Flushing Financial in Lake Success, N.Y., is set to convert to a bank.
The $4.4 billion-asset company said Wednesday that the Federal Reserve Board had approved its application to convert to a bank holding company from a savings-and-loan holding company.
The approval will allow Flushing to merge its Flushing Savings Bank and Flushing Commercial Bank units to create a commercial bank chartered in New York.
"We are confident that we will benefit from the insight and oversight of the New York State Department of Financial Services," John Buran, Flushing Financial's chief executive, said in a press release. "We look forward to working under the auspices of our new regulators to foster success and economic growth for consumers, businesses and municipalities in New York."
The bank, which was founded in 1929, converted in 1994 to a federal thrift charter as part of a change from stock ownership to a mutual form.