Bancorp of New Jersey shareholders will receive for each share of Bancorp of New Jersey common stock either 0.78 shares of ConnectOne common stock or $16.25 in cash. The deal is expected to be completed in the first-quarter of 2020.
"This is a financially savvy, in-market acquisition with strong economics to enhance our powerful franchise. The accretive transaction demonstrates our commitment to deliver attractive long-term returns for our shareholders and strongly supports our defined growth strategy which includes opportunistic growth through M&A," said Frank Sorrentino, ConnectOne's CEO.
"Bancorp of New Jersey is a natural fit for ConnectOne given its commercial business focus, overlapping geographic footprint, shared client base and the considerable synergies that are expected. We look forward to continuing to deliver extraordinary client service to all Bancorp of New Jersey and ConnectOne clients, and enhancing value to our shareholders."
ConnectOne Bancorp shares were trading at $19.60 in Friday’s pre-market session. The stock has a 52-week high of $25.60 and a 52-week low of $17.07.
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