Investors searching for the First of Long Island Corporation will no longer find it trading independently. The bank has been fully absorbed by ConnectOne Bancorp, Inc. following the finalization of a strategic merger. This move creates a significantly larger regional entity and marks the end of an era for the former institution’s shareholders.
Creation of a $14 Billion Entity
The combined organization now boasts total assets of approximately $14 billion, establishing it as a more formidable competitor in the Northeastern U.S. banking landscape. Post-merger figures indicate consolidated deposits and loan volumes each standing at roughly $11 billion. Market analysts view the consolidation as a strategic effort to enhance scale and competitive strength within the densely populated and highly competitive New York metropolitan area, including Long Island.
Share Conversion and Market Delisting
The merger, which became effective last year, involved a specific exchange ratio for equity holders. Shareowners of First of Long Island received 0.5175 shares of ConnectOne Bancorp common stock for each share they previously held. Any fractional shares resulting from the exchange were settled in cash. With the legal completion of the deal, First of Long Island ceased to exist as a separate public company, leading to the immediate delisting of its stock from the Nasdaq Global Market.
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Leadership and Governance Integration
The unification is also reflected in the combined company’s boardroom. Christopher Becker, the former President and Chief Executive Officer of First of Long Island, has joined ConnectOne’s board in the role of non-executive Vice Chairman. Furthermore, two additional former First of Long Island directors, Peter Quick and Edward J. Haye, have also been appointed to the board. These appointments are designed to provide continuity and guide the integration process.
The ConnectOne brand now serves as the unified identity for the enlarged institution. For investors interested in the future performance of this expanded regional bank, attention must now turn exclusively to the shares of ConnectOne Bancorp. The company’s current focus is on leveraging the synergies of its larger platform to efficiently serve customers across the greater New York region.
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