Flushing in N.Y. Completes Bank Conversion

Flushing Financial in Lake Success, N.Y. is now a bank.

The $4.5 billion-asset company said Thursday that it had also merged Flushing Savings Bank and Flushing Commercial Bank to create a commercial bank chartered in New York. The state's Department of Financial Services and the Federal Deposit Insurance Corp. will serve as the bank's regulators.

In January, the Federal Reserve Board approved the company's application to become a bank holding company.

"This merger signifies the culmination of a strategy we embarked on to serve consumers, businesses, and municipalities within our local communities," John Buran, Flushing's chief executive, said in a press release. "Flushing Bank is a well-capitalized community bank and we look forward to working with our new regulators to support economic growth in New York."