ConnectOne Bancorp to Buy First Community Bank for $1.05 Billion
The Southeast regional lender will pay $10.50 a share in cash and stock, a 25% premium to First Community’s September 9 close.
ConnectOne Bancorp (CNOB) agreed to acquire First Community Bank for $1.05 billion, or $10.50 a share, in cash and stock.
The price represented a 25% premium to First Community’s closing share price on September 9, 2026. The deal is expected to close in the first half of 2027, subject to customary closing conditions, including regulatory approvals.
The combination is expected to create a stronger, more diversified regional bank with a larger footprint and greater scale to serve customers and communities across the Southeast.
John W. Hensley, Chairman and Chief Executive Officer, said the pairing was a natural fit. “This combination is a natural fit. First Community is a well-run, high-quality franchise with a strong culture and a deep commitment to the communities it serves. Together, we will be better positioned to support our customers, invest in our people, and create long-term value for shareholders.”
The mixed cash-and-stock structure sits in the same lane as other recent regional-bank combinations that paired equity with cash to give target shareholders a choice of consideration. FS Bancorp completed its Pacific West Bancorp deal in August with a mix of common stock and cash, and Northrim Bancorp’s July agreement with People’s Bank was framed around a community-bank merger that would raise lending limits and add products. ConnectOne’s announcement did not describe a shareholder election or proration mechanism.
The Southeast footprint rationale is the stated strategic thread. ConnectOne said the larger combined platform would give it more scale to serve customers and communities in the region. The release did not break out branch counts, asset sizes, or market-by-market overlap for either company.
Closing remains contingent on shareholder and regulatory sign-off, as is customary for bank mergers of this size. The companies pointed to the first half of 2027 as the expected window. Hensley’s remarks framed the post-close agenda around customer support, people, and shareholder value rather than a specific integration timetable.