First of Long Island Acquisition Finalized: Key Investor Implications

The independent operations of The First of Long Island Corporation have officially concluded. As of June 2, 2025, ConnectOne Bancorp has successfully completed its acquisition of the institution. Investors who previously held FLIC stock now possess shares in ConnectOne Bancorp, as the original ticker has been retired.

Terms and Financial Structure of the Merger

Under the merger agreement, shareholders of The First of Long Island received 0.5175 shares of ConnectOne for each share of FLIC they owned. When this deal was initially announced to the market in September 2024, its total value was approximately $284 million. This translated to an implied value of roughly $12.40 per FLIC share at that time.

The combined entity now operates under the ConnectOne brand and boasts a significant asset base of about $14 billion. Its consolidated balance sheet includes $11 billion in deposits and an equivalent $11 billion in outstanding loans. The geographic footprint has been substantially expanded to include more than 60 branch locations across New York, New Jersey, and Southeastern Florida.

Leadership and Financial Projections Post-Merger

Key leadership changes have been implemented following the consolidation. Christopher Becker, the former President and Chief Executive Officer of First of Long Island, has transitioned to the role of Vice Chairman at ConnectOne. Furthermore, two independent directors from the FLIC board have been appointed to serve on ConnectOne’s board of directors.

Should investors sell immediately? Or is it worth buying First of Long Island?

Financially, the acquisition was projected to be accretive to ConnectOne’s earnings per share for the 2025 fiscal year, after accounting for all anticipated cost savings. However, the transaction did result in an estimated 12% dilution to tangible book value per share. The company expects this dilution to be earned back within a period of 2.9 years.

Implications for Former FLIC Shareholders

The first-quarter 2025 earnings report for First of Long Island, which was released on April 30, 2025, represents its final independent financial statement. The reported net income of $3.8 million, or $0.17 per share, has been incorporated into ConnectOne’s overall financial results.

All future financial performance, corporate actions, and dividend distributions will now be determined and executed solely by ConnectOne Bancorp. Market attention has now shifted entirely toward tracking the successful integration of the two banks and the realization of projected synergies from the merger.