Flushing Buys Empire
Flushing buys Empire.
Flushing Financial buys Empire Bancorp for $111.6 million.
Empire National Bank will merge with and into Flushing Bank. The combined firm will have $8 billion in assets, $6.3 billion in loans, $5.8 billion in deposits, and 23 branches in Queens, Brooklyn, Manhattan, and Long Island.
John Buran of Flushing Financial said: ‘I am pleased to welcome Empire National Bank, a commercial bank with deep ties to the Long Island community and a strong track record of growth, into the Flushing Bank family. I am confident that combining our two companies will be compelling to our respective shareholders, customers, and employees. There are strong synergies between our two organizations both culturally and operationally. We both share a similar focus toward serving small and medium-sized businesses and have a similar core customer base. We are both focused on building relationships with the communities we serve and believe strongly in giving back to those communities. This transaction will allow Flushing Bank to expand its Long Island presence with the addition of three Suffolk County locations. I am confident the Empire National Bank customers will be pleased with the exceptional level of service they will receive from the Flushing Bank staff. I look forward to introducing them to our digital capabilities, along with our network of retail staff, business bankers, and loan officers.’
Douglas Manditch of Empire Bancorp said: ‘I am excited by the prospects of uniting our company with Flushing Bank. Their community banking approach and customer focus are 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.’
Deutsche Bank Securities served as financial adviser to Flushing Financial. Arnold & Porter served as legal adviser.
Sandler O’Neill + Partners served as financial adviser to Empire Bancorp. Fenimore, Kay, Harrison & Ford served as legal adviser.
Flushing Financial buys Empire Bancorp for $111.6 million.
Empire National Bank will merge with and into Flushing Bank. The combined firm will have $8 billion in assets, $6.3 billion in loans, $5.8 billion in deposits, and 23 branches in Queens, Brooklyn, Manhattan, and Long Island.
John Buran of Flushing Financial said: ‘I am pleased to welcome Empire National Bank, a commercial bank with deep ties to the Long Island community and a strong track record of growth, into the Flushing Bank family. I am confident that combining our two companies will be compelling to our respective shareholders, customers, and employees. There are strong synergies between our two organizations both culturally and operationally. We both share a similar focus toward serving small and medium-sized businesses and have a similar core customer base. We are both focused on building relationships with the communities we serve and believe strongly in giving back to those communities. This transaction will allow Flushing Bank to expand its Long Island presence with the addition of three Suffolk County locations. I am confident the Empire National Bank customers will be pleased with the exceptional level of service they will receive from the Flushing Bank staff. I look forward to introducing them to our digital capabilities, along with our network of retail staff, business bankers, and loan officers.’
Douglas Manditch of Empire Bancorp said: ‘I am excited by the prospects of uniting our company with Flushing Bank. Their community banking approach and customer focus are 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.’
Deutsche Bank Securities served as financial adviser to Flushing Financial. Arnold & Porter served as legal adviser.
Sandler O’Neill + Partners served as financial adviser to Empire Bancorp. Fenimore, Kay, Harrison & Ford served as legal adviser.
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