Listen to this articleConnectOne Bank has opened a new full-service branch in East Hampton.
The new 2,000-square-foot branch at 78B Park Place features 772 square feet of ground level space with 10 feet of store frontage, in addition to 1,200 square feet on a lower level.
The branch at 78B Park Place joins another ConnectOne East Hampton location at 114 Main St., which has lending offices but doesn’t serve as a full-service branch.
“The East Hampton community boasts a robust local economy that values our relationship banking philosophy where putting the needs of the community first is essential,” Kevin Santacroce, ConnectOne Bank’s New York Market president and Long Island banking veteran, said in a written statement.
Though ConnectOne now has just two full-service branches on Long Island, the bank will be expanding thanks to its pending $284 million acquisition of The First of Long Island Corporation, the Melville-based parent company of The First National Bank of Long Island.
The combined company will operate under the ConnectOne brand, and will have approximately $14 billion in total assets, and $11 billion each in total deposits and in total loans.
First of Long Island has 40 branches in the New York metropolitan region, with about 92 percent of its deposits located in Nassau and Suffolk counties. As of June 30, the bank had about $4.2 billion in assets, $3.3 billion in loans and $3.4 billion in deposits. First of Long Island ranked fourth in Nassau and fifth in Suffolk in deposit market share among banks with under $100 billion of assets, according to S&P data.
The acquisition transaction is expected to be completed in mid-2025.
Lee Minetree of Saunders & Associates represented ConnectOne, while Joshua Roth served as in-house representative for Manhattan Skyline Management Corporation in the East Hampton lease transaction.
“Congratulations to ConnectOne on opening the doors at their new East Hampton location,” said Roth, senior vice president of retail at Manhattan Skyline. “ConnectOne’s community focus and client-first business model have proven to be a great fit and coveted amenity for the community of East Hampton. Adding this ground floor branch creates greater convenience for current clients as well as the ability to serve new customers.”