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The End Of An Era: 5 Shocking Facts About The First National Bank Of LI's Merger And $15 Million Lawsuit

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The First National Bank of Long Island (FNBLI), a staple of Long Island banking for nearly a century, is a name that now belongs to history. As of the current date, December 23, 2025, the bank has been fully integrated into ConnectOne Bank following a major merger. This transition marks the end of an institution founded in 1927, but the bank's final years were defined by both a significant corporate consolidation and a high-stakes legal battle that captured regional headlines.

The merger with ConnectOne Bancorp, which officially concluded in June 2025, created a formidable regional banking presence. However, the last chapter of FNBLI's independent existence was overshadowed by an explosive wire fraud lawsuit that saw a local water district claim losses of over $15 million, alleging "conscience-shocking incompetence" on the bank's part. This is the full, updated story of the bank's legacy, its final leadership, and the controversies that defined its closing moments.

The Last Leadership: Christopher Becker Biography and Profile

The leadership team of The First National Bank of Long Island and its parent, The First of Long Island Corporation (FLIC), steered the institution through its final, historic merger. The pivotal figure during this period was Christopher Becker.

  • Full Name: Christopher Becker
  • Primary Role: President and Chief Executive Officer (CEO) of The First National Bank of Long Island (FNBLI) and The First of Long Island Corporation (FLIC).
  • Appointment: Named President and CEO, replacing the retiring Michael Vittorio, who had served in the role for 18 years.
  • Career Highlights: Becker joined The First of Long Island Corporation in 2011. Prior to his tenure at FLIC, he held the position of Executive Vice President and Chief Financial Officer (CFO) at another regional bank.
  • Post-Merger Role: Becker was instrumental in guiding the bank through the merger process with ConnectOne Bancorp, Inc. He publicly expressed excitement about moving forward with the proposed transaction.
  • Community Involvement: He is noted for his involvement in the Long Island community, including serving as a member of the YMCA of Long Island.

Fact 1: The ConnectOne Merger Was the Official End of FNBLI

The most significant and recent development for the institution known as the First National Bank of Long Island is its official cessation as an independent entity. The bank, which had operated under the brand "First National Bank LI," was a wholly-owned subsidiary of The First of Long Island Corporation (FLIC).

The Final Transaction Details

The merger transaction was a major consolidation in the regional banking sector. ConnectOne Bancorp, Inc., the parent company of ConnectOne Bank, acquired The First of Long Island Corporation. The transaction was finalized and completed on June 1, 2025.

The merger was structured to integrate The First National Bank of Long Island into ConnectOne Bank, effectively making ConnectOne Bank the successor institution. This move was approved by both the Federal Deposit Insurance Corporation (FDIC) and other regulatory bodies.

The Impact on Regional Banking

The combination of the two financial institutions resulted in a larger, more robust commercial bank. The newly merged entity, operating entirely under the ConnectOne brand, boasts impressive financial metrics. Upon completion, the combined company held approximately $14 billion in total assets and $11 billion in total deposits. This expansion significantly bolstered ConnectOne’s presence, particularly across Long Island and into the New York City metropolitan area, building on FNBLI's established network and loyal customer base. The acquisition was a strategic move to solidify ConnectOne’s footprint in the lucrative New York market.

Fact 2: The Bank Was Founded in 1927 and Headquartered in Melville

Before its transformation, The First National Bank of Long Island was a fixture in the New York financial landscape, tracing its roots back almost a century. The bank was founded in 1927, establishing itself as a commercial bank focused on serving the needs of local businesses and consumers.

  • Founding Year: 1927
  • Original Headquarters: Melville, New York
  • Core Mission: To provide business and consumer banking services, fostering a reputation for strong community banking—it was once affectionately known as "the bank where everybody knows your name."

The bank's branch network was concentrated primarily throughout Long Island, including locations in Nassau County and Suffolk County. Its commitment to community banking made the merger a significant cultural shift for long-time customers who were accustomed to the local, personalized service of a smaller, regional institution.

Fact 3: A Massive Wire Fraud Lawsuit Preceded the Merger

One of the most dramatic events in the bank's final years was a major lawsuit filed by the Garden City Park Water/Fire District. This legal battle introduced a significant element of risk and controversy just as the merger was being finalized, raising questions about the bank's security protocols and internal controls.

The Allegations of "Conscience-Shocking Incompetence"

The Garden City Park Water/Fire District filed a lawsuit in New York State Supreme Court against The First National Bank of Long Island. The district alleged that the bank allowed online scammers, who were impersonating district officials, to steal a colossal sum of money.

  • Claimed Loss: The district claimed to have lost over $15 million to the sophisticated online scam.
  • Lawsuit Amount: The district sued the bank for over $11 million plus interest.
  • Core Claim: The lawsuit accused the bank of "gross negligence" and "reckless disregard," claiming the institution acted with "conscience-shocking incompetence" by failing to prevent the massive wire transfers.

The bank, while expressing confidence that the situation was isolated and that no other customers were affected, found itself entangled in a high-profile case that put a spotlight on the vulnerabilities of financial institutions in the face of modern cybercrime and wire transfer fraud.

Fact 4: The Combined Bank Has $14 Billion in Assets

The strategic rationale behind the merger was to create a larger, more competitive bank with a substantial balance sheet. The ConnectOne Bancorp and The First of Long Island Corporation merger was a deal of equals in terms of creating a new, powerful entity focused on commercial and small business banking.

The resulting financial powerhouse now has the scale to compete more effectively with larger, national banks while maintaining a strong regional focus on the New York and New Jersey markets. This new scale is critical for providing sophisticated financial products, including commercial lending, treasury management, and specialized services for small-to-medium-sized businesses (SMBs) across the tri-state area.

Fact 5: Customers Gained Access to New Digital Banking Solutions

For former customers of the First National Bank of Long Island, the merger meant more than just a name change. The transition to ConnectOne Bank promised an immediate upgrade in technological capabilities, a key selling point for the combined entity. ConnectOne Bank is recognized for its robust digital banking solutions, which include advanced mobile banking apps, enhanced online credit management centers, and a wider array of financial services.

The integration was designed to be seamless, allowing customers to retain their local banking relationships while benefiting from the technological infrastructure of a larger, growth-focused institution. This shift was essential for the former FNBLI, which needed to modernize its offerings to meet the demands of contemporary Long Island businesses and consumers, especially those requiring sophisticated digital tools for their daily financial operations.

The End of an Era: 5 Shocking Facts About the First National Bank of LI's Merger and $15 Million Lawsuit
first national bank of li
first national bank of li

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