ConnectOne Bancorp (CNOB) and First of Long Island (FLIC) said Tuesday they have received approval from the Federal Deposit Insurance Corporation to proceed with their merger.

Pending approvals or waivers from the New Jersey Department of Banking and Insurance and the Federal Reserve Bank of New York, the companies said they expect to close the transaction around June 1.

The combined company will operate under the ConnectOne brand, and will have about $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans, the companies said.

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