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Note 2 - Business Combination
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Business Combination [Text Block]

Note 2. Business Combination

 

On September 4, 2024, the Parent Corporation and The First of Long Island Corporation (Nasdaq: FLIC) (“First of Long Island”), parent company of The First National Bank of Long Island entered into a definitive agreement pursuant to which First of Long Island will merge with and into the Parent Corporation, which will be the surviving entity in the transaction. The combined company will operate under the ConnectOne brand, and will have approximately $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans.

 

Under the terms of the agreement, First of Long Island shareholders will receive 0.5175 shares of Parent Corporation common stock for each share of First of Long Island common stock. The transaction is valued at approximately $288 million in aggregate based upon the closing common stock price of $24.31 for ConnectOne as of March 31, 2025.  The final transaction value is subject to change based on the fluctuations in the market price of ConnectOne common stock prior to the closing of the acquisition.

 

On February 14, 2025, at separate special meetings, the shareholders of both companies approved proposals relating to the pending merger of the Parent Corporation and First of Long Island.