September 17, 2009 (FinancialWire) — Flushing Financial Corp.  (NASDAQ: FFIC), the parent holding company for Flushing Savings Bank, FSB, announced the commencement of a public offering of approximately $80 million of its common stock.

The company expects to use the net proceeds from this offering for general corporate purposes and to repurchase the 70,000 shares of the company’s Fixed Rate Cumulative Perpetual preferred stock series B (preferred stock), and the warrant (warrant) to purchase up to 751,611 shares of the company’s common stock, issued to the U.S. Department of the Treasury (Treasury) as part of the TARP Capital Purchase Program. There can be no assurance that the Treasury will approve the company’s applications to repurchase the preferred stock or the warrant, or that an acceptable price for repurchasing the warrant can be agreed upon.

Keefe, Bruyette & Woods, Inc. is acting as lead book-running manager and Sandler O’Neill + Partners, L.P. and Fox-Pitt Kelton Cochran Caronia Waller are acting as co-managers for the offering. The underwriters will have a 30-day option to purchase up to an additional 15% of the offered amount of common stock from the company to cover over-allotments, if any.

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