By Hank Russell
ConnectOne Bank and The First National Bank of Long Island recently received the approval of the Federal Deposit Insurance Corporation (FDIC) to proceed with the previously announced merger of ConnectOne, a New Jersey-based financial institution, and First of Long Island, which is headquartered in Melville.
Closing of the transaction is expected to occur on or about June 1, pending approvals or waivers from the New Jersey Department of Banking and Insurance and the Federal Reserve Bank of New York. Once approved, First of Long Island will become ConnectOne.
ConnectOne Bank is a commercial bank offering a full suite of banking & lending products and services that focus on small to middle-market businesses. First of Long Island focuses on business and consumer needs on Long Island and in New York City, offering a broad set of lending, deposit, investment, and digital products.
“We are pleased to have received FDIC approval to combine two highly complementary, client-focused banks,” said ConnectOne Chairman/CEO Frank Sorrentino III. “By leveraging ConnectOne’s commercial expertise and modern infrastructure, we are well-positioned to serve First of Long Island’s distinguished client base. We look forward to unlocking new opportunities for our clients, employees, and stakeholders.”