FLIC » Topics » General

This excerpt taken from the FLIC 10-K filed Mar 16, 2007.

General

          The First of Long Island Corporation (the “Registrant” or the “Corporation”), a one-bank holding company, was incorporated on February 7, 1984 for the purpose of providing financial services through its wholly-owned subsidiary, The First National Bank of Long Island (the “Bank”).

          The Bank was organized in 1927 as a national banking association under the laws of the United States of America and was known as The First National Bank of Glen Head through June 30, 1978. The Bank has an Investment Management Division that provides investment management, pension trust, personal trust, estate, and custody services. The Bank organized a wholly-owned subsidiary, The First of Long Island Agency, Inc. (the “Agency”), as a licensed insurance agency under the laws of the State of New York. The Agency sells mutual funds and annuities to customers of the Bank. Such products are made available through a third party provider. The Bank has one other wholly-owned subsidiary, FNY Service Corp., an investment company, which has one wholly-owned subsidiary, The First of Long Island REIT, Inc., a real estate investment trust.

          All of the financial operations of the Corporation are considered to be aggregated in one reportable operating segment. All revenues are attributed and all long-lived assets are located in the United States.

          The Bank has historically served the financial needs of privately owned businesses, professionals, consumers, public bodies, and other organizations primarily in Nassau and Suffolk Counties, Long Island. However, the Bank has three commercial banking branches in Manhattan and may open additional Manhattan branches in the future.

          The principal business of the Bank has historically consisted of attracting business and consumer checking, money market and savings deposits and investing those funds in commercial and residential mortgage loans, commercial loans, home equity loans, and investment securities. The Corporation’s loan portfolio is currently primarily comprised of loans to borrowers in Nassau and Suffolk Counties and its real estate loans are principally secured by properties located in those Counties.

          The Bank’s investment securities portfolio is comprised of U.S. Treasury securities, U.S. government agency securities (including pass-through mortgage-backed securities), collateralized mortgage obligations, state and municipal securities and corporate bonds. The Bank also regularly sells federal funds on an overnight basis to a number of banking institutions.

          The Bank offers a variety of deposit products having a wide range of interest rates and terms. The principal products include checking accounts, money market accounts, savings accounts, escrow service and IOLA (interest on lawyer) accounts, and time deposit accounts.

          In addition to its loan and deposit products, the Bank offers other services to its customers including the following:

 

 

Account Reconciliation Services

 

ATM Banking

 

Bank by Mail

 

Bill Payment Using PC or Telephone Banking

 

Cash Management Services

 

Collection Services

 

Counter Checks

 

Drive-Through Banking

 

Gift Checks and Personal Money Orders

 

Internet PC Banking

 

Merchant Credit Card Depository Services

 

Lock Box Services

 

Night Depository Services

 

Payroll Services

 

Remote Deposit

 

Safe Deposit Boxes

 

Securities Transactions

 

Signature Guarantee Services

 

Telephone Banking

 

Travelers Checks

 

Trust and Investment Management Services

 

U.S. Savings Bonds

 

Wire Transfers and Foreign Cables

 

Withholding Tax Depository Services

          The Bank has a main office located in Glen Head, New York, nine other full service offices (Greenvale, Huntington, Locust Valley, Merrick, Northport, Old Brookville, Rockville Centre, Roslyn Heights, Woodbury), fourteen commercial banking offices (Bohemia, Deer Park, two in Farmingdale, Garden City, Great Neck, Hauppauge, Hicksville, three in Manhattan, Mineola, New Hyde Park, Valley Stream), and two Select Service Banking Centers (Lake Success, Smithtown) which serve the needs of both businesses and affluent consumers. The Bank’s newest office is the Select Service Banking Center in Smithtown, New York, which was opened in the fourth quarter of 2006. The Bank continues to evaluate potential new branch sites both on Long Island and in Manhattan.

          The Bank’s revenues are derived principally from interest on loans, interest on investment securities, service charges and fees on deposit accounts, and income from trust and investment management services.

          The Bank did not commence, abandon, or significantly change any of its lines of business during 2006.

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          The Bank encounters substantial competition in its banking business from numerous other banking corporations which have offices located in the communities served by the Bank. Principal competitors are branches of larger banks, such as Citibank, JPMorgan Chase, Bank of New York, North Fork Bank, and Commerce Bank, various community banks on Long Island and in Manhattan, mortgage brokers, brokerage firms and credit unions.

This excerpt taken from the FLIC 10-K filed Mar 16, 2006.

General

        The First of Long Island Corporation (the “Registrant” or the “Corporation”), a one-bank holding company, was incorporated on February 7, 1984 for the purpose of providing financial services through its wholly-owned subsidiary, The First National Bank of Long Island (the “Bank”).

        The Bank was organized in 1927 as a national banking association under the laws of the United States of America and was known as The First National Bank of Glen Head through June 30, 1978. The Bank has an Investment Management Division that provides investment management, pension trust, personal trust, estate, and custody services. The Bank organized a wholly-owned subsidiary, The First of Long Island Agency, Inc. (the “Agency”), as a licensed insurance agency under the laws of the State of New York. The Agency sells mutual funds and annuities to customers of the Bank. Such products are made available through a third party provider. The Bank has one other wholly-owned subsidiary, FNY Service Corp., an investment company, which has one wholly-owned subsidiary, The First of Long Island REIT, Inc., a real estate investment trust.

        The Bank has historically served the financial needs of privately owned businesses, professionals, consumers, public bodies, and other organizations primarily in Nassau and Suffolk Counties, Long Island. However, the Bank opened three commercial banking branches in Manhattan in 2003 and may open additional Manhattan branches in the future.

        The principal business of the Bank has historically consisted of attracting business and consumer checking, money market and savings deposits and investing those funds in investment securities, commercial and residential mortgage loans, commercial loans, and home equity loans and lines. The Corporation’s loan portfolio is currently primarily comprised of loans to borrowers in Nassau and Suffolk Counties and its real estate loans are principally secured by properties located in those Counties.

        The Bank’s investment securities portfolio is comprised of U.S. Treasury securities, U.S. government agency securities (including pass-through mortgage-backed securities), collateralized mortgage obligations, state and municipal securities and corporate bonds. The Bank also regularly sells federal funds on an overnight basis to a number of banking institutions.

        The Bank offers a variety of deposit products having a wide range of interest rates and terms. The principal products include checking accounts, money market accounts, savings accounts, escrow service and IOLA (interest on lawyer) accounts, and time deposit accounts.

        In addition to its loan and deposit products, the Bank offers other services to its customers including the following:

 
Account Reconciliation Services Night Depository Services
         
ATM Banking  Payroll Services
         
Bank by Mail Safe Deposit Boxes  
         
Bill Payment Using PC or Telephone Banking Securities Transactions 
         
Collection Services Signature Guarantee Services 
         
Counter Checks and Certified Checks Telephone Banking
         
Drive-Through Banking   Travelers Checks
         
Gift Checks and Personal Money Orders  Trust and Investment Management Services
         
Internet PC Banking U.S. Savings Bonds 
         
Merchant Credit Card Depository Services Wire Transfers and Foreign Cables
         
Lock Box Services Withholding Tax Depository Services
 

        The Bank has a main office located in Huntington, New York, nine other full service offices on Long Island (Glen Head, Greenvale, Locust Valley, Merrick, Northport, Old Brookville, Rockville Centre, Roslyn Heights, Woodbury), twelve commercial banking offices on Long Island (Bohemia, Deer Park, two in Farmingdale, Garden City, Great Neck, Hauppauge, Hicksville, Lake Success, Mineola, New Hyde Park, Valley Stream), and three commercial banking offices in Manhattan. The Bank’s newest office is the full service office in Merrick, New York which was opened in December 2005. The Bank continues to evaluate potential new branch sites both on Long Island and in Manhattan.

        The Bank’s revenues are derived principally from interest on loans, interest on investment securities, service charges and fees on deposit accounts, and income from trust and investment management services.

        The Bank did not commence, abandon, or significantly change any of its lines of business during 2005.

        The Bank encounters substantial competition in its banking business from numerous other banking corporations which have offices located in the communities served by the Bank. Principal competitors are branches of larger banks, such as Citibank, JPMorgan Chase, Bank of New York, North Fork Bank, and Commerce Bank, various community banks on Long Island and in Manhattan, mortgage brokers, brokerage firms and credit unions.


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This excerpt taken from the FLIC 10-K filed Mar 16, 2005.

General

         The First of Long Island Corporation (the “Registrant” or the “Corporation”), a one-bank holding Company, was incorporated on February 7, 1984 for the purpose of providing financial services through its wholly-owned subsidiary, The First National Bank of Long Island (the “Bank”).

        The Bank was organized in 1927 as a national banking association under the laws of the United States of America and was known as The First National Bank of Glen Head through June 30, 1978. The Bank has an Investment Management Division that provides investment management, pension trust, personal trust, estate, and custody services. The Bank organized a wholly-owned subsidiary, The First of Long Island Agency (the “Agency”), as a licensed insurance agency under the laws of the State of New York. In 2003, the Agency once again began selling mutual funds and annuities to customers of the Bank. Such products are being made available through a third party provider. The Bank has one other wholly-owned subsidiary, FNY Service Corp., an investment company, which has one wholly-owned subsidiary, The First of Long Island REIT, Inc.

        The Bank has historically served the financial needs of privately owned businesses, professionals, consumers, public bodies, and other organizations primarily in Nassau and Suffolk Counties, Long Island. However, the Bank opened three new commercial banking branches in Manhattan in the second quarter of 2003. The Bank currently has definitive plans for a new full service branch on the south shore of Long Island, and will continue to evaluate potential new branch sites.

        The principal business of the Bank has historically consisted of attracting business and consumer checking, money market and savings deposits and investing those funds in investment securities, commercial and residential mortgage loans, commercial loans, and home equity loans and lines. The Corporation’s loan portfolio is currently primarily comprised of loans to borrowers in Nassau and Suffolk Counties and its real estate loans are principally secured by properties located in these Counties.

        The Bank’s investment securities portfolio is comprised of U.S. Treasury securities, U.S. government agency securities (principally modified pass-through, mortgage-backed securities of Federal agencies), collateralized mortgage obligations, state and municipal securities and corporate bonds. The Bank also regularly sells federal funds on an overnight basis to a number of banking institutions.

        The Bank offers a variety of deposit products having a wide range of interest rates and terms. The principal products include checking accounts, money-market-type accounts, savings accounts, escrow service and IOLA (interest on lawyer) accounts, and time deposit accounts.

        In addition to its loan and deposit products, the Bank offers other services to its customers including the following:

 
Account Reconciliation Services       Night Depository Services
       
ATM Banking Payroll Services
       
Bank by Mail Safe Deposit Boxes
       
Bill Payment Using PC or Telephone Banking Securities Transactions  
       
Collection Services Signature Guarantee Services
       
Counter Checks and Certified Checks  Telephone Banking 
       
Drive-Through Banking      Travelers Checks
       
Gift Checks and Personal Money Orders Trust and Investment Management Services
       
Internet PC Banking For Personal and Commercial Customers U.S. Savings Bonds
       
Merchant Credit Card Depository Services  Wire Transfers and Foreign Cables
       
Lock Box Services     Withholding Tax Depository Services
 

        The Bank has a main office located in Huntington, New York, eight other full service offices on Long Island (Glen Head, Greenvale, Locust Valley, Northport, Old Brookville, Rockville Centre, Roslyn Heights, Woodbury), twelve commercial banking offices on Long Island (Bohemia, Deer Park, two in Farmingdale, Garden City, Great Neck, Hauppauge, Hicksville, Lake Success, Mineola, New Hyde Park, Valley Stream), and three commercial banking offices in Manhattan.

         The Bank’s revenues are derived principally from interest on loans, interest on investment securities, service charges and fees on deposit accounts, and income from trust and investment management services.

        The Bank did not commence, abandon, or significantly change any of its lines of business during 2004.

        The Bank encounters substantial competition in its banking business from numerous other banking corporations which have offices located in the communities served by the Bank. Principal competitors are branches of large banks, such as Citibank, JPMorgan Chase, and Bank of New York, and various Long Island and Manhattan based banks, mortgage brokers, brokerage firms and credit unions.


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