Flushing Financial, parent company of Flushing Bank, and Empire Bancorp, parent company of Empire National Bank, will delay the closing of the previously announced merger of Empire with and into Flushing due to the severe instability and volatility in the U.S. financial and stock markets caused by the novel coronavirus (COVID-19) pandemic.
Flushing and Empire now anticipate that closing of the merger will be more likely to occur at the end of Q2/20 or early in Q3/20.
“We strongly believe that the Empire merger remains financially attractive to our stockholders, and that continuing to pursue its completion is in the best interest of Flushing, Empire and our respective customers,” John R. Buran, president and CEO of Flushing, said. “We remain committed to the merger.”
“While all parties are disappointed by the delay, we continue to believe that the merger is ultimately in the best interest of Empire, our shareholders and the communities we serve,” Douglas C. Manditch, chairman and CEO of Empire, said. “We continue to plan for the completion of the merger.”
As a result of the delayed closing date of the merger, the deadline by which shareholders of Empire may elect to receive the form of consideration they wish to receive in the merger has been extended.