Form 4: First of Long Island Corp. Director's Shares Converted Following ConnectOne Bancorp Merger

A recent SEC Form 4 filing indicates that Director John J. Desmond's shares in First of Long Island Corp. were converted into ConnectOne Bancorp, Inc. common stock as a result of the previously announced merger.

Summary

• John J. Desmond, a Director of First of Long Island Corp. (FLIC), reported a disposition of 26,962 shares of FLIC common stock.
• The transaction occurred on June 1, 2025.
• Following this transaction, Mr. Desmond's direct beneficial ownership in FLIC common stock is 0 shares.
• This disposition was a direct consequence of 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 is a factual report of a completed corporate action (merger-related share conversion). It is neutral in tone but confirms the successful execution of a strategic event, which is generally positive for the involved entities.

Positives

• The filing confirms the successful completion of the merger between First of Long Island Corp. and ConnectOne Bancorp, Inc., indicating the strategic transaction has been finalized.

Negatives

• The shares of First of Long Island Corp. common stock no longer exist as an independent entity's security, as they have been converted into ConnectOne Bancorp, Inc. shares.

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 publicly traded entity.

Industry Context

This filing reflects the ongoing trend of consolidation within the U.S. 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, altering their investment holding and future exposure.
• The merger implies integration of operations, which could impact employees and customers of the former First of Long Island Corp.

Next Steps

• Former shareholders of First of Long Island Corp. now hold shares in ConnectOne Bancorp, Inc. and should monitor ConnectOne's financial performance and strategic announcements.

Key Dates

Keywords

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