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Frank Sorrentino will attempt to integrate the systems at Center Bancorp a mere three weeks after the company merged with ConnectOne. The key is tremendous up-front planning and having a crisis team at the ready, he says.
July 2 -
Center Bancorp (CNBC) in Union, N.J., has agreed to buy ConnectOne Bancorp (CNOB) in Englewood Cliffs, N.J.
January 21 -
ConnectOne is a busy lender but light on deposits, while Center Bancorp has a low loan-to-deposit ratio. The combined company will stand a better chance at organic loan growth in the future. More deals like it are coming as banks look to a more robust lending environment in the next few years.
January 21
ConnectOne Bancorp in Englewood Cliffs, N.J.,
Santasieri will also serve as an executive vice president at the $1.5 billion-asset ConnectOne.
He succeeds Richard Tappen, who has been serving as the bank's acting chief credit officer. Tappen will resume his previous role as senior vice president of assets and lending.
Santasieri most recently worked at TD Bank, where he was a senior vice president in charge of commercial real estate. He has also served as a senior vice president at Bank of America.
In a press release Tuesday, Frank Sorrentino, the ConnectOne's chairman and chief executive, praised Santasieri's "impressive track record of driving growth" in commercial lending.
ConnectOne operates 23 banking offices throughout northern New Jersey.
