Englewood Cliffs-based ConnectOne Bancorp, Inc., parent company of ConnectOne Bank, today announced the completion of its previously announced merger under which the Company merged with the former ConnectOne Bancorp, Inc. The merger creates a $3 billion financial institution with 24 branches across Bergen, Essex, Hudson, Mercer, Monmouth, Morris, and Union counties. The combined company is one of the largest New Jersey-based banking institutions with increased scale, technology and lending capabilities serving middle market commercial businesses. Simultaneously with the completion of the merger, the company changed its name to ConnectOne Bancorp, Inc.
The combined company retains the ConnectOne Bancorp and ConnectOne Bank name, will maintain the stock ticker symbol “CNOB” on the NASDAQ Global Select Market and will be headquartered in Englewood Cliffs.
Management of the newly combined company will be overseen by Frank Sorrentino, who will serve as Chairman, Chief Executive Officer and President, and William S. Burns as Chief Financial Officer.
Additionally, the combined company will have a 12-member Board of Directors drawn from the existing Boards of both companies. A systems integration and transition to ConnectOne’s operating platform is underway and expected to be completed the week of July 21, 2014.
“I want to thank and congratulate our employees, shareholders and clients on this watershed moment. Today, we go to market as a stronger financial institution, with the scale and expanded resources the growing middle market needs to thrive,” said Frank Sorrentino, ConnectOne’s Chairman and Chief Executive Officer. “Just as we set out to do with the creation of ConnectOne Bank, we’re delivering even more of the financial products, advanced technology and world-class customer service synonymous with our commitment to be ‘a better place to be’.”
The newly combined bank will have significantly improved financial strength, and clients will benefit from its diverse portfolio of business and personal banking, wealth management services and financial planning products, increased lending capabilities, greater access to best-in-class banking technology and expanded hours.
Based on financial results as of March 31, 2014, the combined company will have approximately $3.1 billion in total assets, $2.4 billion in total deposits and $2.2 billion in total loans. In accordance with the terms of the merger agreement, shareholders of the former ConnectOne Bancorp, Inc. received a fixed exchange ratio of 2.6 shares of Company common stock for each share of their old ConnectOne common stock.
Separately, the Company announced that Mr. Anthony C. Weagley, former President and Chief Executive Officer of Center and its bank subsidiary, Union Center National Bank, resigned from his positions with the Company and the Bank to pursue other professional opportunities.
Mr. Sorrentino stated: “We want to thank Tony for his dedication and hard work in completing this merger. We wish him well in all his future endeavors.”