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Flushing Financial Closes Acquisition of Empire Bancorp

November 02, 2020, 07:05 AM
Filed Under: Mergers & Acquisitions

Flushing Financial Corporation, the parent holding company for Flushing Bank, announced it completed its acquisition of Empire Bancorp, Inc. effective after the close of business on Oct. 30.

 In connection with the acquisition, Empire National Bank was merged with and into Flushing Bank, and all four Empire National Bank branches will open as Flushing Bank branches on their next business day. The full system integration is planned for mid-November. The combined organization will have $8 billion in assets, $6.6 billion in loans, and $5.7 billion in deposits. Former Empire National Bank customers will receive additional information regarding the effects of this integration on their deposit and loan accounts.

John R. Buran, President and Chief Executive Officer, Flushing Bank, stated: “We are extremely pleased that we were able to close this transaction despite some delays due to the COVID-19 crisis and resulting financial market volatility. We look forward to welcoming the customers, shareholders, and employees of Empire National Bank to the Flushing Bank family. There are some strong synergies between our two companies, both culturally and operationally, that will be leveraged to build a stronger, more competitive organization. Our combined organization will create a leading Long Island franchise that will be one of the largest community banks on Long Island.”

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