For Immediate Release: Febuary 27, 2013
FLUSHING BANK CONVERTS TO NEW YORK STATE CHARTER WITH ITS MERGER INTO FLUSHING COMMERCIAL BANK
Benjamin M. Lawsky, Superintendent of the Department of Financial Services, announced that Flushing Savings Bank, FSB, will conduct business as a New York State-chartered bank upon its merger with and into its subsidiary Flushing Commercial Bank, effective February 28. The resulting full-service commercial bank with trust powers will be named Flushing Bank
“The close interaction with local regulators afforded by a State Charter provides important benefits to community banks,” Superintendent Lawsky said.
Banks are able to choose to operate under national or state charters. Flushing Savings Bank had been regulated by the federal Office of the Comptroller of the Currency. This is the seventh federal thrift to begin operating as a state-chartered bank since the Department of Financial Services was formed in October 2011.
President and CEO John R. Buran has stated: “Flushing Bank is a well capitalized New York community bank, and we are confident that we will benefit from the insight and oversight of the New York State Department of Financial Services. We share a focus on the local communities and look forward to working under the auspices of our new regulators to foster success and economic growth for consumers, businesses and municipalities in New York.”
Flushing Bank, with 17 offices in Queens, Brooklyn, Manhattan, and Nassau County, will offer a broad range of mortgage products particularly for multi-family residences, provide construction and small business financing, and provide banking services to municipalities throughout the New York metropolitan area. The merged bank will have more than $4 billion in assets.
Flushing Financial Corp., the parent company of the two merging banks, will be regulated by the Federal Reserve Bank of New York.