ConnectOne Bancorp, parent company of ConnectOne Bank, completed its merger with Greater Hudson Bank.
“Our acquisition of the commercially-focused Greater Hudson Bank is both a financially attractive transaction and a compelling expansion opportunity in a complimentary market. It allows us to better serve the Hudson Valley region by adding experienced bankers to our team and by offering a product set that rivals the largest institutions, while continuing to deliver the level of client service synonymous with our commitment to be “a better place to be,” said Frank Sorrentino, ConnectOne chairman and CEO. “This transaction enhances our desirable franchise, reflects our disciplined approach to growth, and improves our financial profile in several key areas including core deposit funding, loan diversification, and net interest margin.”
In accordance with the terms of the merger agreement, Greater Hudson Bank merged with and into ConnectOne Bank, effective January 2, 2019, with each outstanding share of Greater Hudson Bank common stock exchanged for 0.245 shares of ConnectOne common stock.
After the closing, ConnectOne’s board of directors expanded to 13 members to include former Greater Hudson director Daniel Rifkin. Rifkin holds a strong accounting background and currently serves as Senior Partner at Rifkin & Company.
Piper Jaffray & Co. served as financial advisor to ConnectOne on this transaction while Windels Marx Lane & Mittendorf served as its legal counsel. Keefe, Bruyette & Woods served as financial advisor to Greater Hudson while Hogan Lovells US served as its legal counsel.
Founded in 2005 and headquartered in Englewood Cliffs, NJ, ConnectOne is a community-based, full-service commercial bank.
