Rhinebeck Bank Announces Acquisition of Two Branches from ConnectOne Bank
October 26 2020 - 7:00AM
Rhinebeck Bancorp, Inc., (NASDAQ: RBKB), the holding company of
Rhinebeck Bank, and ConnectOne Bancorp, Inc. (NASDAQ: CNOB), the
holding company of ConnectOne Bank, announced today an agreement
under which Rhinebeck Bank will acquire two leased branch offices
in Orange County, NY and their related deposits, from ConnectOne
Bank. The branch offices are located in Monroe and Warwick, New
York. The transaction is expected to add more than $50 million in
deposits for Rhinebeck Bank.
“This transaction accelerates our previous stated goal of
expanding our presence in Orange County. We are excited to enter
this new market and bring our relationship-based banking model to
this vibrant community,” said Michael J. Quinn, President and Chief
Executive Officer. “Both financial institutions are committed to
providing a smooth transition with minimal impact for all
stakeholders.”
“This transaction reflects another step in ConnectOne’s branch
rationalization strategy in order to meet evolving client demands
while scaling best-in-class efficiency,” said William S. Burns, EVP
& Chief Financial Officer of ConnectOne. “We’ll continue to
move away from traditional retail branches towards more robust
banking hubs supported by digital tools and resources.”
The transaction is expected to close late in the fourth quarter
of 2020 or early in the first quarter of 2021, subject to
regulatory approvals and satisfaction of customary closing
conditions. Terms of the transaction were not disclosed.
The Kafafian Group, Inc. served as financial advisor to
Rhinebeck Bancorp, Inc., with Luse Gorman, PC serving as legal
advisor. Piper Sandler & Co. served as financial advisor to
ConnectOne Bancorp, Inc., with Windels Marx Lane & Mittendorf,
LLP serving as legal advisor.
About Rhinebeck Bancorp
Rhinebeck Bancorp, Inc. is a Maryland corporation organized as
the mid-tier holding company of Rhinebeck Bank and is itself the
majority-owned subsidiary of Rhinebeck Bancorp, MHC. The Bank is a
New York chartered stock savings bank which provides a full range
of banking and financial services to consumer and commercial
customers through its eleven branches and two representative
offices located in Dutchess, Ulster, Orange, and Albany counties in
New York State. Financial services including comprehensive
brokerage, investment advisory services, financial product sales
and employee benefits are offered through Rhinebeck Asset
Management, a division of the Bank.
About ConnectOne Bancorp, Inc.
ConnectOne Bancorp, Inc., through its subsidiary, ConnectOne
Bank offers a full suite of both commercial and consumer banking
and lending products and services through its banking offices
located across New York and New Jersey. ConnectOne Bancorp, Inc. is
traded on the Nasdaq Global Market under the trading symbol "CNOB,"
and information about ConnectOne may be found
at https://www.connectonebank.com.
Forward-Looking Statements
The statements contained herein that are not historical facts
are forward-looking statements (as defined by the Private
Securities Litigation Reform Act of 1995) based on management’s
current expectations and beliefs concerning future developments and
their potential effects on the Companies. Such statements involve
inherent risks and uncertainties, many of which are difficult to
predict and are generally beyond the control of the Companies.
There can be no assurance that future developments affecting the
Companies will be the same as those anticipated by management.
These statements are evidenced by terms such as “anticipate,”
“estimate,” “should,” “expect,” “believe,” “intend,” and similar
expressions. Although these statements reflect management’s good
faith beliefs and projections, they are not guarantees of future
performance and they may not prove true. These projections involve
risk and uncertainties that could cause actual results to differ
materially from those addressed in the forward-looking statements.
Readers should not place under reliance on such forward-looking
statements, which speak only as of the date made. For a discussion
of these risks and uncertainties, see the section of the periodic
reports filed by Rhinebeck Bancorp, Inc. and ConnectOne Bancorp,
Inc. with the Securities and Exchange Commission entitled “Risk
Factors.”
The Companies specifically disclaim any obligation to update any
factors or to publicly announce the result of revisions to any of
the forward-looking statements included herein to reflect future
events or developments.
Investor Contacts:
RHINEBECK BANK CONTACT: Michael J. Quinn, President and
Chief Executive OfficerTELEPHONE:
(845) 790-1501
CONNECTONE BANK CONTACT: William S. Burns, Executive
Vice President and Chief Financial
OfficerTELEPHONE: (201) 816-4474
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