Bailout Bank Bio: Flushing Financial Corporation

May 26, 2009 | 2 min read | Print Article

Flushing Financial Corporation serves as the holding company for Flushing Savings Bank (the Bank). The Bank owns four subsidiaries: Flushing Commercial Bank, Flushing Preferred Funding Corporation, Flushing Service Corporation and FSB Properties Inc. The Company also owns Flushing Financial Capital Trust II, Flushing Financial Capital Trust III and Flushing Financial Capital Trust IV (the Trusts), special purpose business trusts formed, during the year ended December 31, 2007, to issue capital securities. The Trusts used the proceeds from the issuance of these capital securities, and the proceeds from the issuance of their common stock, to purchase junior subordinated debentures from the Company. As of December 31, 2008, the Bank operated out of 14 full-service offices, located in the New York City Boroughs of Queens, Brooklyn, and Manhattan and in Nassau County, New York. The company was founded in 1929 and is headquartered in Lake Success, New York

In December the company announced it would participate in the Treasury Department’s Capital Purchase Program. Under the program Flushing received $70 million in exchange for preferred stock.

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Bailout Bank Bio: Flushing Financial Corporation


Federal Equity Investment	$70 million
Total Revenue	$251.4 million (2008) $208.5 million (2007)
Net Income	$22.3 million (2008) $20.2 million (2007)
Number of Employees	269
Corporate Headquarters	Lake Success, New York
Business Sector	Bank
Officers and Directors	Buran, John, President, Chief Executive Officer, Director Tully, Gerard, Chairman of the Board Other Officers and Directors
Corporate Website	https://www.flushingsavings.com
Executive Compensation	Flushing Financial Corporation