Flushing Bank Announces Acquisition of Former Signature Bank Team

Rhea-AI Summary

Flushing Financial Corporation (Nasdaq: FFIC) has acquired a commercial real estate lending team from Signature Bank. The team includes Chris Penino, Christy Archer, and Kim Carson, who will join Flushing Bank's Commercial Real Estate Lending group. The company sees this acquisition as an opportunity to attract and develop full-banking relationships from the team's existing and prior client rosters. Despite rate-related headwinds, Flushing Bank's loan pipeline continues to grow.

UNIONDALE, N.Y., July 17, 2023 (GLOBE NEWSWIRE) -- Flushing Financial Corporation (the “Company”) (Nasdaq: FFIC), the parent holding company for Flushing Bank (the “Bank”), announced today that it has acquired a commercial real estate lending team from the former Signature Bank.

Frank Korzekwinski, Chief of Real Estate Lending, stated “We are pleased to welcome Chris Penino, Christy Archer, and Kim Carson to our high-quality Commercial Real Estate Lending group. We are confident that they will assimilate quickly into the Flushing Bank culture and will attract and develop full-banking relationships from their existing and prior client rosters.”

John R. Buran President and CEO, stated, “The recent market disruptions have presented an opportunity to acquire talent from competitors negatively impacted by the banking crisis. We are particularly pleased to bring this team on board at a time when, despite continuing rate-related head winds, our loan pipeline continues to grow.”

About Flushing Financial Corporation

Flushing Financial Corporation (Nasdaq: FFIC) is the holding company for Flushing Bank^®, an FDIC insured, New York State—chartered commercial bank that operates banking offices in Queens, Brooklyn, Manhattan, and on Long Island. The Bank has been building relationships with families, business owners, and communities since 1929. Today, it offers the products, services, and conveniences associated with large commercial banks, including a full complement of deposit, loan, equipment finance, and cash management services. Rewarding customers with personalized attention and bankers who can communicate in the languages prevalent within these multicultural markets is what makes the Bank uniquely different. As an Equal Housing Lender and 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. The Bank also fosters relationships with consumers nationwide through its online banking division with the iGObanking^® and BankPurely^® brands.

Additional information on Flushing Bank and Flushing Financial Corporation may be obtained by visiting the Company’s website at 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, 2022, 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.

#FB

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

FAQ

What is the company that made the acquisition?

The company that made the acquisition is Flushing Financial Corporation.

What is the acquired team's specialty?

The acquired team specializes in commercial real estate lending.

Who are the members of the acquired team?

The members of the acquired team are Chris Penino, Christy Archer, and Kim Carson.

What is the impact of the acquisition on Flushing Bank?

The acquisition is expected to help Flushing Bank attract and develop full-banking relationships from the team's existing and prior client rosters.

What is the current state of Flushing Bank's loan pipeline?

Despite continuing rate-related headwinds, Flushing Bank's loan pipeline continues to grow.