The First of Long Island Corporation Announces an Increase in Its Stock Repurchase Program
January 31 2020 - 4:45PM
The First of Long Island Corporation (Nasdaq: FLIC), the parent
company of The First National Bank of Long Island, today announced
that its Board of Directors has approved an increase of $15 million
in its previously announced common stock repurchase program for a
total of $65 million in repurchases. Under this program, $25
million in repurchases remain to be executed. The Company may
repurchase its shares from time to time through open market
purchases, privately negotiated transactions or in any other manner
that is compliant with applicable securities laws. The stock
repurchase program does not obligate the Company to purchase
shares. There is no guarantee as to the exact number of
shares that may be repurchased by the Company pursuant to this
program, which is subject to market conditions, the cost of
repurchasing shares, the availability of alternative investment
opportunities, liquidity and other factors deemed appropriate.
About The First of Long Island
Corporation
The First of Long Island Corporation is the bank
holding company for The First National Bank of Long Island. The
Bank serves the financial needs of privately owned businesses,
professionals, consumers, public bodies and other organizations
primarily in Nassau and Suffolk Counties, Long Island and the
boroughs of New York City, and currently has 52 branches in Nassau
and Suffolk Counties, Long Island and the boroughs of Queens,
Brooklyn and Manhattan.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of that term as set forth in Rule
175 of the Securities Act of 1933 and Rule 3b-6 of the Securities
Exchange Act of 1934. Such statements are generally contained
in sentences including the words “may” or “expect” or “could” or
“should” or “would” or “believe” or “anticipate.” The Company
cautions that these forward-looking statements are subject to
numerous assumptions, risks and uncertainties that could cause
actual results to differ materially from those contemplated by the
forward-looking statements, including those risk factors described
in the Company’s Annual Report on Form 10-K. These
forward-looking statements are made as of the date of this press
release, and the Company assumes no obligation to update the
forward-looking statements or to update the reasons why actual
results could differ from those projected in the
forward-looking statements.
For More Information Contact:Jay McConie, EVP, CFO(516)
671-4900, Ext. 7404
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