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 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 Banks as a part of the deal. The two banks similarly focus on serving small- and medium-sized businesses and have a 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.”