ConnectOne Bancorp-subsidiary ConnectOne Bank has secured regulatory approvals with regard to its proposed acquisition of Bank of New Jersey.
The New Jersey-based bank received the green light from the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation.
Furthermore, the bank received certain waivers from the Federal Reserve System with respect to the consolidation.
With the regulatory approvals in place, the Bank of New Jersey acquisition is expected to complete in the first quarter of next year. The deal awaits shareholders’ approval and other closing conditions.
ConnectOne Bank chairman and CEO Frank Sorrentino said: “The combination is a natural fit, creating opportunities to grow our company in a way that enhances operational efficiency, allowing us to further invest in the future.
“Our newly acquired clients will benefit from ConnectOne’s extensive suite of products and technological offerings.”
Bank of New Jersey acquisition: Background
In August, ConnectOne Bancorp signed a definitive agreement to acquire Bancorp of New Jersey, the parent company of Bank of New Jersey.
The deal was valued at $113m, with Bancorp of New Jersey shareholders entitled to receive 0.78 shares of ConnectOne common stock or $16.25 in cash for each share held.
Once complete, the combined group will manage more than $7bn in assets.
In January this year, ConnectOne snapped up Greater Hudson Bank in an all-stock deal valued at $76.3m.