Rhinebeck Bancorp Inc., the holding company for Poughkeepsie-based Rhinebeck Bank, has acquired two branches from ConnectOne Bancorp Inc., parent of Englewood Cliffs-based ConnectOne Bank.
Rhinebeck will acquire the two leased offices in Warwick and Monroe, in New York’s Orange County, as well as their related deposits, according to a news release. The move is expected to add more than $50 million in deposits for Rhinebeck, which is aiming to grow in the county.
Financial terms of the deal were not disclosed.
“This transaction reflects another step in ConnectOne’s branch rationalization strategy in order to meet evolving client demands while scaling best-in-class efficiency,” Executive Vice President and Chief Financial Officer William S. Burns said in a prepared statement. “We’ll continue to move away from traditional retail branches toward more robust banking hubs supported by digital tools and resources.”
The transaction is expected to close late in the fourth quarter or early in the first quarter of 2021, pending customary approvals and conditions.
Piper Sandler & Co. served as financial adviser to ConnectOne, with Windels Marx Lane & Mittendorf LLP serving as legal adviser. The Kafafian Group Inc. was Rhinebeck’s financial adviser, while Luce Gorman P.C. was its legal adviser.
