A bank holding company for Flushing Bank, a New York State-chartered commercial bank serving the New York City area with deposits, multi-family and commercial real estate loans, business lending and SBA loans. It began in 1929 as Flushing Savings Bank in the Queens neighborhood of Flushing, which gives it its name, and later became a commercial bank. In 2010 it dropped "Savings" from its name, and it was later absorbed by OceanFirst Bank as one of its divisions.
Flushing Financial completes merger into OceanFirst, shares delisted
Each Flushing common share was converted into 0.85 of an OceanFirst common share, with cash for fractional shares.
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On June 1, 2026, Flushing Financial Corporation merged with and into OceanFirst Financial Corp., with OceanFirst as the surviving corporation.
Approximately 29.30 million shares of OceanFirst common stock were issued as merger consideration.
Flushing's directors and officers ceased serving in their roles at the effective time.
Flushing common stock was delisted from Nasdaq and its registration will be terminated.
2.01 Completion of Acquisition or Disposition of Assets · 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing · 3.03 Material Modification to Rights of Security Holders · 5.01 Changes in Control of Registrant · 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits
Flushing Financial reports 1Q26 GAAP EPS of $0.17 and Core EPS of $0.29; NIM expands 16 bps YoY
First quarter 2026 GAAP net income was $5.8 million, or $0.17 per diluted share, compared to a net loss of $9.8 million, or ($0.29) per share, in 1Q25.
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Core net income was $9.9 million, or $0.29 per share, up 25.3% year over year from $7.9 million, or $0.23 per share, in 1Q25.
Net interest margin (FTE) expanded 16 basis points year over year to 2.67%, while core NIM expanded 17 bps to 2.66%.
Noninterest bearing deposits grew to $995.5 million, up 15% year over year, and the loan pipeline increased 54.9% YoY to $327.4 million.
The company is moving toward closing its transaction with OceanFirst Financial Corp., with no specific guidance provided in the release.
Nonperforming assets to assets were 77 bps, up from 71 bps a year ago, and net charge-offs to average loans were 3 bps in 1Q26.
Tangible common equity to tangible assets was 7.86% at March 31, 2026, compared to 7.79% a year ago.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Flushing Financial and OceanFirst receive all regulatory approvals for merger; closing expected by June 1, 2026.
The Federal Reserve approved the merger on April 24, 2026, following earlier approvals from the New York State Department of Financial Services (March 23, 2026) and the Office of the Comptroller of the Currency (April 6, 2026).
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Shareholder approval for the transaction was received on April 2, 2026.
No further regulatory approvals are required; the merger is expected to close no later than June 1, 2026, subject to remaining closing conditions.
The merger agreement, dated December 29, 2025, is among Flushing, OceanFirst, and Apollo Merger Sub Corp., a wholly-owned subsidiary of OceanFirst.
OceanFirst also announced its 2026 Annual Meeting of Stockholders will be held virtually on May 27, 2026, with a record date of April 2, 2026.
8.01 Other Events · 9.01 Financial Statements and Exhibits
Flushing Financial stockholders approve merger with OceanFirst at special meeting
At a special meeting on April 2, 2026, Flushing Financial stockholders approved the merger agreement with OceanFirst Financial Corp., with 24,102,136 votes for, 628,640 against, and 40,182 abstentions.
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The merger agreement, dated December 29, 2025, provides that each Flushing share will convert into 0.85 of an OceanFirst share, with cash for fractional shares.
Stockholders also approved, on a non-binding advisory basis, the compensation proposal for Flushing's named executive officers in connection with the merger, with 12,435,187 votes for, 12,222,100 against, and 113,671 abstentions.
The New York State Department of Financial Services and the Office of the Comptroller of the Currency granted regulatory approvals on March 23, 2026, and April 6, 2026, respectively.
The merger remains subject to approval from the Board of Governors of the Federal Reserve System and other customary closing conditions.
5.07 Submission of Matters to a Vote of Security Holders · 8.01 Other Events · 9.01 Financial Statements and Exhibits
Flushing Financial to merge with OceanFirst Financial in all-stock deal
Flushing Financial Corp. and OceanFirst Financial Corp. entered into a merger agreement on December 29, 2025, with Flushing shareholders receiving 0.85 OceanFirst shares per Flushing share.
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The merger is expected to close in the second quarter of 2026, subject to regulatory and stockholder approvals.
Warburg Pincus will invest $225 million in OceanFirst as part of the transaction, including shares and a warrant.
John R. Buran, Flushing's CEO, will serve as non-executive chairman of OceanFirst's board for two years post-closing.
The combined company will retain Flushing's Uniondale, New York headquarters as a regional hub.
1.01 Entry into a Material Definitive Agreement · 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits