Magazine article American Banker

ConnectOne's Top Exec Has an Eye on New York

Magazine article American Banker

ConnectOne's Top Exec Has an Eye on New York

Article excerpt

Byline: Andy Peters

A successful initial public offering is helping ConnectOne Bancorp (CNOB) get into a New York state of mind.

ConnectOne made its public debut Tuesday. Its stock price rose nearly 6% from its IPO price, finishing the day at $29.65 a share. More than 880,000 shares changed hands during the first day of trading.

Overall, the Englewood Cliffs, N.J., company sold roughly 1.6 million shares to generate gross proceeds of nearly $45 million.

Broadly, management will use the funds to expand lending and "acquire other banks or financial institutions," according to regulatory filings. Specifically, some industry observers believe the company could open branches and hire lenders in Manhattan.

"We're a stone's throw away from the George Washington Bridge," Frank Sorrentino 3rd, ConnectOne's chief executive, said Tuesday, referring to the 4,760-foot-long suspension bridge that spans the Hudson River and connects New Jersey to northern end of Manhattan.

"We have some business in New York today, and it's clearly a market that's interesting to us," Sorrentino says.

From its 2005 opening to last month, the $929 million-asset ConnectOne had been known as North Jersey Community Bancorp. Sorrentino dumped that name last month, saying it was "too restrictive," adopting ConnectOne as its replacement.

Industry observers have said that it makes strategic sense for ConnectOne to branch out. Nearly 94% of its $769 million in deposits come from its home turf in Bergen County, N.J. ConnectOne also said in its IPO prospectus that it could look to expand in central New Jersey. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.