Highest-materiality recent filing
OceanFirst completes acquisition of Flushing Financial; FFIC holders receive 0.85 OCFC shares
Each share of Flushing common stock converted into 0.85 shares of OceanFirst common stock (and cash for fractional shares).
FFIC and OCFC receive all regulatory approvals for merger; close by June 1, 2026
Federal Reserve approval received April 24, 2026; NY DFS and OCC approvals received earlier.
Flushing shareholders approve merger with OceanFirst; NYDFS & OCC approvals received
Shareholders voted 24,102,136 for, 628,640 against, 40,182 abstain to adopt merger agreement.
Flushing Financial to merge with OceanFirst; 0.85 exchange ratio; Warburg invests $225M
Each Flushing share converts to 0.85 OceanFirst share; all-stock transaction.
Flushing Financial to be acquired by OceanFirst in $579M all-stock merger; Warburg invests $225M
Flushing stockholders to receive 0.85x OceanFirst shares per FFIC share; deal valued at $579M based on OCFC $19.76 close.
Flushing Financial prices $70M common stock offering at $15.25/sh for capital raise
Offering of 4,590,164 shares at $15.25 per share for $70M gross proceeds; net proceeds ~$66.3M (or ~$76.3M if overallotment exercised).
Flushing Financial Q2 net income $6.6M ($0.22 EPS); operating EPS $0.24
Net income of $6.6M ($0.22 diluted EPS) vs $8.2M in Q2 2023; 6-month net income $13.2M vs $15.6M.
Flushing Financial restates Q1-Q3 2023 results; ERC recognition error cuts net income by $2.6M
Restating Q1-Q3 2023 financials due to ERC recognition errors; cumulative net income decrease of $2.6M through Sept 2023.
On January 4, 2023, Michael Russo, a long-time member of the Board of Directors (the “Board”) of Flushing Financial Corporation (the “Company”) whose term would have expired at the 2023 annual meeting of stockholders, retired from the Board and all committees thereof, effective immediately.
Max materiality 0.90 · Median 0.25 · Most common event earnings