ConnectOne Bancorp completed the acquisition of Bancorp of New Jersey for $113m.

ConnectOne Bancorp, parent company of ConnectOne Bank, completed the acquisition of Bancorp of New Jersey, parent of Bank of New Jersey, for $113m. The transaction reflects an in-market acquisition of an institution similar in several ways including its focus on commercial clients, location of its offices, and its core processing provider. The acquisition is intended to accelerate ConnectOne’s strategic focus on increasing client relationships, capitalizing on growth opportunities throughout the Company’s New York and New Jersey target metropolitan market, and maintaining best-in-class efficiency. Enhanced scale from the transaction is designed to further leverage ConnectOne’s leading technology infrastructure to drive efficiencies, and position ConnectOne for additional future growth. “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,” Frank Sorrentino, ConnectOne Chairman and Chief Executive Officer.