FIRST OF LONG ISLAND CORPORATION (THE)

FIRST OF LONG ISLAND CORPORATION (THE)

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Company Overview
First of Long Island Corporation (The) is a US-based bank holding company which is active in banking activities in the United States through its subsidiary. The company, with registered head office located in Glen Head, New York, was organized under the laws of the State of New York.
First of Long Island Corporation is the holding company for The First National Bank of Long Island (FNBLI), which is a full service commercial bank which provides a broad range of financial services to individual, professional, corporate, institutional and government customers through its branch system on Long Island and in Manhattan. Its deposit products include checking accounts, money market accounts, savings accounts, escrow service and interest on lawyer accounts, and time deposit accounts. The bank’s loan portfolio comprises commercial and residential mortgage loans, commercial loans, home equity loans, construction loans, and other commercial and industrial loans. It also provides account reconciliation services, ATM banking, bank by mail, bill payment using PC or telephone banking, cash management services, collection services, counter checks, drive-through banking, gift checks and personal money orders, Internet PC banking, merchant credit card depository services, lock box services, night depository services, payroll services, remote deposit, safe deposit boxes, securities transactions, signature guarantee services, telephone banking, travelers checks, trust and investment management services, the U.S. savings bonds, wire transfers and foreign cables, and withholding tax depository services. Through its subsidiary, First of Long Island Agency, Inc., the bank is also engaged in the sale of mutual funds and insurance, primarily fixed annuity products.
Business Summary
Bank Holding & Holding Company
Description and history
The Corporation operates as the holding company for The First National Bank of Long Island, which provides commercial banking services primarily in New York.

The Corporation, a one-bank holding company, was incorporated on February 7, 1984. Its common stock trades on the Nasdaq Capital Market tier of the Nasdaq Stock Market (‘Nasdaq’) under the symbol ‘FLIC’. The Corporation is headquartered in Glen Head, New York.

The Bank was organized in 1927 as a national banking association under the laws of the United States of America and was known as The First National Bank of Glen Head through June 30, 1978. The Bank has an Investment Management Division that provides investment management, pension trust, personal trust, estate, and custody services. The Bank organized a wholly-owned subsidiary, The First of Long Island Agency, Inc. (the “Agency”), as a licensed insurance agency under the laws of the State of New York. The Agency sells mutual funds and annuities to customers of the Bank. Such products are made available through a third party provider. The Bank has one other wholly-owned subsidiary, FNY Service Corp., an investment company, which has one wholly-owned subsidiary, The First of Long Island REIT, Inc., a real estate investment trust.

All of the financial operations of the Corporation are considered to be aggregated in one reportable operating segment. All revenues are attributed to and all long-lived assets are located in the United States.

The Bank has historically served the financial needs of privately owned businesses, professionals, consumers, public bodies, and other organizations primarily in Nassau and Suffolk Counties, Long Island. However, the Bank has three commercial banking branches in Manhattan and may open additional Manhattan branches in the future.

The principal business of the Bank has historically consisted of attracting business and consumer checking deposits, money market deposits, time deposits and savings deposits and investing those funds in commercial and residential mortgage loans, commercial loans, home equity loans, and investment securities. The Corporation’s loan portfolio is currently primarily comprised of loans to borrowers in Nassau and Suffolk Counties and New York City, and its real estate loans are principally secured by properties located in those geographic areas.

The Bank’s investment securities portfolio is primarily comprised of U.S. government agency securities (including pass-through mortgage-backed securities), collateralized mortgage obligations, and state and municipal securities. The Bank also regularly sells federal funds on an overnight basis to a number of banking institutions.

The Bank offers a variety of deposit products having a wide range of interest rates and terms. The principal products include checking accounts, money market accounts, savings accounts, escrow service and IOLA (interest on lawyer) accounts, time deposit accounts and IRA accounts.

In addition to its loan and deposit products, the Bank offers other services to its customers including the following: Account Reconciliation Services; ATM Banking; Bank by Mail; Bill Payment Using PC or Telephone Banking; Cash Management Services; Collection Services; Controlled Disbursement Accounts; Counter Checks; Drive-Through Banking; Gift Checks and Personal Money Orders; Internet PC Banking; Merchant Credit Card Depository Services; Lock Box Services; Night Depository Services; Payroll Services; Remote Deposit; Safe Deposit Boxes; Securities Transactions; Signature Guarantee Services; Telephone Banking; Travelers Checks; Trust and Investment Management Services; U.S. Savings Bonds; Wire Transfers and Foreign Cables; Withholding Tax Depository Services.

Organized under the laws of the State of New York

Business Line
Holding company which is active in banking activities in the United States through its subsidiary
Subsidiary
FIRST NATIONAL BANK OF LONG ISLAND
Advisor
NA
IPO date
8/18/1995
US SIC Code
6712
Company Address
10 Glen Head Rd.

City province or state postal code
11545, GLEN HEAD, NY
Phone: 1 (516) 671 49 00
Fax: 1 (516) 671 49 18
Country address: UNITED STATES OF AMERICA
Website url: www.fnbli.com