger.
• A history of deal updates.
• And much more.

Disclaimer: Please conduct your own due diligence prior to buying or selling any securities mentioned in this article. We do not guarantee the completeness or accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article