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

Walter C. Teagle III, a director of First of Long Island Corp., has reported the conversion of his common stock holdings into ConnectOne Bancorp, Inc. shares, finalizing the previously announced merger agreement.

Summary

• Walter C. Teagle III, a director of First of Long Island Corp. (FLIC), reported changes in his beneficial ownership of FLIC common stock.
• On June 1, 2025, Mr. Teagle disposed of 147,899 shares of FLIC common stock held directly and 1,517 shares held indirectly by his spouse.
• These dispositions occurred pursuant to the Agreement and Plan of Merger, dated September 4, 2024, between First of Long Island Corp. and ConnectOne Bancorp, Inc.
• 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.
• The reported price for these dispositions was $0, indicating a stock-for-stock conversion rather than a cash sale.

Sentiment

Score: 7

Explanation: The sentiment is positive as it confirms the successful and timely completion of a significant strategic merger, indicating execution of corporate strategy. While a Form 4 is administrative, the underlying event is positive for the companies involved.

Positives

• The filing confirms the successful completion of the merger between First of Long Island Corp. and ConnectOne Bancorp, Inc., providing clarity on the transaction's finalization.
• The conversion ratio of 0.5175 shares of ConnectOne Bancorp, Inc. for each FLIC share was executed as per the merger agreement, indicating adherence to the announced terms.

Negatives

• The document does not present any inherently negative aspects, as it reports a mandatory transaction resulting from a pre-announced merger.

Future Outlook

This Form 4 filing primarily reports a past transaction (merger completion) and does not provide forward-looking statements or guidance regarding the combined entity's future performance or strategic direction.

Industry Context

This filing reflects the finalization of a strategic merger within the regional banking sector, a trend observed as smaller banks seek scale and efficiency through consolidation. The integration of First of Long Island Corp. into ConnectOne Bancorp, Inc. aims to create a larger, more competitive financial institution.

Stakeholder Impact

• Shareholders of First of Long Island Corp. have had their shares converted into ConnectOne Bancorp, Inc. shares, impacting their future investment exposure.
• Employees of First of Long Island Corp. are now part of the combined ConnectOne Bancorp, Inc. entity, potentially affecting their roles and organizational structure.

Key Dates

Keywords

First of Long Island Corp., FLIC, ConnectOne Bancorp Inc., Merger, Stock Conversion, Insider Transaction, Form 4, Beneficial Ownership, Director Holdings, Banking Industry