The First of Long Island Corporation Announces Pricing of Public Offering of 1.2 million Shares of Common Stock
May 04 2016 - 07:15PM
The First of Long Island Corporation (Nasdaq:FLIC), the parent
company of The First National Bank of Long Island, today announced
the pricing of an underwritten public offering of 1.2 million
shares of common stock at a price of $29.00 per share, for gross
proceeds of $34.8 million. After deducting the underwriting
discount and estimated offering expenses, the Company expects to
receive net proceeds of approximately $32.5 million. The
Company has also granted the underwriter a 30-day option to
purchase up to an additional 180,000 shares of common stock at the
same price and on the same terms and conditions.
The offering is expected to close on May 10, 2016, subject to
customary closing conditions.
Sandler O'Neill + Partners, L.P. served as sole underwriter for
the offering. The shares are being issued pursuant to a prospectus
supplement and prospectus filed as part of an effective shelf
registration statement filed with the Securities and Exchange
Commission ("SEC") on Form S-3 (File No. 333-190505).
The Company expects to use the net proceeds of this offering for
general corporate purposes, including support for organic growth
and financing possible acquisitions of branches or fee-based
businesses.
Additional Information Regarding the
OfferingThis announcement is for informational purposes
only and is not an offer to sell or the solicitation of an offer to
buy any securities of the Company, which is made only by means of a
prospectus supplement and related base prospectus, nor will there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. The Company has filed a registration
statement (including a prospectus and prospectus supplement) with
the SEC for the offering to which this communication relates.
Prospective investors, including current shareholders interested in
participating in the offering, should read the prospectus in that
registration statement, the prospectus supplement and other
documents that the Company has filed with the SEC, for more
complete information about the Company and the offering. Investors
may obtain copies of the prospectus supplement and accompanying
base prospectus relating to the offering without charge by visiting
the SEC's website at www.sec.gov, or from Sandler O'Neill +
Partners, L.P., 1251 Avenue of the Americas, 6th Floor, New York,
New York 10020, Attn: Syndicate Operations, or by phone at (866)
805-4128.
About The First of Long Island CorporationThe
First of Long Island Corporation is the bank holding company for
The First National Bank of Long Island. The Bank serves the
financial needs of privately owned businesses, professionals,
consumers, public bodies and other organizations primarily in
Nassau and Suffolk Counties, Long Island, and the boroughs of New
York City and currently has forty-four branches in Nassau and
Suffolk Counties, Long Island and the boroughs of Queens and
Manhattan.
Forward-Looking StatementsThis press release
contains forward-looking statements under the federal securities
laws. These statements are based on current expectations, estimates
and projections about the industry and markets in which The First
of Long Island Corporation operates, management’s beliefs and
assumptions made by management. Forward-looking statements are not
guarantees of future performance and involve certain risks and
uncertainties, which are difficult to predict. You should not place
undue reliance on such forward-looking statements. The Company does
not assume any duty and does not undertake to update its
forward-looking statements.
Contact:
William Aprigliano
Senior Vice President & Chief Accounting Officer
(516) 671-4900, Ext. 7403
First of Long Island (NASDAQ:FLIC)
Historical Stock Chart
From Feb 2024 to Mar 2024
First of Long Island (NASDAQ:FLIC)
Historical Stock Chart
From Mar 2023 to Mar 2024