ConnectOne Bancorp, the parent company of ConnectOne Bank, has completed its previously announced merger with Greater Hudson Bank.
As per the agreement, Greater Hudson Bank has now been merged with and into ConnectOne Bank.
Greater Hudson Bank merger: Background
In July last year, both the entities signed an agreement to merge ConnectOne Bank and Greater Hudson Bank through an all-stock transaction valuing around $76.3m.
As per the agreement, each outstanding Greater Hudson Bank common stock share will be exchanged for 0.245 shares of ConnectOne common stock.
Greater Hudson director Daniel Rifkin has been inducted into the ConnectOne’s board of directors, as part of the deal.
ConnectOne chairman and CEO Frank Sorrentino said: “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’.”
As of 31 March 2018, Greater Hudson franchise had $401.7m in deposits and $340.7m in loans.
Established in 2002, the bank used to provide customised banking services, commercial mortgages, and business credit lines.
The acquisition strengthens ConnectOne’s New York operations and its footprint in the Hudson Valley region.