Flushing Savings Bank Receives Final Approval to Convert to New York State Commercial Bank Charter
2013年1月24日 - 4:00AM
Flushing Financial Corporation (the "Company") (Nasdaq:FFIC), the
parent holding company for Flushing Savings Bank, FSB (the "Bank"),
announced today that the Company received approval from the Federal
Reserve on its application to convert from a savings and loan
holding company to a bank holding company. This was the final
approval that was required to merge Flushing Savings Bank, FSB with
and into Flushing Commercial Bank. The combined bank will be named
Flushing Bank and will be a New York State-chartered, full-service
commercial bank. The Superintendent of Financial Services for the
State of New York and the Federal Deposit Insurance Corporation had
previously approved the Bank's application to merge the two banks
and operate the combined bank as a full-service commercial bank.
The transaction is expected to be completed on February 28, 2013
and will have little impact on the Bank's current activities or
investments, although the Bank expects some annual cost savings as
a result of the conversion. The Bank, founded in 1929, had been a
New York State-chartered savings bank throughout most of its
history and converted to a federal charter in 1994 in order to
facilitate its conversion from mutual to stock form.
John R. Buran, President and CEO of the Company, stated:
"Flushing Bank is a well capitalized New York community bank, and
we are confident that we will benefit from the insight and
oversight of the New York State Department of Financial Services.
We share a focus on the local communities and look forward to
working under the auspices of our new regulators to foster success
and economic growth for consumers, businesses and municipalities in
New York."
About Flushing Financial Corporation
Flushing Financial Corporation (Nasdaq:FFIC), with $4.4 billion
in consolidated assets, is the parent holding company for Flushing
Savings Bank, FSB, a federally chartered stock savings bank insured
by the Federal Deposit Insurance Corporation. Flushing Bank is a
trade name of Flushing Savings Bank, FSB. The Bank serves consumers
and businesses by offering a full complement of deposit, loan, and
cash management services through its seventeen banking offices
located in Queens, Brooklyn, Manhattan, and Nassau County. The Bank
also operates an online banking division, iGObanking.com®, which
offers competitively priced deposit products to consumers
nationwide. Flushing Commercial Bank, a wholly-owned subsidiary,
provides banking services to public entities including counties,
cities, towns, villages, school districts, libraries, fire
districts and the various courts throughout the metropolitan
area.
Additional information on the Bank and Flushing Financial
Corporation may be obtained by visiting the Company's website at
http://www.flushingbank.com.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995: Statements in this Press
Release that are not descriptions of historical facts may be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking information is inherently subject to
risks and uncertainties, and actual results could differ materially
from those currently anticipated due to a number of factors, which
include, but are not limited to, risk factors discussed in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2011 and in other documents filed by the Company with
the Securities and Exchange Commission from time to time.
Forward-looking statements may be identified by terms such as
"may", "will", "should", "could", "expects", "plans", "intends",
"anticipates", "believes", "estimates", "predicts", "forecasts",
"potential" or "continue" or similar terms or the negative of these
terms. Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or achievements.
The Company has no obligation to update these forward-looking
statements.
CONTACT: Maria A. Grasso
Executive Vice President, Chief Operating Officer
Flushing Bank
718-961-5400
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