8-K: ConnectOne Bancorp Completes Merger with First of Long Island, Expands Board and Appoints New Vice Chairman

ConnectOne Bancorp, Inc. has successfully completed its merger with The First of Long Island Corporation, creating a combined entity with approximately $14 billion in assets and appointing former FLIC CEO Christopher Becker as Vice Chairman.

Summary

• ConnectOne Bancorp, Inc. completed its merger with The First of Long Island Corporation (FLIC) on June 1, 2025, with FLIC merging into ConnectOne and its subsidiary bank, The First National Bank of Long Island, merging into ConnectOne Bank.
• FLIC shareholders received 0.5175 shares of ConnectOne common stock for each FLIC share held immediately prior to the Effective Time, with cash paid in lieu of fractional shares.
• The combined company now operates under the ConnectOne brand, boasting approximately $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans.
• The Board of Directors of ConnectOne and ConnectOne Bank has been expanded to 15 members.
• Christopher Becker, former President and Chief Executive Officer of FLIC, has been appointed Vice Chairman of ConnectOne and ConnectOne Bank for a 36-month term, receiving an annual cash retainer fee of $180,000, in addition to standard ConnectOne board fees, committee fees, and equity awards.
• Edward J. Haye and Peter Quick, both former independent directors of FLIC, have also been appointed to ConnectOne's Board of Directors.

Sentiment

Score: 8

Explanation: The document conveys a highly positive sentiment, announcing the successful completion of a strategic merger and the integration of key leadership. The language emphasizes growth, enhanced capabilities, and strengthened franchise value. No negative financial or operational outcomes are reported, and the risks mentioned are standard forward-looking disclaimers or contractual terms, not immediate threats.

Positives

• The completion of the merger expands ConnectOne's mission and market presence, creating a larger and more competitive financial institution.
• The combined entity achieves significant scale with approximately $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans.
• Enhanced capabilities and a shared client-first culture are expected to accelerate growth and strengthen franchise value for the combined company.
• The merger establishes a powerful retail network of over 60 branches spanning New York, New Jersey, and Southeast Florida, offering broader client access.
• The appointment of experienced leaders like Christopher Becker, Edward J. Haye, and Peter Quick to the Board is expected to provide valuable industry expertise and strategic insight for post-merger integration and future growth.
• Christopher Becker's appointment as Vice Chairman specifically provides strategic support for the integration of FLIC into ConnectOne.

Risks

• Potential adverse reactions or changes to business or employee relationships could arise from the announcement or completion of the transaction.
• Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from anticipated results.
• The Vice Chairman and Separation Agreement for Christopher Becker includes conditions under which the agreement may terminate, such as the Board's failure to nominate him for election or shareholders declining to elect him, which could impact his compensation and board service.
• ConnectOne is not required to indemnify Christopher Becker for legal expenses or liabilities incurred in connection with an action, suit, or proceeding arising from any illegal or fraudulent act committed by him.

Future Outlook

The combined company anticipates accelerating growth and strengthening franchise value by leveraging its increased scale, enhanced capabilities, and a shared client-first culture. It expects to serve a growing client base and provide a wider range of services to the Long Island community through its expanded retail network.

Management Comments

• "We are pleased to conclude this complementary, financially savvy transaction, expanding the ConnectOne mission." Frank Sorrentino, ConnectOne's Chairman and Chief Executive Officer.
• "With greater scale, enhanced capabilities and a shared client-first culture, we are poised to accelerate growth, and strengthen franchise value." Frank Sorrentino.
• "I look forward to serving our growing client base and providing the robust Long Island community an even wider range of services." Frank Sorrentino.
• "We’re honored to welcome these accomplished leaders to our Board of Directors. Each offers valuable industry expertise, strategic insight, and a strong commitment to our mission. Their guidance and in-depth knowledge of the Long Island landscape will be instrumental as we continue to grow and deliver exceptional value to our clients, communities, and shareholders." Frank Sorrentino, on the new board appointments.

Industry Context

This merger signifies a continuation of the consolidation trend within the regional banking sector, where institutions seek to achieve greater scale, expand their geographic footprint, and enhance their service offerings. By combining operations, ConnectOne aims to strengthen its competitive position in the New York, New Jersey, and Southeast Florida markets, leveraging synergies and a broader client base to drive future growth.

Comparison to Industry Standards

• The document does not provide specific comparable companies, projects, or results to assess against global benchmarks.

Management Changes

Corporate Governance

Legal Proceedings

• The document outlines indemnification provisions for Christopher Becker as a director, consistent with federal banking regulations, which protect him from liabilities incurred in his board service, except for those arising from illegal or fraudulent acts. No specific active legal proceedings are disclosed.

Related Party Transactions

• The Vice Chairman and Separation Agreement between ConnectOne Bancorp, Inc. and Christopher Becker details his compensation, duties, and terms of service post-merger, which constitutes a transaction with a key executive and former leader of the acquired entity.

Stakeholder Impact

• **Shareholders**: FLIC shareholders received ConnectOne common stock, becoming ConnectOne shareholders. ConnectOne shareholders are expected to benefit from the increased scale, enhanced capabilities, and potential for accelerated growth and strengthened franchise value resulting from the merger.
• **Employees**: While specific employee impacts are not detailed, the merger involves integration of operations, which typically affects employees of both entities. The document highlights the appointment of key management from FLIC to ConnectOne's board.
• **Customers**: Customers of both The First National Bank of Long Island and ConnectOne Bank will now operate under the ConnectOne brand and are expected to benefit from personalized service, expanded expertise, and a wider range of product offerings through an expanded retail network of over 60 branches.
• **Communities**: The combined entity aims to provide the "robust Long Island community an even wider range of services," suggesting a positive impact on local communities through expanded banking services.

Next Steps

• ConnectOne Bank will now conduct business solely under the ConnectOne brand.
• Christopher Becker will serve a 36-month term as Vice Chairman, with future re-nomination by the Board and election by shareholders.
• The combined entity will continue to serve its expanded client base and provide a wider range of services to the Long Island community.

Key Dates

Recommendation

Keywords

Merger, Acquisition, Banking, Financial Services, ConnectOne Bancorp, The First of Long Island Corporation, FLIC, CNOB, Bank Merger, Board of Directors, Vice Chairman, Executive Appointment, Corporate Governance, SEC Filing, 8-K, Assets, Deposits, Loans, New Jersey, New York, Florida