Flushing Bank Accepting Applications for the Main Street Lending Program

Rhea-AI Summary

Flushing Financial Corporation (Nasdaq: FFIC) announced its participation in the Federal Reserve's Main Street Lending Program, aimed at aiding small and medium-sized businesses affected by the COVID-19 pandemic. The bank is one of only nine lenders approved in New York to accept applications for the program, which includes three facilities to support lending. CEO John R. Buran emphasized the bank's role in supporting local economic recovery during the healthcare crisis.

Positive

• Flushing Bank is among only nine lenders approved in New York for the Main Street Lending Program.
• The program supports small and medium-sized businesses, vital for economic recovery.
• CEO John R. Buran emphasizes strong community support.

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• None.

UNIONDALE, N.Y., July 20, 2020 (GLOBE NEWSWIRE) -- Flushing Financial Corporation (the “Company”) (Nasdaq: FFIC), the parent holding company for Flushing Bank (the “Bank”), announced today that it has begun accepting applications for the Main Street Lending Program made available to businesses through the Federal Reserve.

The Federal Reserve established the Main Street Lending Program to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. The Program will operate through three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF).

John R. Buran, President and Chief Executive Officer, stated, “We are very pleased that Flushing Bank has been approved as one of only nine participating Main Street Lending Program lenders in New York and that we have begun accepting Program applications. We recognize that small and medium-sized businesses in our market are struggling to manage through this healthcare crisis. These businesses play an important role in the economic health of our local communities and are vital to our economic recovery. As a community bank, it is our job to partner with businesses in our communities to provide support to help get them through this difficult time.”

For additional information on the Main Street Lending Program, visit the Bank’s website at flushingbank.com/covid19relief.

About Flushing Financial Corporation

Flushing Financial Corporation (Nasdaq: FFIC) is the holding company for Flushing Bank^®, a New York State—chartered commercial bank insured by the Federal Deposit Insurance Corporation. The Bank serves consumers, businesses, professionals, corporate clients, and public entities by offering a full complement of deposit, loan, equipment finance, and cash management services through its banking offices located in Queens, Brooklyn, Manhattan, and on Long Island. As a leader in real estate lending, the Bank’s experienced lending teams create mortgage solutions for real estate owners and property managers both within and outside the New York City metropolitan area. Flushing Bank is an Equal Housing Lender. The Bank also operates an online banking division consisting of iGObanking^®, which offers competitively priced deposit products to consumers nationwide, and BankPurely^®, an eco-friendly, healthier lifestyle community brand.

Additional information on Flushing Bank and Flushing Financial Corporation may be obtained by visiting the Company’s website at http://www.flushingbank.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this Press Release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in other documents filed by the Company with the Securities and Exchange Commission from time to time. Forward-looking statements may be identified by terms such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “forecasts”, “goals”, “potential” or “continue” or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The Company has no obligation to update these forward-looking statements.

Contact:
Maria A. Grasso
Senior Executive Vice President, Chief Operating Officer
Flushing Bank
718-961-5400

FAQ

What is Flushing Financial Corporation's stock symbol?

Flushing Financial Corporation's stock symbol is FFIC.

What is the Main Street Lending Program?

The Main Street Lending Program is an initiative by the Federal Reserve to provide financial support to small and medium-sized businesses impacted by COVID-19.

How can businesses apply for the Main Street Lending Program through FFIC?

Businesses can apply for the Main Street Lending Program through Flushing Bank, which is accepting applications as a participating lender.

What services does Flushing Bank offer?

Flushing Bank offers a range of financial services, including deposit, loan, equipment finance, and cash management services.

When was the press release regarding FFIC's participation in the lending program issued?

The press release was issued on July 20, 2020.