Sept 5 (Reuters) - ConnectOne Bancorp ( CNOB ) has

agreed to buy smaller peer First of Long Island ( FLIC ) in an

all-stock deal valued at $284 million, the companies said on

Thursday.

The deal will create a combined bank with about $14 billion

in total assets and bolster ConnectOne's presence in New York

City.

First of Long Island ( FLIC ) shareholders will receive 0.5175 shares

of ConnectOne for each held, valuing the lender at $12.40 per

share, based on ConnectOne's last close.

The offer represents a 0.8% discount to First of Long

Island's ( FLIC ) last close.

"We are excited to bring together two highly complementary,

commercially focused banks to create a truly premier New

York-metro community bank," said ConnectOne CEO Frank Sorrentino

III.

Sorrentino said the deal would also accelerate the bank's

Long Island growth strategy. ConnectOne opened its first Long

Island branch in 2018.

The deal underscores the growing consolidation trend within

the regional banking sector as lenders seek strategic

partnerships to scale operations and gain a competitive edge.

As part of the deal, First of Long Island ( FLIC ) CEO Chris Becker

will become vice chairman of ConnectOne.

The deal is expected to close in mid-2025, with projections

to boost ConnectOne's earnings per share by 36% in 2025 on an

adjusted basis.

First of Long Island ( FLIC ), which has $4.2 billion in total

assets, is liable to pay a $11.8 million termination fee if the

deal fails to go through due to a competing acquisition offer.

Keefe, Bruyette & Woods and Piper Sandler were the financial

advisers to ConnectOne and the First of Long Island ( FLIC ),

respectively.