Flushing Financial Announces $70M Stock Offering

By Tamara Parker • Friday, December 13 15:17 • Permanent Link

Flushing Financial Corporation has announced the commencement of a public offering of $70,000,000 of its common stock, with an additional option for underwriters to purchase up to $10,500,000 of common stock. The net proceeds from the offering will be used for general corporate purposes, including potential repositioning of available-for-sale securities portfolio and a potential sale of certain commercial real estate loans.

Keefe, Bruyette & Woods, Inc., Piper Sandler & Co., and Raymond James & Associates, Inc. are acting as joint book-running managers for the offering. Flushing Financial Corporation is also utilizing legal counsel from Luse Gorman, PC and Hughes Hubbard & Reed LLP.

The common stock will be issued pursuant to an effective shelf registration statement and a preliminary prospectus supplement filed with the Securities and Exchange Commission (SEC). Interested investors can obtain copies of the preliminary prospectus supplement and accompanying base prospectus from the SEC's website or the underwriters' email addresses.

For more information about the offering, prospective investors are encouraged to refer to the preliminary prospectus supplement and accompanying base prospectus filed with the SEC.

This press release emphasizes that the offering is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. It also notes that the securities being offered are not savings accounts, deposits, or other obligations of any bank or non-bank subsidiary of Flushing, and are not insured or guaranteed by the FDIC or any other governmental agency.

Flush Financial Corporation is the holding company for Flushing Bank, which operates banking offices in Queens, Brooklyn, Manhattan, and Long Island. The bank offers a full range of deposit, loan, equipment finance, and cash management services. Additionally, the bank fosters relationships with consumers nationwide through its online banking division with the igobanking and bankpurely brands. The market has reacted to these announcements by moving the company's shares -12.8% to a price of $15.05. For more information, read the company's full 8-K submission here.

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