First of Long Island announces 3-for-2 stock split
First of Long Island Corp. Wednesday announced a three-for-two stock split to occur Oct. 15.
"The stock split may broaden our investor base and improve the trading volume and liquidity of our common stock," Michael Vittorio, president and chief executive, said in a statement.
Based in Glen Head, First of Long Island is the corporate parent of the 38-branch First National Bank of Long Island. The bank expects to open its 39th branch in Manhasset and its 40th in Greenlawn within the next three months.
The company also announced a 7.7 percent increase in its quarterly cash dividend, to 28 cents for each pre-split share.
The stock closed down 33 cents to $34.67 on the Nasdaq. The shares have ranged in price from $33.32 to $43.06 during the past year.
First of Long Island's market capitalization, the total dollar value of all of a company's outstanding shares, is more than $321.1 million.
The company said each stockholder will receive one additional share of common stock for each two shares owned. Additional shares issued as a result of the stock split will be distributed on Oct. 15 to shareholders of record on Oct. 1.
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