ConnectOne Bancorp (NASDAQ:CNOB) and The First of Long Island (NASDAQ:FLIC) have entered into a definitive deal, pursuant to which First of Long Island will merge with and into ConnectOne.
The combined company will operate under the ConnectOne brand, and will have approximately $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans.
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 currently valued at approximately $284 million in the aggregate, or approximately $12.40 per FLIC share. It is expected to be completed in mid-2025.
Headquartered in Melville, NY, First of Long Island operates 40 branches in the New York Metropolitan area, with approximately 92% of its deposits located in Nassau or Suffolk Counties. As of June 30, 2024, it had approximately $4.2 billion of assets, $3.3 billion of loans, and $3.4 billion of deposits.
The merger is expected to be approximately 36% accretive to ConnectOne’s EPS in 2025 as adjusted for an illustrative full phase-in of cost savings.
