ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), today reported the completion of its previously announced merger with Greater Hudson Bank (OTCQX: GHDS) (“Greater Hudson”).
“Our acquisition of the commercially-focused Greater Hudson Bank is both a financially attractive transaction and a compelling expansion opportunity in a complimentary market. It allows us to better serve the Hudson Valley region by adding experienced bankers to our team and by offering a product set that rivals the largest institutions, while continuing to deliver the level of client service synonymous with our commitment to be “a better place to be,” commented Frank Sorrentino, ConnectOne’s Chairman and Chief Executive Officer. “This transaction enhances our desirable franchise, reflects our disciplined approach to growth, and improves our financial profile in several key areas including core deposit funding, loan diversification, and net interest margin.”
In accordance with the terms of the merger agreement, Greater Hudson Bank merged with and into ConnectOne Bank, effective January 2, 2019, and each outstanding share of Greater Hudson Bank common stock was exchanged for 0.245 shares of ConnectOne common stock.
After the closing, ConnectOne’s Board of Directors expanded, as agreed to in the merger agreement, to 13 members to include former Greater Hudson director Daniel Rifkin. Mr. Rifkin holds a strong accounting background, with over 20 years of experience, and currently serves as Senior Partner at Rifkin & Company, LLP.
Piper Jaffray & Co. served as financial advisor to ConnectOne and Windels Marx Lane & Mittendorf, LLP served as its legal counsel. Keefe, Bruyette & Woods, Inc., a Stifel Company, served as financial advisor to Greater Hudson and Hogan Lovells US LLP served as its legal counsel.