ConnectOne Bank Makes Bold Move Into New York City

At a time when most banks are closing brick and mortar branches, New Jersey-based ConnectOne Bank is opening a branch across the Hudson River in New York City.
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At a time when most banks are closing brick and mortar branches in favor of ATMs and online banking, New Jersey-based ConnectOne Bank is going against the tide and opening a branch across the Hudson River in New York City. 'A lot of our clients have business both in New Jersey and New York City so it was a real natural progression to come across the river and open an office here,' said ConnectOne CEO Frank Sorrentino. 'We see the market as the New York Metro market, no longer just the New Jersey market, so if you stick a pin in New York and drive a 20 to 30 mile radius, that’s what we see as our market area.' Along with its new New York City location, ConnectOne Bank operates 23 offices in Bergen, Union, Morris, Essex, Hudson, Mercer, and Monmouth Counties in New Jersey. It serves small-to-medium sized businesses, high net worth individuals, professional practices, and consumer and retail customers. ConnectOne was formerly known as Center Bancorp and changed its name in July 2014. Shares of ConnectOne are up 16% so far in 2015.