Flushing Financial in Uniondale, N.Y., has sold three branch properties in Brooklyn, N.Y.
The $5.3 billion-asset company said in a press release Monday that it will reinvest a portion of the $12.7 million it gained from the sales to implement a universal banker model at one of its remaining Brooklyn branches. The location will include new technology, including ATMs that provide customers a staff-assisted channel for conducting routine transactions.
Flushing, which said it is considering adding similar technology to two other branches, will recognize a $6.6 million from the property sale during this quarter. Another $6.1 million in gains will be deferred and recognized over time.
"Our retail branch network continues to be an important component in achieving our strategic growth," John Buran, Flushing's president and chief executive, said in the release. "However, we recognize, as does the industry, that the role of the branch is changing and we must adapt to stay current with evolving trends."