Two NJ Banks to Merge, Will Have $3B in Assets

ENGLEWOOD CLIFFS, NJ-ConnectOne Bancorp Inc., based here, and and Union, NJ-based Center Bancorp Inc. said Tuesday that they have entered into a definitive merger agreement in a deal valued at $243 million. The combined company will operate under the ConnectOne Bancorp holding company name and on a pro forma basis will be the fourth largest Garden State-headquartered banking insitution in the markets it serves.

Under terms of the merger, which has been approved by the boards of both community banks, Center shareholders will own approximately 54% of the combined company's stock, while ConnectOne shareholders will own approximately 46%. “We believe together, with our increased scale, expanded geographic footprint and investments in technology, we are well positioned to serve the marketplace and continue to be the bank of choice for middle-market commercial businesses,” says Frank Sorrentino, chairman and CEO of ConnectOne.

Based on financial results as of Dec. 31, 2013, the combined company will have approximately $3 billion in total assets, $2.3 billion in total deposits and $2.1 billion in total loans with 24 branch locations across Northern New Jersey. Sorrentino will serve as chairman, CEO and president of the combined company, whle Center Bancorp's Anthony Weagley will serve as COO.

Upon closing, Union Center National Bank, the bank subsidiary of Center, will merge with and into ConnectOne Bank, the bank subsidiary of ConnectOne. The transaction is expected to close either late in the second calendar quarter or early in Q3 2014.