Flushing Financial launches public stock offering

Flushing Financial begins public offering of about $80 million shares of its common stock

• On 7:17 am EDT, Tuesday September 15, 2009

LAKE SUCCESS, N.Y. (AP) -- Flushing Financial Corp. said Tuesday that it has started a public offering of about $80 million shares of its common stock.

The parent holding company for Flushing Savings Bank, FSB said it plans to use the proceeds to buy back 70,000 shares of preferred stock and the warrant to buy up to 751,611 shares of its common stock issued by the Treasury Department as part of the TARP Capital Purchase Program.

Remaining proceeds will be used for general corporate purposes.

Flushing Financial said the underwriters will have a 30-day option to buy up to an additional 15 percent of the offering's shares to cover any overallotments.