UNIONDALE, N.Y. and ISLANDIA, N.Y., Oct. 27, 2020 (GLOBE NEWSWIRE) -- Flushing Financial Corporation (Nasdaq: FFIC), parent company of Flushing Bank, and Empire Bancorp, Inc. (OTCQX: EMPK), parent company of Empire National Bank, announced today that Empire Bancorp has received the requisite approval of its shareholders for the merger of Empire Bancorp and Flushing Financial. As previously announced, the required regulatory approvals for the merger have already been obtained. Flushing Financial and Empire Bancorp also announced that the closing of the merger is scheduled for on or about October 31, 2020.
John R. Buran, President and CEO of Flushing Financial Corporation, stated, “We are pleased that Empire Bancorp shareholders have approved the merger enabling us to complete our acquisition of Empire Bancorp. This acquisition will increase core deposits, lower cost of funds, improve loan to deposit ratios, and enhance our core earnings power. Additionally, Flushing Bank’s reach will be expanded into Suffolk County creating a stronger community bank with a network of 24 branches in Queens, Brooklyn, Manhattan, and on Long Island.”
Douglas C. Manditch, Chairman and CEO of Empire Bancorp, stated, “We are excited about the opportunities that this merger offers our organization and are confident that it will deliver value to our customers, shareholders, and the communities we serve.”
About Flushing Financial Corporation
Flushing Financial Corporation (Nasdaq: FFIC) is the holding company for Flushing Bank®, a New York State—chartered commercial bank insured by the Federal Deposit Insurance Corporation. Flushing Bank serves consumers, businesses, professionals, corporate clients, and public entities by offering a full complement of deposit, loan, equipment finance, and cash management services through its banking offices located in Queens, Brooklyn, Manhattan, and on Long Island. As a leader in real estate lending, Flushing Bank’s experienced lending teams create mortgage solutions for real estate owners and property managers both within and outside the New York City metropolitan area. Flushing Bank is an Equal Housing Lender. The Bank also operates an online banking division consisting of iGObanking.com®, which offers competitively priced deposit products to consumers nationwide, and BankPurely®, an eco-friendly, healthier lifestyle community brand.
Additional information on Flushing Bank and Flushing Financial Corporation may be obtained by visiting the Company’s website at http://www.flushingbank.com.
About Empire Bancorp
Empire Bancorp is a bank holding company for Empire National Bank, a Long Island-based independent bank that specializes in serving the financial services needs of privately-owned small and medium-sized businesses, professionals, nonprofit organizations, real estate investors and consumers through a wide variety of tailored loan and deposit products and business banking services. Empire National Bank has four full-service banking offices located in Islandia, Shirley, Port Jefferson Station, and Mineola.
