Investor Relations

Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
ConnectOne Bancorp, Inc.
Actual Acquirer:
ConnectOne Bank
Target:
Greater Hudson Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
7/11/2018
Announcement Date:
7/12/2018
Announced Deal Value ($ M):
76.33
Status:
Pending
Completion Date:
NA
Announced Deal Value Per Share ($ )
6.16

Consideration Breakout
Common Stock ($M) 76.3
Common Stock Issued 3,033,203

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 145.0 NA
Price / Tangible Book (%) 145.0 NA
Price / Earnings (x) NM NA
Price / Deposits (%) 18.36 NA
Price / Assets (%) 14.69 NA
Tangible Book Premium/ Deposits (%) 6.84 NA
Deal Terms
Description of Consideration

ConnectOne Bancorp Inc. will exchange 0.245 shares of its common stock for each of the outstanding share of Greater Hudson Bank.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 5,064
Est. Restructuring Charges ($ 000) 8,861
Maximum Termination Fee ($ 000) 3,200
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.245000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 6,141
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Piper Jaffray & Co.
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Windels Marx Lane & Mittendorf
Seller Yes Hogan Lovells US LLP