07:46 AM EDT, 09/05/2024 (MT Newswires) -- ConnectOne Bancorp ( CNOB ) and The First of Long Island Corp. ( FLIC ) said Thursday they have signed an agreement under which First of Long Island ( FLIC ) will merge with and into ConnectOne.

Under the terms, shareholders of First of Long Island ( FLIC ) will get 0.5175 ConnectOne's common shares for each share of First of Long Island ( FLIC ) common stock, for a total transaction value of roughly $284 million, the companies added.

The deal, already approved by the boards of both companies, is anticipated to be closed in mid-2025, the firms said.

The new combined entity will operate under the ConnectOne brand. The merger is expected to be about 36% accretive to ConnectOne's adjusted earnings per share in 2025, according to the companies.

As part of the deal, ConnectOne intends to raise roughly $100 million in subordinated debt before the agreement closes.