DEFA14A: First of Long Island Corporation Recommends Shareholder Approval of Merger with ConnectOne Bancorp

The First of Long Island Corporation urges shareholders to vote in favor of the proposed merger with ConnectOne Bancorp at the upcoming special meeting on February 14, 2025.

Summary

• The First of Long Island Corporation is seeking shareholder approval for a merger with ConnectOne Bancorp.
• The Board of Directors believes the merger will better serve customers and communities and is in the best interest of shareholders.
• Shareholders are being asked to vote on three proposals: approving the merger agreement, approving certain merger-related compensation, and approving potential adjournments of the special meeting.
• The Special Shareholder meeting is scheduled for Friday, February 14, 2025.
• Shareholders can vote by phone or online before the meeting.

Sentiment

Score: 7

Explanation: The document conveys a positive outlook regarding the merger's potential benefits, but it's a formal request for shareholder approval, so the sentiment is moderately positive.

Positives

• The Board of Directors believes the merger will benefit customers, communities, and shareholders.
• Shareholders have multiple options for voting, including phone and online.

Risks

• The merger is contingent on shareholder approval.
• Failure to obtain shareholder approval will prevent the merger from proceeding.

Future Outlook

The document indicates a future where The First of Long Island Corporation is merged with ConnectOne Bancorp, pending shareholder approval.

Management Comments

• Our Board of Directors and senior leadership team believe this change will help us to better serve the future financial needs of our customers and communities.
• Our Board of Directors also believes this merger is in the best interest of shareholders and unanimously recommends you vote in favor of the following proposals.

Industry Context

The banking industry is currently seeing consolidation as smaller banks look to gain scale and efficiency to compete with larger institutions and adapt to changing regulatory and technological landscapes.

Stakeholder Impact

• Shareholders will be impacted by the merger decision and its potential effects on the company's future performance.
• Customers and communities are expected to benefit from the combined entity's enhanced services and resources.

Next Steps

• Shareholder vote on the merger proposal at the Special Meeting on February 14, 2025.
• Potential completion of the merger with ConnectOne Bancorp, pending shareholder approval.

Key Dates

Keywords

merger, shareholders, ConnectOne Bancorp, First of Long Island Corporation, vote, proxy