Form 4: First of Long Island Corp. CEO Converts Shares Following Merger with ConnectOne Bancorp

Christopher Becker, President and CEO of First of Long Island Corp., has reported the conversion of all his shares in the company into ConnectOne Bancorp, Inc. common stock, signaling the completion of the previously announced merger.

Summary

• Christopher Becker, President & CEO and Director of First of Long Island Corp. (FLIC), reported changes in his beneficial ownership.
• On June 1, 2025, Mr. Becker disposed of 98,974 shares of FLIC common stock held directly and 6,587 shares held indirectly via an IRA.
• These disposals were a result of the Agreement and Plan of Merger, dated September 4, 2024, between FLIC and ConnectOne Bancorp, Inc.
• Each outstanding share of FLIC common stock was converted into the right to receive 0.5175 shares of ConnectOne Bancorp, Inc. common stock, with cash paid in lieu of fractional shares.
• Following these transactions, Mr. Becker beneficially owns 0 shares of First of Long Island Corp.

Sentiment

Score: 7

Explanation: The sentiment is positive as it confirms the successful completion of a strategic merger, which typically aims to create value for shareholders. While it's a reporting of a transaction, the underlying event (merger completion) is generally viewed favorably as it removes uncertainty.

Positives

• Completion of the merger provides strategic clarity and potential synergies for the combined entity.
• Shareholders of First of Long Island Corp. received shares in ConnectOne Bancorp, Inc., allowing for continued investment in the banking sector through the acquiring entity.

Negatives

• First of Long Island Corp. common stock ceased to exist, meaning its shareholders no longer hold direct equity in FLIC.

Future Outlook

The document reports a completed transaction related to a merger and does not provide forward-looking statements or guidance for the combined entity.

Industry Context

This filing signifies the successful completion of a merger in the banking sector, a common strategy for regional banks to achieve scale, cost efficiencies, and expand market reach in a competitive environment. Such consolidations often aim to enhance shareholder value and operational resilience.

Comparison to Industry Standards

• Mergers and acquisitions are a common strategy in the regional banking sector for growth and efficiency. The conversion ratio of 0.5175 shares of ConnectOne Bancorp, Inc. for each FLIC share is specific to this transaction and would be evaluated against the pre-merger valuations of both companies.
• Similar bank mergers in recent years include the acquisition of Sterling Bancorp by Webster Financial Corporation, and the merger of People's United Financial with M&T Bank Corporation, all aiming for increased market share and operational synergies.

Stakeholder Impact

• Shareholders: First of Long Island Corp. shareholders received shares of ConnectOne Bancorp, Inc., effectively converting their investment into the acquiring entity.
• Employees: While not explicitly stated, mergers often lead to organizational restructuring and potential changes for employees of the acquired company.
• Customers: Customers of First of Long Island Corp. will now be served by ConnectOne Bancorp, Inc., potentially leading to changes in services, branch networks, or digital platforms.

Next Steps

• Integration of First of Long Island Corp. operations and systems into ConnectOne Bancorp, Inc.
• Realization of anticipated synergies and cost savings from the merger.
• Shareholders of FLIC now hold shares in ConnectOne Bancorp, Inc. and will be subject to its performance and disclosures.

Key Dates

Keywords

SEC Form 4, First of Long Island Corp., FLIC, ConnectOne Bancorp, CNOB, Merger, Acquisition, Share Conversion, Beneficial Ownership, Christopher Becker, Banking Industry, Financial Services