Flushing Financial in Uniondale, N.Y., has raised $21 million in capital after selling an office building.
The $5.8 billion-asset company said in a press release that it sold the branch, in Flushing, N.Y., to the developer CW Northern. The branch will remain open until a new updated location bordering the current facility is ready for occupancy.
The extra capital "affords us the flexibility to reinvest the gain in our growing markets," John Buran, Flushing's president and chief executive, said in the release.
Flushing sold three other branches last year for $12.7 million. The company decided to reinvest a portion of the proceeds from those sales to implement a universal banker model at one of its Brooklyn branches.