"This acquisition will significantly enhance our franchise," said John R. Buran, Flushing Financial's president and chief executive officer. "Atlantic Liberty's Montague Street branch is in the hub of the Brooklyn business community and provides a great platform for our continued growth in Brooklyn."As part of the deal, Atlantic Liberty's shareholders may choose to receive $24 in cash, 1.43 shares of Flushing Financial, or a combination of the two.Flushing Financial is the holding company for Flushing Savings Bank, which has nine branches located throughout Queens, Brooklyn, Manhattan and Nassau County.Atlantic Liberty, which was traded on NASDAQ as ALFC, has assets of $177 million with two branches in Brooklyn that will be added to Flushing Savings Bank. Atlantic Liberty Financial was the holding company of the retail deposit bank, Atlantic Liberty Savings."The transaction will give our customers and employees the benefits of a larger, well-run and financially sound institution that will be able to offer an enhanced menu of banking services," said Atlantic's chief executive officer, Barry Donohue. "We are quite pleased that we reached an agreement with Flushing Financial and are confident this union will allow our staff to continue to offer the excellent service our customers, as well as our local communities, are accustomed to receiving at Atlantic Liberty Savings." Since Dec. 31, 2004, Flushing Financial Corp. operated 10 full-service banking offices, six of which are centralized around the Flushing area, two in Nassau County, one in Brooklyn and one in Manhattan.The consumer-oriented bank serves primarily as a community deposit bank, which offers multi-family mortgage loans, commercial real estate loans and one-to-four family residential loans.The corporation was founded in 1994 to represent Flushing Savings, which was founded in 1929. It has a total of 191 employees.Flushing Financial is traded on NASDAQ under the symbol FFIC.Reach reporter Scott Sieber by e-mail at news@times
©2006 Community News Group
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