LAKE SUCCESS, N.Y., June 13, 2008 (PRIME NEWSWIRE) -- Flushing Financial Corporation (Nasdaq:FFIC) (the "Company"), the parent holding company for Flushing Savings Bank, FSB (the "Bank"), announced today that the Bank helped break ground on a new medical facility for Medalliance -- a Bronx-based medical and rehabilitation services center. The Bank is providing $13 million in financing for this project. The groundbreaking ceremony was held on June 11th, at 625 East Fordham Road in The Bronx, and was presided over by Bronx Borough President, Adolfo Carrion, Jr.
A photo accompanying this release is available at http://www.primenewswire.com/newsroom/prs/?pkgid=5154
John R. Buran, Flushing Savings Bank's President and Chief Executive Officer stated: "I am very pleased that the Bank was selected to finance the construction of this state-of-the-art medical facility in The Bronx. This financing is part of our ongoing commitment to serve the needs of the many communities in the metropolitan area."
Medalliance President, Sean Daneshvar stated: "I am delighted that we successfully secured the capital funding needed to replace and modernize our older facilities. This will enable us to deliver a wider range of community healthcare services for Bronx residents. Our new home will enable us to provide additional services including gastroenterology, endocrinology, nephrology, oncology and dental services."
Frank Korzekwinski, the Bank's Executive Vice President & Chief Real Estate Lending Officer added: "We are particularly pleased with the opportunity to provide the first phase of financing for the Medalliance project as it affirms our position as a leader in community banking by combining our traditional real estate lending with our new established business banking expertise."
When completed, the new Medalliance medical center will be a 50,000 square foot state-of-the-art health center. Construction is scheduled to begin next month with an estimated completion date of 2010. The new facility will total 17 stories, have nearly 150 underground parking spots and create more than 400 jobs.
About Flushing Financial Corporation
Flushing Financial Corporation is the parent holding company for Flushing Savings Bank, FSB, a federally chartered stock savings bank insured by the FDIC. The Bank serves consumers and businesses by offering a full complement of deposit, loan, and cash management services through its fourteen banking offices located in Queens, Brooklyn, Manhattan, and Nassau County. The Bank also operates an online banking division, iGObanking.com(r), which enables the Bank to expand outside of its current geographic footprint. In 2007, the Bank established Flushing Commercial Bank, a wholly-owned subsidiary, to provide banking services to public entities including counties, towns, villages, school districts, libraries, fire districts and the various courts throughout the metropolitan area.
Additional information on Flushing Financial Corporation may be obtained by visiting the Company's web site at http://www.flushingsavings.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 year ended December 31, 2007 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", "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.
The photo is available at Newscom, www.newscom.com, and via AP PhotoExpress.
