“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,” Chairman and CEO Frank Sorrentino said.
“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.”
Under terms of the deal, Greater Hudson merged with and into ConnectOne Bank, effective Wednesday. Each outstanding share of Greater Hudson common stock was exchanged for 0.245 shares of ConnectOne common stock.
After the closing, ConnectOne’s board of directors expanded to 13 members to include former Greater Hudson director Daniel Rifkin. Rifkin currently serves as senior partner at Rifkin & Company LLP.
Piper Jaffray & Co. served as the financial advisor and Windels Marx Lane & Mittendorf, LLP served as the legal counsel to ConnectOne. Keefe, Bruyette & Woods Inc. served as financial advisor and Hogan Lovells US LLP served as legal counsel to Greater Hudson.