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Business

First of Long Island Corp. to offer up to $30M in stock

Michael Vittorio

Michael Vittorio

The First of Long Island Corporation, the Glen Head company that owns the First National Bank of Long Island, announced Monday after the close of the stock market that it intends to offer up to $30 million of common stock.

The company said it could use the money raised by the stock offering for several purposes, including strengthening its already good capital levels, increasing lending, financing new branches or looking for other banks to acquire.

"It gives us a tremendous amount of flexibility going forward, as the financial environment changes," company president and chief executive Michael Vittorio, above left, said earlier, when the company first said it might offer stock for sale.

He said that then that the company would consider acquiring another bank, but noted that hasn't been how First National Bank of Long Island has grown in the past.

"Our bias is to continue to grow organically," Vittorio said, expanding its branch network.

The company's stock closed Monday at $25.66 a share, up by .16. The bank has assets of $1.6 billion and 33 branches on Long Island and in Manhattan.

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