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.
About The First of Long Island Corporation
The First of Long Island Corporation is a one-bank holding company that provides financial services through its wholly owned subsidiary, The First National Bank of Long Island. The Bank currently operates in Nassau and Suffolk Counties and Manhattan through nineteen full service offices, twelve commercial banking offices and two select service banking centers.
Cautionary Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, FLIC's expectations regarding the SEC's approval of the effectiveness of the registration statement; FLIC's expected use of proceeds from the sale of common stock securities under the registration statement; and FLIC's ability to raise capital through the sale of common stock under the registration statement. These statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward looking statements, including, but not limited to: limitations on FLIC's ability to cause the shelf registration to be declared effective by the SEC; changes in operations, financial results and economic conditions that limit FLIC's ability to raise additional capital; and unexpected changes in FLIC's operations that affect its use of proceeds from the sale of common stock under the registration statement.
For a detailed discussion of these and other risk factors, please refer to FLIC's Annual Report on Form 10-K for the year ended December 31, 2009 and from time to time other filings with the SEC, which are available on the SEC's Internet web site (http://www.sec.gov).
Stockholders of FLIC are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. FLIC does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after the date of this press release, or to reflect the occurrence of unanticipated events.