Business
Flushing Financial Corporation Announces Receipt of Remaining Regulatory Approvals for Acquisition of Empire Bancorp, Inc.
Empire Special Shareholder Meeting Date and Election Deadline Established UNIONDALE and ISLANDIA, N.Y., Sept. 21, 2020 (GLOBE NEWSWIRE) -- John R. Buran,
About this update from Flushing Financial Corporation
[{"type":"text","content":"Empire Special Shareholder Meeting Date and Election Deadline Established\nUNIONDALE and ISLANDIA, N.Y., Sept. 21, 2020 (GLOBE NEWSWIRE) -- John R. Buran, President and CEO of Flushing Financial Corporation (“Flushing”) (NASDAQ- GS: FFIC) announced, “We are pleased that we have received all remaining approvals from the banking regulators to move forward on our acquisition of Empire Bancorp, Inc. (“Empire”) (OTC: EMPK). The transaction is expected to close effective on or about October 31, 2020. This acquisition will bring together two organizations with similar cultures and values, creating one of Long Island’s largest community banks by deposit share. We will create a community bank of superior scale and operational leverage enabling us to improve service to our customers, reduce costs and enhance shareholder value. The merger will expand Flushing’s presence on Long Island, a market of over 140,000 businesses with consumers having a median household income of over $100,000. We expect earnings accretion of 20% in 2021 with additional future opportunities as we build upon Empire’s business relationships.”\n Douglas C. Manditch, President and CEO of Empire stated, “We believe the combination of these two strong community banks will further lever the significant investments both entities have made in people, processes and technology and positively impact our earnings potential. Empire will hold a special shareholders meeting on October 27, 2020 with the proxy materials for the meeting being mailed to each shareholder on or about September 25, 2020. The deadline for the process in which each Empire shareholder will have the opportunity to elect cash or stock consideration, subject to the allocation and proration procedures set forth in the Agreement and Plan of Merger, dated as of October 24, 2019, will be October 27, 2020. The election materials will be mailed to Empire shareholders at the same time as the proxy materials for the special meeting of Empire shareholders. The closing of the merger of Empire with and into Flushing remains subject to the approval of the Empire shareholders at the special meeting, as well as other customary closing conditions.” 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...