Glen Head, N.Y.-basedFirst of Long Island Corp.priced an underwritten public offeringof 1.2 million common shares at $29 apiece, for gross proceeds of $34.8 million.

Net proceedsfor the company are expected to be about $32.5 million. The underwriter has an optionto buy up to 180,000 common shares more at the same price and on the same termsand conditions.

Sandler O'Neill& Partners LP served as sole underwriter for the offering, which is expectedto close May 10, subject to customary closing conditions.

As previouslydisclosed, First of LongIsland expects to use the net proceeds for general corporate purposes, includingsupport for organic growth and financing possible acquisitions of branches or fee-basedbusinesses.