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

A recent SEC Form 4 filing reveals that John Abbott Root Cooper, a Director of First of Long Island Corp (FLIC), disposed of all his common stock holdings as a result of the company's merger with ConnectOne Bancorp, Inc.

Summary

• John Abbott Root Cooper, a Director at First of Long Island Corp (FLIC), filed a Form 4 indicating a change in beneficial ownership.
• On June 1, 2025, Mr. Cooper disposed of 7,406 shares of FLIC Common Stock.
• Following this transaction, Mr. Cooper beneficially owns 0 shares of FLIC Common Stock.
• The disposition was a direct result of the Agreement and Plan of Merger, dated September 4, 2024, between First of Long Island Corp 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 the Form 4 confirms the successful completion of a strategic merger, which is generally viewed as a positive corporate development, even though it's a compliance filing.

Positives

• The completion of the merger between First of Long Island Corp and ConnectOne Bancorp, Inc. signifies the successful execution of a strategic corporate transaction.
• The conversion of FLIC shares into ConnectOne Bancorp shares provides FLIC shareholders with continued equity participation in the combined entity.

Negatives

• The disposition of all First of Long Island Corp shares by the director indicates the cessation of FLIC as an independent publicly traded entity.

Future Outlook

The future outlook for former First of Long Island Corp shareholders is now tied to the performance and strategic direction of ConnectOne Bancorp, Inc., as FLIC has ceased to exist as an independent entity following the merger completion.

Industry Context

This filing reflects the ongoing consolidation trend within the banking sector, where smaller regional banks merge with 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, effectively becoming shareholders of the combined entity.
• Employees of First of Long Island Corp are now part of ConnectOne Bancorp, Inc., subject to the integration plans of the combined company.

Next Steps

• Former shareholders of First of Long Island Corp will now hold shares in ConnectOne Bancorp, Inc. and should monitor ConnectOne's financial performance and strategic announcements.
• The reporting person, John Abbott Root Cooper, will now have his director responsibilities and any future equity compensation tied to ConnectOne Bancorp, Inc.

Key Dates

Keywords

SEC Form 4, Insider Transaction, Merger, Stock Conversion, First of Long Island Corp, FLIC, ConnectOne Bancorp Inc, CNOB, Beneficial Ownership, Corporate Action