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ConnectOne Bank
Sorrentino led a group that took control of the then-North Jersey Community Bank in 2005, rebranding it ConnectOne in 2014 after a series of FDIC-assisted...
ConnectOne Bank
Sorrentino led a group that took control of the then-North Jersey Community Bank in 2005, rebranding it ConnectOne in 2014 after a series of FDIC-assisted acquisitions that nearly tripled the asset base. The holding company, ConnectOne Bancorp, Inc., anchors itself in Englewood Cliffs as a state-chartered commercial bank that courts privately held middle-market borrowers — the types of operators who value a direct line to senior credit officers over a relationship-manager layer. Loan production concentrates in commercial real estate and C&I lending. Multifamily term loans and bridge financing for value-add sponsors dominate the book, supplemented by lines of credit to professional-services firms, healthcare practices, and logistics operators in northern New Jersey, the five boroughs, and Long Island. ConnectOne also runs a specialty division for condominium and co-op association banking, a fragment of the deposit franchise that produces sticky, low-cost operating accounts. The bank does not market to institutional LPs or run pooled investment vehicles — every credit sits on the balance sheet. The bank employed 487 people as of year-end 2023 and operates from roughly two dozen physical branches, though its lending footprint reaches well beyond branch signage into Brooklyn, Queens, and Nassau County. In July 2024, ConnectOne and The First of Long Island Corporation jointly terminated their planned $284 million merger, which would have created an $11 billion combined entity, after regulatory delays made the original economics unworkable (per the firm, July 2024). ConnectOne occupies the narrow space between a community bank and a real estate finance company — it raises insured deposits, avoids private equity partners, and yet underwrites CRE credits at a pace that mirrors non-bank lenders. Sorrentino maintains dual-class shares through a holding company structure that preserves control, a governance choice that distances the bank from activist pressure and from the short-term earnings demands that drive larger regionals to rotate out of portfolio lending.
General information
Firm type
Asset Manager
Year founded
2005
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Englewood Cliffs
Corporate office
Englewood Cliffs, New Jersey, United States
Principals
Frank Sorrentino III
Chairman & CEO
Sector focus
Frequently asked questions
Who runs credit decisions at ConnectOne Bank?
Frank Sorrentino III serves as Chairman and CEO, leading both the holding company and the bank since taking control of its predecessor in 2005. Senior credit officers report directly to the C-suite, and the bank markets its flat decision-making structure as a differentiator for commercial borrowers who need quick term sheets on multifamily or CRE deals.
Is ConnectOne structured as a traditional community bank or as a real estate finance vehicle?
It operates as a federally regulated, state-chartered commercial bank that raises insured deposits through roughly two dozen branches, but its lending engine tilts heavily toward balance-sheet CRE finance, particularly multifamily term loans and bridge paper. Unlike a non-bank lender, it funds itself with core deposits rather than warehouse lines or institutional equity — keeping it inside the community-bank regulatory envelope even when its credit velocity mirrors private lenders.
Does ConnectOne Bank participate in fund commitments or only direct lending?
ConnectOne does not make LP commitments to external funds. Every loan sits on the bank's own balance sheet, which means the credit book is self-originated, self-underwritten, and retained rather than syndicated or securitized.
Which sectors are concentrated in ConnectOne's loan book?
Commercial real estate dominates, with a heavy weighting in multifamily — both stabilized term loans and bridge financing for value-add sponsors. The C&I book covers professional-services firms, healthcare practices, and logistics operators, and the bank also runs a specialty condominium and co-op association banking division that sources low-cost deposits.
What is ConnectOne's geographic footprint?
Physical branches sit in northern New Jersey with a presence extending into the New York metro area. The lending footprint reaches across the five boroughs, Long Island, and into southern Connecticut, targeting middle-market sponsors and business owners who operate within the tri-state orbit.
Is there a family-office connection or private wealth arm within ConnectOne?
No publicly disclosed family-office division or separate wealth-management unit exists. The institution runs as a regulated commercial bank; Sorrentino's dual-class share structure provides individual control over the holding company, but the bank itself does not serve as a family office or manage external private wealth.
What happened to ConnectOne's planned merger with The First of Long Island Corporation?
The $284 million merger was mutually terminated in July 2024. Both banks cited regulatory delays that had stretched the timeline past what made financial and operational sense. ConnectOne continues to operate independently with its existing balance sheet and strategy.
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