A founder’s idea becomes a regional bank
Frank Sorrentino III’s twentieth-anniversary letter describes founding ConnectOne Bank in 2005 to build a closer financial partner for businesses and communities. The FDIC records January 15, 2005 as the establishment date of the Englewood Cliffs, New Jersey institution, certificate 57919. The letter supplies the founder’s account of his purpose; the directory anchors the current bank’s legal identity. [1][3]
The anniversary account emphasizes small-business owners, entrepreneurs and developers as clients. These are concrete examples of the bank’s chosen market, although the letter is a company account of its achievements rather than an independent assessment. The later expansion would give that relationship-banking model a much larger geographic footprint. [3]
A 2014 combination adds scale
On July 1, 2014, the company announced completion of the combination involving Center Bancorp and the former ConnectOne Bancorp. The combined parent took the ConnectOne Bancorp, Inc. name, with Sorrentino leading it. The announcement described a roughly $3 billion institution with 24 branches across seven New Jersey counties. Those figures describe the transaction-era company, not its present scale. [4]
The completion release identified Union Center National Bank as Center’s bank subsidiary and said systems integration was under way. It expected that transition later in July. This distinguishes a completed legal transaction from the subsequent work of combining customer systems and operations; a forecast integration date is not the same evidence as a later completion report. [4]
First of Long Island broadens the map
On June 2, 2025, ConnectOne announced that its combination with The First of Long Island Corporation, parent of The First National Bank of Long Island, had been completed. The announcement described approximately $14 billion of combined assets and more than 60 branches across New York, New Jersey and Southeast Florida. It said the combined organization was operating under the ConnectOne brand. [5]
The transaction paid First of Long Island shareholders 0.5175 ConnectOne shares for each of their shares, with cash instead of fractional shares. Christopher Becker, the acquired company’s former president and chief executive, became vice chairman of ConnectOne, and its board expanded to 15 members. Those changes show how the combination brought people and ownership into the larger franchise as well as loans and deposits. [5]
Banking and a lending marketplace
ConnectOne’s completion announcement describes the bank as focused on small and middle-market businesses, with deposit and lending services. It also identifies BoeFly, Inc. as the bank’s financial-technology subsidiary. BoeFly is a separate company within the group, rather than an additional insured bank or another name for ConnectOne’s charter. [5]
The July 2026 results show how fee income can complement interest earned on loans: the parent attributed part of its quarterly increase in noninterest income to gains from sales of loans, primarily government-backed small-business loans. Selling a loan can generate a fee or gain during a period, while the loans retained on the balance sheet represent a different measure of activity. [6]
A larger franchise also has property-credit problems
ConnectOne Bancorp reported $40.2 million of second-quarter 2026 income available to common shareholders, versus a $21.8 million loss a year earlier. The comparison is affected by the 2025 merger period, which included acquisition-related expenses and an initial credit-loss provision. It should not be read as if the size and costs of the business were unchanged between the two quarters. [6]
The release also reported a $13.8 million tied to a previously disclosed group of loans on rent-stabilized multifamily buildings in New York City. After charge-offs, the group added $29.9 million to nonaccrual loans during the quarter, while $20 million of the previously disclosed loans were brought current. The same borrower group thus produced both further credit stress and repayments or cures. [6]
The insured bank at midyear
At June 30, 2026, FDIC data show $14.402 billion of assets, $11.796 billion of deposits, $11.729 billion of net loans and leases, and $1.765 billion of equity for this insured bank. Net income was $88.044 million for the first six months of 2026. The dollar fields are converted from thousands; income covers six months, rather than the second quarter alone. [2]
Loans secured by real estate totaled $10.404 billion, about 87.7% of gross loans and leases. That broad category includes more than commercial property or the specific troubled multifamily group. The figures show how a business-bank expansion and property finance sit together inside the same institution, without turning one troubled relationship into a conclusion about every borrower. [2][6]
Sources
- FDIC institution directory, October 2, 2026 index; reviewed October 5Official sourceBack to text: ↑
- FDIC June 30, 2026 bank financials; dollar fields in thousands; income year to dateOfficial sourceBack to text: ↑1↑2
- ConnectOne founder’s twentieth-anniversary letter, 2025 anniversary context; undated page reviewed October 5, 2026SourceBack to text: ↑1↑2
- ConnectOne merger-completion announcement, July 1, 2014SourceBack to text: ↑1↑2
- ConnectOne First of Long Island completion announcement, June 2, 2025SourceBack to text: ↑1↑2↑3
- ConnectOne Bancorp second-quarter 2026 results, July 23, 2026SourceBack to text: ↑1↑2↑3↑4