Form 4: First of Long Island Corp Director Converts Shares to ConnectOne Bancorp Stock Following Merger
Insider Transaction Report
Louisa M. Ives, a Director of First of Long Island Corp (FLIC), has reported the disposition of all her common stock holdings in FLIC, converting them into ConnectOne Bancorp, Inc. shares as a result of the previously announced merger.
Summary
- Louisa M. Ives, a Director of First of Long Island Corp (FLIC), reported a change in beneficial ownership of FLIC common stock.
- On June 1, 2025, Ms. Ives disposed of 14,083 shares of FLIC common stock.
- Following this transaction, Ms. Ives beneficially owns 0 shares of FLIC common stock directly.
- This disposition was executed pursuant to the Agreement and Plan of Merger, dated September 4, 2024, between First of Long Island Corp and ConnectOne Bancorp, Inc.
- Under the merger agreement, 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 document reports a factual, expected transaction resulting from a merger. It's neutral in tone regarding the company's ongoing performance but confirms the successful execution of a strategic event (merger completion), which is generally viewed as a positive for the acquiring entity and a defined exit for the acquired.
Future Outlook
The filing indicates the completion of the merger between First of Long Island Corp and ConnectOne Bancorp, Inc., leading to the conversion of FLIC shares into ConnectOne shares. This signifies the integration of FLIC into ConnectOne Bancorp, Inc.'s operations.
Industry Context
This transaction reflects the ongoing consolidation trend within the U.S. banking sector, where smaller regional banks are often acquired by larger institutions to achieve economies of scale, expand market reach, and enhance competitive positioning. The merger of First of Long Island Corp into ConnectOne Bancorp, Inc. is consistent with this broader industry movement.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Director | Louisa M Ives (First of Long Island Corp) | N/A (role ceased with FLIC's merger) | 06/01/2025 | Cessation of directorship at First of Long Island Corp due to its merger with ConnectOne Bancorp, Inc. |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Corporate Structure Change | The merger agreement effectively dissolved First of Long Island Corp as an independent entity, transferring its governance and operations under ConnectOne Bancorp, Inc. | 06/01/2025 | This change eliminates First of Long Island Corp's independent corporate governance structure, integrating it into ConnectOne Bancorp, Inc.'s framework. Directors of FLIC would cease their roles with the acquired entity. |
Stakeholder Impact
- Shareholders of First of Long Island Corp have had their shares converted into ConnectOne Bancorp, Inc. common stock, making them shareholders of the combined entity.
- Employees of First of Long Island Corp are now part of ConnectOne Bancorp, Inc., subject to the acquiring company's policies and integration plans.
Next Steps
- The former shareholders of First of Long Island Corp now hold shares in ConnectOne Bancorp, Inc., and will participate in the future performance of the combined entity.
Key Dates
| Date | Description |
|---|---|
| 09/04/2024 | Date of the Agreement and Plan of Merger between First of Long Island Corp and ConnectOne Bancorp, Inc. |
| 06/01/2025 | Date of the reported transaction where FLIC common stock was converted due to the merger. |
Keywords
First of Long Island Corp, FLIC, ConnectOne Bancorp Inc, Merger, Acquisition, Insider Transaction, Form 4, Beneficial Ownership, Stock Conversion, Director
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