First of Long Island launches $35 million stock offering

First of Long Island Corp. of Glen Head announced it had begun a $35 million public offering of its common stock.

The parent of the 44-branch First National Bank of Long Island said Tuesday that it expects to use the proceeds for “general corporate purposes, including support for organic growth and financing possible acquisitions of branches or fee-based businesses.”

Sandler O’Neill + Partners, L.P. will serve as sole underwriter for the offering.

First of Long Island’s stock dropped 4.6 percent to close at $30.05 in trading on the Nasdaq market.