The First of Long Island Corporation Announces Additional Board Refreshment as Part of Ongoing Commitment to Strong Corporate Governance
January 09 2023 - 4:20PM
The First of Long Island Corporation (the “Company”) (Nasdaq:
FLIC), the parent company of The First National Bank of Long Island
(the “Bank”), announced that as part of its ongoing board
refreshment program, it has agreed to nominate J. Abbott R. Cooper
for election to the Board of Directors (the “Board”) of the Company
at the 2023 Annual Meeting of Shareholders (the “Annual Meeting”).
Assuming Mr. Cooper is elected at the 2023 Annual Meeting, the
Company will have added two new, independent directors since
November 2022.
Mr. Cooper commented:
“I am excited to join The First of Long Island
Corporation’s Board at this next stage in the Bank’s transformation
toward a more commercially focused business model. I have been
impressed with the progress made to date under the leadership of
CEO Chris Becker and how the Board has sharpened its focus on
increasing shareholder value. The Company has clearly demonstrated
that it is responsive to shareholder feedback and is committed to
the ongoing refreshment of its Board.”
Walter C. Teagle III, the Chairman of the Board,
commented:
“We look forward to having Mr. Cooper join the
Board of The First of Long Island Corporation and believe that his
experience in, and knowledge of, the financial services business
will add value to the Board’s governance and oversight
deliberations and responsibilities. Our agreement to propose Mr.
Cooper for election to the Board at our upcoming Annual Meeting
reflects our continued commitment to strong corporate governance
and our focus on shareholder returns.”
The Company has agreed to nominate Mr. Cooper to
the Board as part of a cooperation agreement between the Company
and Driver Opportunity Partners I LP, Driver
Management Company LLC and J. Abbott R. Cooper, a complete
copy of which will be filed as part of a Form 8-K with the
Securities and Exchange Commission.
About Abbott Cooper
Mr. Cooper is the founder and managing member of
Driver Management Company LLC (“Driver”). Prior to founding Driver,
Mr. Cooper was the senior portfolio manager of the Financial
Opportunity Strategy at Hilton Capital Management. Prior to that,
Mr. Cooper was a senior investment banker covering depository
institutions at Jefferies and Bank of America Merrill Lynch. Mr.
Cooper began his career as a corporate lawyer, focusing on public
and private company mergers and acquisitions, corporate governance,
contests for corporate control and capital markets. Mr. Cooper
earned his J.D. from the University of Montana School of Law and
his B.A. from the University of Virginia.
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
the benefits of 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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