ConnectOne Bancorp Inc., the parent company of Englewood Cliffs-based ConnectOne Bank, announced on Thursday it has completed its acquisition of Bancorp of New Jersey Inc., the parent company of Fort Lee-based Bank of New Jersey.
“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,” Frank Sorrentino, chairman and CEO, ConnectOne, said. “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.”
Under terms of the deal, BKJ will merge with an into ConnectOne, effective immediately.
Shareholders of BKJ common stock will be able to receive either $16.25 in cash or 0.780 of a share of CNOB common stock. The merger requires that approximately 20% of BKJ shares must be converted into cash and the remaining 80% into shares of ConnectOne.
After the closing, ConnectOne’s board of directors will expand to 12 members to include former BKJ director Mark Sokolich.
Keefe, Bruyette & Woods Inc. served as the financial advisor to ConnectOne and Squire Patton Boggs LLP served as legal counsel. Sandler O’Neill & Partners L.P. served as the financial advisor to Bancorp of New Jersey and Holland & Knight LLP served as its legal counsel.
