NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) has assigned a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and short-term rating of K3 to ConnectOne Bancorp, Inc. (NASDAQ: CNOB) (CNOB or the “Company”), a bank holding company headquartered in Englewood Cliffs, NJ. In addition, KBRA has assigned a senior unsecured debt/deposit rating of BBB+ and short-term rating of K2 to ConnectOne Bank (“the Bank”). The outlook on all ratings is stable.
|ConnectOne Bancorp, Inc.||Senior Unsecured Debt||BBB||Assigned|
|RSSD ID: 1048764||Subordinated Debt||BBB-||Assigned|
|ConnectOne Bank||Senior Deposit||BBB+||Assigned|
|FDIC Certificate #: 22683||Senior Unsecured Debt||BBB+||Assigned|
The ratings are supported by CNOB’s strong management and infrastructure, sound asset quality, and loan diversification. Ratings are tempered by CNOB’s comparatively low capital levels and by extension, relatively weak but still satisfactory performance on KBRA’s stress test. CNOB is the product of a mid-2014 merger of equals between Center Bancorp, Inc. and ConnectOne Bancorp, Inc. and their subsidiary banks, Union Center National Bank and ConnectOne Bank. CNOB, with $3.5 billion in consolidated assets, is primarily a relationship focused business bank which operates a retail banking network as a source of low cost funding. The Company defines its target market as a 50 mile radius around New York City.
To view the report, please use the following link: https://www.krollbondratings.com/show_report/2394
About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).