The First of Long Island Corporation (NASDAQ:FLIC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; |
In accordance with a separation and release agreement between The
First of Long Island Corporation (the Company), The First
National Bank of Long Island (the Bank) and Sallyanne K. Ballweg
dated December 6, 2016 (the Separation Agreement), Ms. Ballweg
will retire as Senior Executive Vice President of the Company and
the Bank and Corporate Secretary of the Company, effective as of
the close of business on December 31, 2016.
The Separation Agreement provides that Ms. Ballwegs current
employment agreement with the Company and the Bank will terminate
as of the close of business on December 31, 2016. In
consideration of her non-solicitation covenants under the
Separation Agreement and her full and final release of any claims
against the Company and the Bank, Ms. Ballweg will receive a
severance payment of $150,000 and title to her Bank-owned
automobile. The foregoing description of the Separation Agreement
does not purport to be complete and it is qualified in its
entirety by reference to the copy of the Separation Agreement
that is included as Exhibit 10.1 to this Current Report and
incorporated by reference into this Item 5.02.
Item 9.01. Financial Statements and Exhibits.
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(a) |
Financial Statements of Businesses Acquired. |
Not Applicable. |
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(b) |
Pro Forma Financial Information. |
Not Applicable. |
|
(c) |
Shell Company Transactions. |
Not Applicable. |
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(d) |
Exhibits |
Description |
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10.1 |
Separation and Release Agreement by and between Sallyanne |
About The First of Long Island Corporation (NASDAQ:FLIC)
The First of Long Island Corporation is a one-bank holding company. The Company provides financial services through its subsidiary, The First National Bank of Long Island (the Bank). Its services include account reconciliation services, bank by mail, personal money orders, bill payment, remote deposit, cash management services, safe deposit boxes, collection services securities transactions, controlled disbursement accounts, signature guarantee services, drive-in banking, merchant credit card services, and investment management and trust services. Its loan portfolio consists of loans to borrowers on Long Island and in the boroughs of New York City, and its real estate loans are secured by properties located in those areas. It has an Investment Management Division that provides investment management, pension trust, personal trust, estate and custody services. Additionally, the Bank has two commercial banking branches in Manhattan. The First of Long Island Corporation (NASDAQ:FLIC) Recent Trading Information
The First of Long Island Corporation (NASDAQ:FLIC) closed its last trading session down -1.05 at 28.10 with 219,616 shares trading hands.