First National Bank of Long Island to merge with Connect One Bank

First National Bank of Long Island, which has a branch on East Main Street in Riverhead, will merge with ConnectOne Bank, the two financial institutions announced this month.

Shareholders of the parent companies of both banks voted in separate special meetings to approve the merger, the companies announced in a press release Feb. 14. 

The companies expect the transaction to close in the second quarter of this year, subject to receipt of regulatory approvals, according to the press release.

Upon completion of the transaction, the combined company will operate under the ConnectOne brand. It will have approximately $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans, according to the announcement.  

“The combination will establish ConnectOne as one of the top 5 banks on Long Island, in terms of deposit market share,” the press release said.

“We’re excited about the prospect of combining with ConnectOne, which presents attractive opportunities for our respective clients, employees, and investors,” said Chris Becker, CEO of First of Long Island, the parent company of First National Bank of Long Island. Becker will become vice chairman of ConnectOne following the merger.

ConnectOne Bancorp Inc., the parent company of ConnectOne Bank, is headquartered in Englewood Cliffs, New Jersey. Its shares are traded on the Nasdaq Global Market under the trading symbol “CNOB.” 

The First National Bank of Long Island was founded in 1927 in Glen Head. It currently has 37 branches across New York City and Long Island, including the one in Riverhead. It opened its Riverhead branch in July 2021 at 140 East Main Street, the former location of a Capital One branch, which closed in November 2017. At the time, First National Bank of Long Island’s Riverhead branch was its easternmost branch on Long Island. It has since opened three other branches on the East End (Southold, Southampton and East Hampton.)

ConnectOne currently operates 25 branches: 14 in New Jersey, nine in New York and one in Florida. It has Long Island branches in East Hampton and Melville.

The merger announcement did not say whether any branch closings are expected as a result of the combination, but there is little overlap in the branch footprint of the two banks.

Connect One apparently plans to continue operating the Main Street, Riverhead branch. A new sign permit application was on the agenda of yesterday’s Architectural Review Board meeting.