ConnectOne Bancorp receives regulatory approvals for Bancorp of NJ deal
ConnectOne Bancorp announced that its wholly-owned bank subsidiary, ConnectOne Bank, has received regulatory approvals to proceed with its previously announced acquisition of Bank of New Jersey, a New Jersey state-chartered bank and wholly-owned bank subsidiary of Bancorp of New Jersey, Inc. Approval was granted by both the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation. Additionally, the company announced that it has previously obtained from the Board of Governors of the Federal Reserve System a waiver from the application requirements of Section 3 of the Bank Holding Company Act of 1956, as amended, with respect to the merger of Bancorp of New Jersey, Inc. with and into the company. The proposed transaction, which is expected to close early in the first quarter of 2020, remains subject to the approval of the company's and Bancorp of New Jersey, Inc.'s shareholders and other customary closing conditions. ConnectOne and Bancorp of New Jersey, Inc. will hold their respective shareholder meetings on December 9, 2019 to vote on the proposed acquisition.