<SEC-DOCUMENT>0001104659-25-049622.txt : 20250515
<SEC-HEADER>0001104659-25-049622.hdr.sgml : 20250515
<ACCEPTANCE-DATETIME>20250515172635
ACCESSION NUMBER:		0001104659-25-049622
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250515
DATE AS OF CHANGE:		20250515

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ConnectOne Bancorp, Inc.
		CENTRAL INDEX KEY:			0000712771
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		ORGANIZATION NAME:           	02 Finance
		EIN:				521273725
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-283717
		FILM NUMBER:		25955977

	BUSINESS ADDRESS:	
		STREET 1:		301 SYLVAN AVENUE
		CITY:			ENGLEWOOD CLIFFS
		STATE:			NJ
		ZIP:			07632
		BUSINESS PHONE:		2018168900

	MAIL ADDRESS:	
		STREET 1:		301 SYLVAN AVENUE
		CITY:			ENGLEWOOD CLIFFS
		STATE:			NJ
		ZIP:			07632

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTER BANCORP INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ConnectOne Bancorp, Inc.
		CENTRAL INDEX KEY:			0000712771
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		ORGANIZATION NAME:           	02 Finance
		EIN:				521273725
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		301 SYLVAN AVENUE
		CITY:			ENGLEWOOD CLIFFS
		STATE:			NJ
		ZIP:			07632
		BUSINESS PHONE:		2018168900

	MAIL ADDRESS:	
		STREET 1:		301 SYLVAN AVENUE
		CITY:			ENGLEWOOD CLIFFS
		STATE:			NJ
		ZIP:			07632

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTER BANCORP INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2515311d1_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed pursuant to Rule 433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No. 333-283717</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus dated May 15, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="background-color: white">Relating to
Preliminary Prospectus Supplement dated </FONT>May 15, 2025 <FONT STYLE="background-color: white">and Prospectus dated December 10, 2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$200,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>8.125%&#8239;Fixed-to-Floating&#8239;Rate Subordinated
Notes due 2035</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Term Sheet</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3in; padding-left: 12pt; font-size: 10pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Issuer:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">ConnectOne Bancorp, Inc. (NASDAQ: CNOB) (the &ldquo;<I>Company</I>&rdquo; or &ldquo;<I>Issuer</I>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Securities:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.125%&#8239;Fixed-to-Floating&#8239;Rate Subordinated Notes due 2035 (the &ldquo;<I>Notes</I>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&#8239;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Aggregate Principal Amount:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">$200,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&#8239;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Expected Ratings*:</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">BBB- (stable) Kroll Bond Rating Agency / BBBL (stable) Morningstar/DBRS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">May 15, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Settlement Date:</B></FONT></TD>
    <TD STYLE="text-align: justify">May 20, 2025 (T+3)** &#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Maturity Date (if not previously redeemed):</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">June&#8239;1, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Coupon:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From and including the Settlement Date to, but
    excluding, June 1, 2030 or the date of earlier redemption (the &ldquo;<I>fixed rate period</I>&rdquo;), a fixed rate of 8.125%&#8239;per
    annum, payable semi-annually in arrears.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From and including June 1, 2030 to, but excluding,
the Maturity Date or the date of earlier redemption (the &ldquo;<I>floating rate period</I>&rdquo;), a floating rate per annum equal
to the Benchmark (which is expected to be Three-Month Term SOFR) (each as defined under &ldquo;Description of the Notes&mdash;Interest
Rate and Interest Payment Dates&mdash;Floating Rate Period&rdquo; in the Preliminary Prospectus Supplement), plus a spread of 441.5 basis
points, payable quarterly in arrears; <I>provided</I>, that if the Benchmark is less than zero, then the Benchmark shall be deemed to
be zero.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Interest Payment Dates:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fixed rate period: June&#8239;1 and December&#8239;1
    of each year, commencing on December&#8239;1, 2025. The last interest payment date for the fixed rate period will be June&#8239;1, 2030.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Floating rate period: March&#8239;1, June&#8239;1,
    September&#8239;1 and December&#8239;1 of each year, commencing on September&#8239;1, 2030.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-align: justify; text-indent: -12pt">&#8239;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Record Dates:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The 15<SUP>th</SUP>&#8239;calendar day of the month immediately preceding the applicable interest payment date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-align: justify; text-indent: -12pt">&#8239;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3in; padding-left: 12pt; font-size: 10pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Day Count Convention:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fixed rate period: 30/360.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Floating rate period:&#8239;360-day&#8239;year and
    the number of days actually elapsed.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-align: justify; text-indent: -12pt">&#8239;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company may, at its option, beginning with the interest payment date of June 1, 2030, and on any interest payment date thereafter, redeem the Notes, in whole or in part, from time to time, subject to obtaining the prior approval of the Board of Governors of the Federal Reserve System (the &ldquo;<I>Federal Reserve Board</I>&rdquo;) to the extent such approval is then required under the rules of the Federal Reserve Board, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption (as described in the Preliminary Prospectus Supplement under &ldquo;Description of the Notes&mdash;Optional Redemption and Redemption Upon Special Events&rdquo;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Special Redemption:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company may redeem the Notes at any time prior to the Maturity Date, including prior to June&#8239;1, 2030, in whole, but not in part, subject to obtaining the prior approval of the Federal Reserve Board to the extent such approval is then required under the rules of the Federal Reserve Board, upon or after the occurrence of (i)&#8239;a &ldquo;Tax Event&rdquo;, (ii) a &ldquo;Tier 2 Capital Event&rdquo;, or (iii)&#8239;the Company becoming required to register as an investment company pursuant to the Investment Company Act of 1940, as amended, in each case, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption (as described in the Preliminary Prospectus Supplement under &ldquo;Description of the Notes&mdash;Optional Redemption and Redemption Upon Special Events&rdquo;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Denominations:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt; text-align: justify">$1,000 minimum denominations and $1,000 integral multiples in excess thereof.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Use of Proceeds:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">The Company anticipates using a portion of the net proceeds from this offering to redeem all of its outstanding 5.750% Fixed-to-Floating Rate Subordinated Notes due 2030 (the&#8239;&ldquo;<I>2030 Notes</I>&rdquo;), to contribute $100 million in regulatory capital to its bank subsidiary, ConnectOne Bank (the &ldquo;<I>Bank</I>&rdquo;), and to use the remainder for general corporate purposes, which may include, among other things, <FONT STYLE="font-family: Times New Roman, Times, Serif">providing capital to support the Company&rsquo;s growth organically or through strategic acquisitions, repaying indebtedness and financing investments and capital expenditures, repurchasing shares of the Company&rsquo;s common stock, and for additional investments in the Bank as regulatory capital (as described in the Preliminary Prospectus Supplement under &ldquo;Use of Proceeds&rdquo;)</FONT>.***</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Price to Public:</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">100% of aggregate principal amount of the Notes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3in; padding-left: 12pt; font-size: 10pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Ranking:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes will be general unsecured, subordinated
    obligations of the Company and will:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">rank junior in right of payment and upon the Company&rsquo;s liquidation
    to any of the Company&rsquo;s existing and all future senior indebtedness (as described under &ldquo;Description of the Notes&mdash;Subordination
    of the Notes&rdquo; in the Preliminary Prospectus Supplement), whether secured or unsecured;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">rank junior in right of payment and upon the Company&rsquo;s liquidation
to any of its existing and all of its future general creditors;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">rank equal in right of payment and upon the Company&rsquo;s liquidation
with any of the Company&rsquo;s future indebtedness the terms of which provide that such indebtedness ranks equally with</FONT> the Notes,
including the 2030 Notes<FONT STYLE="font-family: Times New Roman, Times, Serif">;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">rank senior to the Company&rsquo;s obligations relating to any junior
subordinated debt securities issued to the Company&rsquo;s capital trust subsidiaries;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">rank senior in right of payment and upon the Company&rsquo;s liquidation
    with any of the Company&rsquo;s indebtedness the terms of which provide that such indebtedness ranks junior in right of payment to note
    indebtedness such as the Notes; and</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>be effectively subordinated to <FONT STYLE="font-family: Times New Roman, Times, Serif">the Company&rsquo;s </FONT>future secured
indebtedness to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to the existing and
future indebtedness of <FONT STYLE="font-family: Times New Roman, Times, Serif">the Company&rsquo;s </FONT>subsidiaries, including without
limitation the Bank&rsquo;s depositors, liabilities to general creditors and liabilities arising in the ordinary course of business or
otherwise<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2025, on a consolidated basis,
    the Company&rsquo;s consolidated outstanding indebtedness and other liabilities totaled approximately $8.5 billion. While there is no
    senior indebtedness outstanding at the Company level, the Bank has approximately $7.8 billion of deposit liabilities and $614.2 million
    of other borrowings and operating lease liabilities to which the Notes will be structurally subordinated. As of March 31, 2025, the Company
    had an aggregate amount of $80.1 million of outstanding indebtedness, primarily consisting of the 2030 Notes, ranking equally with the
    Notes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indenture does not limit the amount of additional
    indebtedness the Company or its subsidiaries may incur.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CUSIP / ISIN:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#8239;</B></P></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">20786WAF4 / US20786WAF41</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Keefe, Bruyette &amp; Woods, <I>A Stifel Company</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Piper Sandler &amp; Co.</P></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">*</TD><TD STYLE="text-align: justify">A rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to revision or
withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating. Any such
designation is provided for informational purposes only and (a)&#8239;does not constitute an endorsement of any securities, product or
project; (b)&#8239;does not constitute investment or financial advice; and (c)&#8239;does not represent any type of credit or securities
rating or an assessment of the issuer&rsquo;s economic performance, financial obligations nor of its creditworthiness.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">**</TD><TD STYLE="text-align: justify">The Issuer expects that delivery of the Notes will be made against payment therefor on or about the Settlement
Date indicated above, which will be the third business day following the date of pricing of the Notes (this settlement cycle being referred
to as &ldquo;T+3&rdquo;). Under Rule&#8239;15c6-1&#8239;of the Securities Exchange Act of 1934, as amended, trades in the secondary market
generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers
who wish to trade the Notes prior to the delivery of the Notes will be required, by virtue of the fact that the Notes initially will settle
in T+3, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the
Notes who wish to trade the Notes prior to their date of delivery should consult their own advisor.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">***</FONT></TD><TD STYLE="text-align: justify">The redemption of the 2030 Notes, if any, will be made solely pursuant to a redemption notice delivered
pursuant to the indenture governing the 2030 Notes, and nothing contained herein constitutes a notice of redemption of the 2030 Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note: The Issuer has filed a registration statement
(File&#8239;No. 333-283717)&#8239;(including a base prospectus) and a preliminary prospectus supplement, dated May 15, 2025 (the &ldquo;<I>Preliminary
Prospectus Supplement</I>&rdquo;) with the Securities and Exchange Commission (&ldquo;<I>SEC</I>&rdquo;) for the offering to which this
communication relates. Before you invest, you should read the base prospectus in that registration statement, the Preliminary Prospectus
Supplement, the final prospectus supplement (when available) and other documents the Issuer has filed with the SEC for more complete information
about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC&rsquo;s website at&#8239;<U>www.sec.gov</U>.
Alternatively, the Issuer, the underwriters or any dealer participating in the offering will arrange to send you copies of the base prospectus,
the Preliminary Prospectus Supplement or final prospectus supplement (when available) if you request it from Keefe, Bruyette&#8239;&amp;
Woods,&#8239;<I>A Stifel Company</I>,&#8239;by emailing USCapitalMarkets@kbw.com or Piper Sandler&#8239;&amp; Co. by emailing&#8239;FSG-DCM@psc.com.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Capitalized terms used but not defined in this
Term Sheet have the meanings given to them in the Preliminary Prospectus Supplement. This Term Sheet is qualified in its entirety by reference
to the Preliminary Prospectus Supplement. The information in this Term Sheet supplements the Preliminary Prospectus Supplement and supersedes
the information in the Preliminary Prospectus Supplement to the extent it is inconsistent with the information in the Preliminary Prospectus
Supplement. Other information (including other financial information) presented in the Preliminary Prospectus Supplement is deemed to
have changed to the extent affected by the information contained herein.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR
BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED
AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
