The First of Long Island Corporation Continues Its Branch Optimization Strategy
September 01 2021 - 8:30AM
The First of Long Island Corporation (Nasdaq: FLIC), the parent
company of The First National Bank of Long Island (the “Bank”),
reported that the Bank will close and consolidate eight (8)
branches into nearby locations on November 30, 2021. The
announcement follows the 2020 closing and consolidation of six (6)
branches as Senior Management is implementing its plan to
right-size the legacy branch network while expanding geographically
with de novo branching. New branch growth is currently focused on
eastern Suffolk County, New York with a branch opened in December
2020 at 140 Main Street in Riverhead and a branch preparing to open
in the next several weeks at 100 Pantigo Place in East Hampton.
President & CEO Chris Becker commented, “Our
branch optimization strategy has many facets including: 1) de novo
branching in new markets; 2) creating efficiencies in existing
markets through closures and consolidations; 3) supporting our
branding efforts by relocating branches to properties with
desirable visibility; and 4) responding to customers migrating to
our digital channels by adjusting staffing levels and hours of
operation. By optimizing the strategic placement of our physical
branch network, we are ensuring appropriate resource allocation to
our growing market area. At the same time, our investments in
digital channels allow us to best serve customer demand no matter
the physical location. Our goal is to provide our customers access
to exceptional banking services throughout the Bank’s footprint
while also improving convenience and efficiency for long-term
success.”
The Bank expects a pre-tax charge of no more
than $3.8 million during the remainder of the year for
closing-related costs mostly from the acceleration of amortization
and depreciation on the right of use and other fixed assets for the
locations to be closed. Future cost savings are estimated to
benefit 2022 pre-tax income by $2.3 million, with an estimated earn
back period of approximately twenty (20) months. The closings and
consolidations include: 1) Northport Village consolidating into
Northport; 2) Sea Cliff consolidating into Glen Head; 3) Bellmore
consolidating into Merrick; 4) Cold Spring Harbor consolidating
into Huntington; 5) Oceanside consolidating into Rockville Centre;
6) Greenlawn consolidating into Northport; 7) Little Neck
consolidating into Lake Success; and 8) Fort Hamilton consolidating
into Bay Ridge.
About The First of Long Island
Corporation: The First of Long Island Corporation (Nasdaq:
FLIC) is the parent company of The First National Bank of Long
Island, a local bank founded in 1927 in Glen Head, New York.
Through its branch network branded as First National Bank LI, the
Bank focuses on business and consumer needs on Long Island and in
New York City. We offer a broad set of lending, deposit,
investment, and digital products. First National Bank LI is known
for its culture of delivering extraordinary service and a “Customer
First” banking experience to small and middle market businesses,
professional service firms, not-for-profits, municipalities and
consumers. The Bank’s tagline “Go First. Go
Far.SM” communicates its employees’ commitment to helping customers
reach their financial goals. For more information about the Bank
and Corporation visit fnbli.com.
For More Information Contact:Jay McConie, EVP and
CFO(516) 671-4900, Ext. 7404
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