Flushing Financial in Uniondale, N.Y., has raised $75 million by selling subordinated notes.
The $6 billion-asset parent of Flushing Bank plans to use the proceeds from the debt sale to fund future growth, raise its corporate profile and reduce concentrations.
The debt sale "will provide us with the capital necessary to continue our growth trajectory, and position us well for future earnings," CEO John Buran said in a news release this week.
Flushing completed a multilevel offering of fixed-to-floating-rate notes that will initially bear a coupon rate of 5.2%, the release said. Sandler O'Neill was the book-running manager and Keefe, Bruyette & Woods was co-manager for the oversubscribed offering.
Flushing has been involved in various strategic transactions recently. It announced last week that it made
