Bancorp of New Jersey Inc. is officially part of ConnectOne Bancorp Inc., following the Jan. 2 closing of its $113 million acquisition, first announced in August.
“We are pleased to complete this compelling, financially savvy transaction, which enhances our powerful franchise and provides enhanced scale and additional growth opportunities within our own market,” ConnectOne Chairman and Chief Executive Officer Frank Sorrentino, said in a prepared statement. “We continue to accelerate ConnectOne’s strategic focus on increasing client relationships and look forward to offering our new clients access to technological financial solutions, an expanded product base, a broader network of locations across the New York Metro market and access to talented bankers.”
The conversion between the two entities, which will see Bank of New Jersey customers transitioned to ConnectOne’s platform, is scheduled for May 2020, according to a statement from Sorrentino.
“Given our deep history in Bergen County and surrounding areas, we expect the conversion of Bank of New Jersey to ConnectOne Bank to be a smooth one,” he added.
As a result of the closing, the ConnectOne board of directors has expanded to 12 members, including former Bank of New Jersey director Mark Sokolich, managing partner of Fort Lee-based law firm Mark Sokolich Esq. and mayor of Fort Lee, as an independent director, the bank said.
As of Sept. 30, 2019, ConnectOne Bank had total assets of about $6.1 billion and 28 offices; Bank of New Jersey had approximately $961 million and nine locations.
Keefe, Bruyette & Woods Inc., a Stifel Co., was financial advisor to ConnectOne for the deal, while Squire Patton Boggs LLP served as legal counsel. ConnectOne said that Sandler O’Neill & Partners LP served as financial advisor to Bancorp of New Jersey, with Holland & Knight LLP serving as legal counsel.