The independent history of The First of Long Island Corporation has drawn to a close. ConnectOne Bancorp, Inc. has completed its acquisition of the regional lender, finalizing the merger on June 2, 2025. This move ends the separate public trading of First of Long Island’s stock.
Transaction Terms and Strategic Rationale
Valued at approximately $284 million, the deal saw shareholders of First of Long Island receive 0.5175 shares of ConnectOne for each share they held. Any fractional share interests were settled with a cash payment. The combined entity now operates under the ConnectOne brand.
This acquisition significantly bolsters ConnectOne’s footprint across the greater New York area. The bank’s network now exceeds 60 branches, spanning Long Island, New Jersey, and southeastern Florida. With a combined balance sheet of roughly $14 billion, the merger elevates ConnectOne into a position among the top five regional banks on Long Island as measured by deposit market share.
Leadership and Regulatory Approval
The integration brought changes in leadership. Christopher Becker, the former President and Chief Executive Officer of First of Long Island, has been appointed Vice Chairman of ConnectOne. Furthermore, two additional directors from the acquired bank’s board have joined ConnectOne’s governing body.
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All necessary regulatory clearances for the merger, including approval from the Federal Deposit Insurance Corporation (FDIC), were secured in May 2025, paving the way for the June completion.
Financial Integration and Outlook
ConnectOne’s management has emphasized realizing economies of scale from this union. They project that the acquisition will be accretive to earnings per share (EPS) in 2025, following the full implementation of planned cost-saving measures. The company reports that combining business operations and technology systems has proceeded smoothly.
For former First of Long Island investors, their investment returns are now entirely tied to the performance of ConnectOne Bancorp (ticker: CNOB). In its final independent quarterly report for Q1 2025, First of Long Island posted net income of $3.8 million, a figure that represented a decline even as its net interest income showed an increase.
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