Hughes Hubbard Advises Flushing Financial Corporation on $70M Public Offering

December 2024 – The firm represented Flushing Financial Corporation in its $70 million public offering, which closed on Dec. 16.

The offering was comprised of 4,590,164 shares of its common stock at a public offering price of $15.25 per share. The total gross proceeds from the offering were approximately $70.0 million, with net profits of approximately $66.3 million after deducting underwriting discounts and before deducting transaction expenses. The transaction was underwritten by Keefe, Bruyette & Woods, Piper Sandler & Co. and Raymond James & Associates, Inc.

Flushing Financial intends to use the net proceeds of the offering for general corporate purposes, including investing a portion of the net proceeds into Flushing Bank to support its capital rations with the potential reposition of a substantial portion of its available-for-sale securities portfolio, as well as a potential sale of certain of its commercial real estate loans.

Gary Simon led the Hughes Hubbard team with assistance from Jennifer Graham, Olivia Rose and Anthony Kasper.