Business
ConnectOne Bancorp, Inc. Completes Acquisition of Bancorp of New Jersey, Inc.
ENGLEWOOD CLIFFS, N.J., Jan. 02, 2020 (GLOBE NEWSWIRE) -- ConnectOne Bancorp, Inc. (Nasdaq: CNOB) ("ConnectOne or “Company"), parent company of ConnectOne
About this update from Connectone Bancorp, Inc.
[{"type":"text","content":"ENGLEWOOD CLIFFS, N.J., Jan. 02, 2020 (GLOBE NEWSWIRE) -- ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (\"ConnectOne or “Company\"), parent company of ConnectOne Bank, today announced the completion of its previously announced acquisition of Bancorp of New Jersey, Inc. (NYSEAM: BKJ) (“BKJ”), parent of Bank of New Jersey.\n “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,” commented Frank Sorrentino, ConnectOne’s Chairman and Chief Executive Officer. “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. 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. The conversion is scheduled to take place in May 2020, at which point Bank of New Jersey clients will be transitioned to the ConnectOne platform.” In accordance with the terms of the Agreement and Plan of Merger, dated August 15, 2019, BKJ merged with and into ConnectOne, effective January 2, 2020. Subject to the allocation and proration procedures set forth in the merger agreement, shareholders of BKJ common stock had the right to elect, with respect to each share of BKJ common stock, to receive either (i) $16.25 in cash or (ii) 0.780 of a share of CNOB common stock (plus cash in lieu of any fractional shares of CNOB common stock to which such holder would otherwise be entitled). The allocation and proration procedures set forth in the merger agreement require that approximately 20% of the shares of BKJ common stock must be converted into cash and the remaining approximately 80% of BKJ common shares must be converted into shares of ConnectOne common stock. Due to these allocation and proration procedures, BKJ shareholders may not receive the exact form of consideration elected, and due to the election and proration procedures a BKJ shareholder may receive a greater or lesser amount of cash or shares than elected. After the closing, ConnectOne’s Board of Directors expanded, as agreed to in the me...