Englewood Cliffs, N.J.-based ConnectOne Bancorp Inc. completed its acquisition of Fort Lee, N.J.-based Bancorp of New Jersey Inc.
Bancorp of New Jersey shareholders will receive either 0.78 of a ConnectOne Bancorp common share or $16.25 in cash for each share they own, with the deal consideration mix to be composed of 80% in stock and 20% in cash. Given the proration procedure, the shareholders of Bancorp of New Jersey may receive a higher or a lesser amount of cash or shares than elected, the companies said.
With the deal closure, ConnectOne Bancorp's board expanded to 12 members to include former Bancorp of New Jersey Director Mark Sokolich.
The companies expect to convert Bank of New Jersey and its customers to ConnectOne Bank in May.
Keefe Bruyette & Woods Inc., a Stifel company, served as financial adviser to ConnectOne Bancorp, while Squire Patton Boggs (US) LLP served as its legal counsel. Sandler O'Neill & Partners LP acted as the financial adviser to Bancorp of New Jersey, and Holland & Knight LLP served as its legal counsel.