Englewood Cliffs-based ConnectOne Bancorp, Inc., parent company of ConnectOne Bank, completes its acquisition of Fort Lee-based Bancorp of New Jersey, Inc., parent of Bank of New Jersey.
“We are pleased to complete this compelling, financially savvy transaction, which enhances our powerful franchise and provides enhanced scale and additional growth opportunities within our own market,” commented Frank Sorrentino, ConnectOne’s chairman and chief executive officer. “We continue to accelerate ConnectOne’s strategic focus on increasing client relationships and look forward to offering our new clients access to technological financial solutions, an expanded product base, a broader network of locations across the New York Metro market and access to talented bankers. Given our deep history in Bergen County and surrounding areas, we expect the conversion of Bank of New Jersey to ConnectOne Bank to be a smooth one. The conversion is scheduled to take place in May 2020, at which point Bank of New Jersey clients will be transitioned to the ConnectOne platform.”
Key Transaction Highlights:
Key Financial Impact Highlights:
ConnectOne’s board of directors expanded, as agreed to in the merger agreement, to 12 members to include former BKJ director Mark Sokolich. The new independent Director, Sokolich, is an attorney and managing partner of Mark Sokolich, Esq., a Fort Lee-based law firm. He has represented various banking clients in commercial and residential real estate. Additionally, he’s the Mayor of the Borough of Fort Lee and is a former councilman.
Keefe, Bruyette & Woods, Inc., a Stifel Company, served as financial advisor to ConnectOne and Squire Patton Boggs (US) LLP served as its legal counsel. Sandler O’Neill & Partners, L.P. served as financial advisor to Bancorp of New Jersey and Holland & Knight LLP served as its legal counsel.
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