New Jersey bank ConnectOne sets terms for $44 million IPO

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ConnectOne Bancorp, a full-service, commercial bank with eight offices primarily serving northeastern New Jersey, announced terms for its IPO on Friday. The Englewood Cliffs, NJ-based company plans to raise $44 million by offering 1.6 million shares at a price range of $26 to $29. At the midpoint of the proposed range, ConnectOne Bancorp would command a fully diluted market value of $131 million. ConnectOne Bancorp, which was founded in 2008 and generated $33 million of net interest income for the 12 months ended 9/30/2012, plans to list on the NASDAQ under the symbol CNOB. Stifel Nicolaus Weisel, Keefe Bruyette Woods and Sandler O'Neill are the joint bookrunners on the deal.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines , IPOs

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