DECEMBER 2019 • LONGISLANDPRESS.COM 27
PRESS BUSINESS
BANK MERGER
FLUSHING ACQUIRES EMPIRE
Uniondale-based Flushing Financial
Corporation is acquiring Empire
Bancorp, Inc., located in Islandia, in
a transaction valued at an estimated
$111.6 million, the companies announced
Oct. 25.
Flushing Financial Corporation is the
parent holding company for Flushing
Bank, which has 19 branches, including
three in Nassau County. Empire
Bancorp is the parent holding company
for Empire National Bank, which
has three locations in Suffolk and
one in Nassau. Once the transaction
is closed, the combined company is
expected to have about $8 billion in
assets, $6.3 billion in loans, $5.8 billion
in deposits, and 23 branches in
Queens, Brooklyn, Manhattan, and
on Long Island.
“This transaction will allow Flushing
Bank to expand its Long Island presence
with the addition of three Suffolk
County locations,” said Flushing
Financial Corporation President and
CEO John Buran. “I am confident the
Empire National Bank customers will
be pleased with the warm welcome
and exceptional level of service they
will receive from the Flushing Bank
staff.”
Under the terms of the merger agreement,
each share of Empire common
stock will be exchanged for either
0.6548 shares of Flushing common
stock or $14.04 in cash, based upon the
election of each Empire shareholder.
Empire National Banks will be converted
to Flushing Bank as a part of
the deal. The two banks similarly
focus on serving small- and medium
sized businesses and have a
L. to R.: Flushing Financial Corporation President and CEO John Buran
and Empire Bancorp Chairman and CEO Douglas C. Manditch.
similar core customer base, officials
said.
“I am excited by the prospects of
uniting our company with Flushing
Bank,” said Empire Bancorp Chairman
and CEO Douglas C. Manditch.
“Their community banking approach
and customer focus is highly consistent
with the model that has made us
successful. I am confident that their
commitment to community banking,
delivering exceptional service, and
the size and strength of their balance
sheet will delight our customers and
deliver value to our shareholders.”
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