GLEN HEAD, N.Y., July 12, 2010 (GLOBE NEWSWIRE) -- The First of Long Island Corporation (the "Company" or "FLIC") (Nasdaq:FLIC) announced today that it intends to offer and sell up to $30 million of common stock in an underwritten public offering. The Company has granted the underwriter an overallotment option which, if exercised, will increase the amount of the offering.
The offering is being made pursuant to a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on June 23, 2010, which became effective on July 2, 2010. A prospectus supplement relating to the offering was filed with the Securities and Exchange Commission on July 12, 2010.
The Company intends to use all of the proceeds of the offering for general corporate purposes. General corporate purposes could include contributing capital to its wholly-owned Bank subsidiary, The First National Bank of Long Island (the "Bank"), to maintain or increase regulatory capital levels or support growth in the Bank's lending and deposit-gathering activities; financing expansion of the Bank's branch system; and possibly acquiring other financial institutions, or branches thereof, or businesses engaged in activities that the Company believes could complement its banking business and provide additional sources of noninterest income. The Company has no specific acquisition targets at the current time.Keefe, Bruyette & Woods, Inc. is acting as the sole managing underwriter of the offering. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, the common stock; nor shall there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The offering is being made only by means of a prospectus supplement and the accompanying prospectus. Copies of the prospectus supplement and accompanying prospectus relating to the offering, may be obtained from: