connectone bancorp completes merger with first of long island
Investing.com
Published Jun 02, 2025 08:44AM ET
ConnectOne Bancorp, Inc. (NASDAQ:CNOB) has completed its merger with The First of Long Island Corporation (NASDAQ:FLIC), according to a recent SEC filing. The merger, effective June 1, 2025, results in ConnectOne being the surviving entity. First of Long Island, with a market capitalization of $269.21 million and a notable 42-year dividend payment history, brings significant value to the transaction. This merger also includes First National Bank of Long Island into ConnectOne Bank, a wholly-owned subsidiary of ConnectOne Bancorp.
Under the terms of the merger agreement, each share of First of Long Island common stock was converted into 0.5175 shares of ConnectOne common stock. Shareholders of First of Long Island will receive cash for any fractional shares. According to InvestingPro data, First of Long Island trades at 0.7 times book value, suggesting potential value for ConnectOne shareholders. The merger agreement also stipulates that all restricted stock units of First of Long Island fully vest and convert to the merger consideration.
The merger leads to changes in the control and management structure of First of Long Island. Directors and executive officers of First of Long Island have ceased their roles, with some joining ConnectOne's board. Christopher Becker, Edward J. Haye, and Peter Quick, former board members of First of Long Island, have been appointed to ConnectOne's board. Christopher Becker will serve as the non-executive Vice Chairman of ConnectOne's Board of Directors. Get deeper insights into both companies' financial health and management effectiveness with InvestingPro , which offers comprehensive analysis of over 1,400 US stocks.
As a consequence of the merger, First of Long Island no longer meets Nasdaq’s listing requirements. The company has requested the suspension of trading and removal of its common stock from Nasdaq. ConnectOne, as the successor, plans to file for the termination of First of Long Island’s stock registration under the Securities Exchange Act.
The merger agreement, initially signed on September 4, 2024, outlines that the Certificate of Incorporation and Bylaws of First of Long Island cease to be effective, with ConnectOne's governing documents remaining in effect post-merger.
This information is based on a press release statement from the SEC filing dated June 2, 2025.
In other recent news, The First of Long Island Corporation has declared a quarterly cash dividend of $0.21 per share. Shareholders on record as of March 24, 2025, are set to receive this payment on April 3, 2025. This announcement continues the company's tradition of providing dividends to its shareholders, reflecting its ongoing financial performance. The company, which operates through The First National Bank of Long Island, emphasizes a customer-first approach in its services. These developments highlight the bank's commitment to maintaining shareholder value. The First of Long Island Corporation is listed on the Nasdaq stock exchange. The information was shared through a press release from the company.
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Written By: Investing.com
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