GLEN HEAD, N.Y., June 23, 2010 (GLOBE NEWSWIRE) -- The First of Long Island Corporation (Nasdaq:FLIC) announced today that it has filed a common stock shelf registration statement on Form S-3 (the "registration statement") with the Securities and Exchange Commission (the "SEC"). If and when the registration statement is declared effective by the SEC, it would remain in place for a period of three years and permit the Corporation to offer and sell from time to time shares of common stock up to a total dollar amount of $60 million.
The shelf registration of common stock will enable the Corporation to expeditiously raise capital for general corporate purposes should the need arise. General corporate purposes could include: (1) contributing capital to the Corporation's bank subsidiary (the "Bank") to maintain or increase regulatory capital levels or support growth in its lending and deposit-gathering activities; (2) financing expansion of the Bank's branch system; and (3) acquiring other financial institutions, or branches thereof, or businesses engaged in activities that complement the Bank's business.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective, and may only be sold pursuant to a prospectus or prospectus supplement. This press release is not an offer to sell or a solicitation of an offer to buy, nor may there be any sale of securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.A prospectus and prospectus supplement relating to any offering under the registration statement will be filed with the SEC.