ConnectOne Bancorp and First of Long Island Shareholders Approve Merger

Shareholders of both ConnectOne Bancorp and The First of Long Island Corporation voted to approve their proposed merger during February 2025. The transaction is expected to close in the second quarter of 2025, subject to remaining regulatory approvals. ConnectOne Bancorp, a New Jersey-based community bank holding company, and The First of Long Island Corporation, a Long Island-based banking institution, are combining to create a larger regional banking platform in the New York metropolitan area.

The merger increases the combined institution's asset base and branch footprint significantly. While not explicitly a BaaS deal, community bank consolidation is directly relevant to the sponsor bank landscape, as larger institutions with greater scale and compliance infrastructure are better positioned to serve as fintech partner banks. The deal reflects the ongoing trend of community bank M&A that reshapes the pool of potential BaaS sponsor banks.

Financial terms of the stock-for-stock merger were previously disclosed at announcement.