Flushing Financial to be acquired by OceanFirst in $579M all-stock merger; Warburg invests $225M

FLUSHING FINANCIAL CORP

Flushing stockholders to receive 0.85x OceanFirst shares per FFIC share; deal valued at $579M based on OCFC $19.76 close.
Combined company will have ~$23B assets, $17B loans, $18B deposits across 71 branches in NJ, Long Island, and NY.
Deal projected to be 16% EPS accretive by 2027; 6% tangible book dilution earned back in ~3 years; 24% IRR.
OceanFirst CEO Christopher Maher to lead combined company; Flushing CEO John Buran to become non-executive Chairman.
Warburg Pincus commits $225M at $19.76/share plus warrants (7-yr term, mandatory exercise if OCFC hits $30).

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