Form 4: First of Long Island Corp. Director Converts Shares Following ConnectOne Bancorp Merger Completion

A director of First of Long Island Corp. has reported the disposal of all common stock holdings, totaling 549,958 shares, as a result of the company's merger with ConnectOne Bancorp, Inc.

Summary

• Paul T. Canarick, a Director of First of Long Island Corp. (FLIC), reported a change in beneficial ownership of FLIC common stock.
• On June 1, 2025, Mr. Canarick disposed of 549,958 shares of FLIC common stock.
• Following this transaction, Mr. Canarick's direct beneficial ownership of FLIC common stock is 0 shares.
• The disposal was a direct consequence of the Agreement and Plan of Merger, dated September 4, 2024, between FLIC and ConnectOne Bancorp, Inc.
• Under the merger terms, 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.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive as it indicates the successful completion of a pre-announced strategic merger, which typically resolves uncertainties for shareholders of the acquired entity. It's a planned event, not an unexpected negative.

Positives

• The completion of the merger provides a clear path forward for the former shareholders of First of Long Island Corp. by converting their holdings into shares of ConnectOne Bancorp, Inc.
• The transaction signifies the successful execution of a strategic corporate action previously announced.

Negatives

• The First of Long Island Corp. as an independent entity has ceased to exist, leading to the conversion of its shares and the cessation of its independent trading.

Risks

• NA

Future Outlook

The document primarily reports a completed transaction resulting from a merger, rather than providing forward-looking statements or guidance for the former First of Long Island Corp. The future outlook for former FLIC shareholders is now tied to ConnectOne Bancorp, Inc.

Industry Context

This transaction reflects ongoing consolidation trends within the banking sector, where smaller regional banks are often acquired by larger institutions to achieve economies of scale, expand market reach, and enhance competitive positioning.

Stakeholder Impact

• Shareholders of First of Long Island Corp. have had their shares converted into ConnectOne Bancorp, Inc. common stock, impacting their future investment returns based on the performance of the acquiring company.

Next Steps

• Former shareholders of First of Long Island Corp. now hold shares in ConnectOne Bancorp, Inc. and their investment performance will be tied to the performance of the combined entity.

Key Dates

Keywords

SEC Form 4, Insider Transaction, Merger, Acquisition, Beneficial Ownership, FLIC, First of Long Island Corp, ConnectOne Bancorp, Paul T. Canarick, Common Stock