ConnectOne Bancorp Inc., parent company of ConnectOne Bank (the “Bank”), and The First of Long Island Corporation, parent company of The First National Bank of Long Island, announced they have received the approval of the Federal Deposit Insurance Corporation to proceed with the previously announced merger of ConnectOne and First of Long Island.

Closing of the transaction is expected to occur on or about June 1, 2025, pending approvals or waivers from the New Jersey Department of Banking and Insurance and the Federal Reserve Bank of New York.

“We are pleased to have received FDIC approval to combine two highly complementary, client focused banks,” said Frank Sorrentino III, Chairman and CEO of ConnectOne. “By leveraging ConnectOne’s commercial expertise and modern infrastructure, we are well-positioned to serve First of Long Island’s distinguished client base. We look forward to unlocking new opportunities for our clients, employees and stakeholders.”

“I’m excited to move ahead with our proposed merger with ConnectOne,” commented Chris Becker, CEO of The First National Bank of Long Island. “Following months of strategic and collaborative planning, our teams are ready to execute a seamless integration. I am thrilled to partner with an organization that values client service in the same way we do, and I look forward to ensuring a smooth transition for our clients.”

Upon completion of the transaction, the combined company will operate under the ConnectOne brand, and will have approximately $14 billion in total assets, $11 billion in total deposits and $11 billion in total loans. The combination will establish ConnectOne as one of the top 5 community banks on Long Island, in terms of deposit market share.