ENGLEWOOD CLIFFS, NJ — In a significant move that strengthens its presence in the tri-state region, ConnectOne Bank has officially completed its acquisition of The First National Bank of Long Island, marking a pivotal moment in the bank’s growth strategy and reinforcing its standing as a leading middle-market financial institution.
The deal, originally valued at $284 million, brings the total number of ConnectOne’s locations to over 60 branches across New York, New Jersey, and Southeast Florida. With this acquisition finalized, ConnectOne now boasts approximately $14 billion in assets, along with $11 billion each in deposits and loans. These figures place the Englewood Cliffs-based institution among the top five community banks in Long Island by deposit market share—an impressive climb in one of the most competitive banking landscapes in the region.
A Bold Step Toward Regional Dominance
This acquisition is more than just a business transaction—it’s a carefully aligned strategic move. Long Island’s Nassau and Suffolk counties, home to nearly 2.9 million residents, offer a strong market characterized by high household incomes and a stable, aging population. With a median household income of $132,080, the area presents a valuable opportunity for expanding ConnectOne’s client base among affluent households and businesses alike.
By folding The First National Bank of Long Island into its operations, ConnectOne is not only gaining new customers, but also extending its footprint into an area that aligns with its mission of community-focused banking. The combined entity is operating under the ConnectOne brand, ensuring a seamless transition for legacy customers while offering enhanced capabilities and resources.
“We are pleased to conclude this complementary, financially savvy transaction, expanding the ConnectOne mission,” said Frank Sorrentino, Chairman and CEO of ConnectOne. “With greater scale, enhanced capabilities, and a shared client-first culture, we are poised to accelerate growth and strengthen franchise value.”
Leadership and Vision for the Future
As part of the agreement, ConnectOne’s board of directors has expanded to 15 members, incorporating experienced leaders from The First National Bank of Long Island. Among the new additions are Christopher Becker, appointed as Vice Chairman of ConnectOne, along with Peter Quick and Ed Haye, who will serve as independent directors. Their expertise will play a critical role in guiding the bank’s next phase of regional growth.
Shareholders of First of Long Island received 0.5175 shares of ConnectOne common stock for every share held, with cash in lieu of fractional shares, completing the shareholder transition.
For those following the evolving financial landscape in the Northeast, this merger signals a continued push toward scalable, community-oriented banking that doesn’t compromise on service quality. It’s also a notable reminder of how local banks are leveraging smart partnerships to stay competitive in an increasingly nationalized financial world.
Why This Matters for New Jersey and Beyond
With this acquisition, New Jersey-based ConnectOne solidifies its position as a serious player not just locally, but across the broader New York metropolitan area. This deal enhances access to high-growth markets, while reaffirming the bank’s commitment to personalized service and relationship-based banking—a hallmark of its ongoing strategy.
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