ConnectOne Bancorp in Englewood Cliffs, N.J., has agreed to sell two branches to Rhinebeck Bancorp in Poughkeepsie, N.Y.
The $7.6 billion-asset ConnectOne said in a press release Monday that it will sell branches in New York’s Orange County, along with about $50 million in deposits. The sales are expected to close in the fourth quarter or in early 2021.
ConnectOne did not disclose how much Rhinebeck will pay.
“This transaction reflects another step in ConnectOne’s branch rationalization strategy in order to meet evolving client demands while scaling best-in-class efficiency,” William Burns, ConnectOne’s chief financial officer, said in the release. “We’ll continue to move away from traditional retail branches towards more robust banking hubs supported by digital tools and resources.”
The acquisition “accelerates our previous stated goal of expanding our presence in Orange County,” Michael Quinn, Rhinebeck’s president and CEO, said in the release.
“We are excited to enter this new market and bring our relationship-based banking model to this vibrant community,” Quinn added. “Both financial institutions are committed to providing a smooth transition with minimal impact for all stakeholders.”
The Kafafian Group and Luse Gorman advised the $1.1 billion-asset Rhinebeck. Piper Sandler and Windels Marx Lane & Mittendorf advised ConnectOne.
