Flushing Financial Corporation Announces Price of $ 125
UNIONDALE, NY, Nov. 17, 2021 (GLOBE NEWSWIRE) – Flushing Financial Corporation (NASDAQ: FFIC) (“FFIC” or the “Company”), the holding company of Flushing Bank (the “Bank”), announced today that it has made a subscription public offering of 125 million due in 2031 (the “Notes”). The bonds initially bear a fixed interest rate of 3.125% per annum. From December 1, 2026, the interest rate on the bonds will be reset every quarter to the three-month SOFR rate plus a spread of 203.5 basis points, payable quarterly in arrears. The offer is expected to end on November 22, 2021, provided the customary closing conditions are met. FFIC plans to use the net proceeds from the offering of the Notes for general corporate purposes, including the repayment of the outstanding face value of its outstanding Subordinated Notes and Subordinated Notes
Piper Sandler & Co. is acting as lead bookrunning manager and DA Davidson & Co. and RBC Capital Markets, LLC are acting as co-managers.
Each offer is made exclusively by means of a supplement to the prospectus and the accompanying base prospectus. FFIC has filed a registration statement on Form S-3 (File No. 333-260993) and a preliminary supplement to the prospectus included in the registration statement with the US Securities and Exchange Commission (“SEC”) for the debt securities to which this communication relates . Prospective investors should read the applicable Supplement and Base Prospectus in the Registration Statement and other documents that FFIC has filed or will file with the SEC for more complete information about FFIC and its offering. You can obtain these documents free of charge by visiting EDGAR on the SEC’s website at http://www.sec.gov. Electronic copies of each preliminary prospectus supplement, if available, and the associated base prospectus can be obtained from Piper Sandler & Co. by calling (866) 805-4128 or emailing [email protected].
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will any sale of the Notes be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.
About Flushing Financial Corporation
Flushing Financial Corporation (Nasdaq: FFIC) is the holding company of Flushing Bank®, a New York State-licensed commercial bank insured by the Federal Deposit Insurance Corporation. The bank serves consumers, businesses, professionals, corporate clients and public institutions by offering a full range of deposit, loan, equipment finance and cash management services through its banking offices in Queens, Brooklyn, Manhattan and Long Island. As the leading provider of real estate loans, the bank’s experienced lending team creates mortgage solutions for property owners and property managers in and outside of the New York City metropolitan area. Flushing Bank is an equal housing provider. In addition, the bank operates an online banking area consisting of iGObanking®, which offers deposit products at competitive prices to consumers nationwide, and BankPurely®, an eco-friendly, healthier lifestyle community brand.
This press release may contain forward-looking statements within the meaning of US securities laws. These statements contain statements relating to our beliefs, plans, goals, objectives, expectations, expectations, assumptions, estimates, intentions and future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control could cause actual results, performance or accomplishments of the company to differ materially from future results, performance or accomplishments expressed or implied in such forward-looking statements. All forward-looking statements are subject to risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied in such forward-looking statements. These factors include the effects of the COVID-19 pandemic on our financial position and results of operations; Changes in interest rates; Risks that may be exacerbated depending on the mix of credit types we use in lending; Failure to effectively manage our liquidity; our ability to receive intermediary funds as an additional source of funding; the highly competitive markets in which we operate; Changes in national and / or local economic conditions; Changes in laws and regulations; current banking conditions and regulation; a failure or breach of our operating or security systems or infrastructure or that of our third party providers and other service providers, including as a result of cyber attacks; increased delays in enforcement proceedings; our inability to hire or retain key personnel; Impairment of goodwill recognized as a result of acquisitions; Inability to fully realize the expected benefit from our deferred tax assets; Uncertainty regarding the abolition of LIBOR and the proposed transition to SOFR; and the ultimate success of integrating Empire Bancorp, Inc., which the company recently acquired, into the company’s business.
These and other factors are more fully described under “Risk Factors” in Item 1A of the company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 16, 2021. Factors disclosed by us filings with the SEC have been discussed under the Securities Exchange Act of 1934, as amended.
All forward-looking statements attributable to the company are expressly restricted in their entirety by these warning notices. Forward-looking statements apply only at the point in time at which these statements are made. Unless required by law, we disclaim any obligation to update these forward-looking statements, whether as a result of new information, future events or for any other reason. There is no guarantee that future results, activities, performance, or goals will be achieved.
Susan K. Cullen
Senior Executive Vice President, Chief Financial Officer