ConnectOne Buys Bancorp

ConnectOne buys Bancorp.
   
ConnectOne Bancorp buys Bancorp of New Jersey for $113 million.
   
The deal bolsters ConnectOne’s scale and competitive position in the New York and New Jersey metro markets.  It’s an in-market buy of a similar banking model using the same core systems with direct geographic overlap.  The economies of scale, considerable synergies, and known cost-savings are intrinsic.
 
Bancorp of New Jersey will add 9 branches, $782 million in loans, and $762 million in deposits to ConnectOne.  ConnectOne will provide expanded technology offerings and a broader product suite, including commercial and industrial, consumer, and SBA lending capabilities.
   
Frank Sorrentino of ConnectOne said: ‘This is a financially savvy, in-market acquisition with strong economics to enhance our powerful franchise.  The accretive transaction demonstrates our commitment to deliver attractive long-term returns for our shareholders and strongly supports our defined growth strategy which includes opportunistic growth through M&A.  Bancorp of New Jersey is a natural fit for ConnectOne given its commercial business focus, overlapping geographic footprint, shared client base, and the considerable synergies that are expected.  We look forward to continuing to deliver extraordinary client service to all Bancorp of New Jersey and ConnectOne clients and enhancing value to our shareholders.’
   
Nancy Graves of Bancorp of New Jersey said: ‘This is an exciting opportunity to join a like-minded, high-performing commercial bank with considerable franchise value and growth potential.  ConnectOne shares our relationship-centric business culture, and together we will provide our clients with growth opportunities by increasing the breadth of products and services, higher lending limits, and leading-edge technology.  We are proud of what we have accomplished for our shareholders, customers, and communities and can best leverage what we have built through partnering with ConnectOne.  We are happy to continue to work on behalf of our valued customers and communities with Frank and his team.’
   
Keefe, Bruyette & Woods served as financial adviser to ConnectOne.  Squire Patton Boggs served as legal adviser.
   
Sandler O’Neill & Partners served as financial adviser to Bancorp of New Jersey.  Holland & Knight served as legal adviser.

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