Flushing Bank Investment Grade Ratings Affirmed by Kroll Bond Rating Agency, Inc.
November 27 2017 - 5:30PM
Flushing Financial Corporation (the “Company”) (Nasdaq:FFIC), the
parent holding company for Flushing Bank (the “Bank”), announced
today that Kroll Bond Rating Agency (KRBA), a full-service rating
agency, affirmed its investment grade ratings for the Company and
the Bank. These ratings are based on KRBA’s Global Bank and Bank
Holding Company Rating Methodology, which evaluates liquidity,
asset quality, capital adequacy, and earnings.
The Company and the Bank received favorable
ratings with a stable outlook of A-/K2 and BBB+/K2, respectively.
According to KBRA’s report, the Company’s ratings are supported by
stable and upward trending core operating performance since the
economic downturn, solid capital profile, and deposit share
competitiveness against larger institutions. This is the second
consecutive year for which Flushing Bank received these same
investment ratings from Kroll.
“We are very pleased with the results of the
KBRA rating, which validates our strong financial performance and
successful integration into the communities we serve. Our
customer-centric philosophy built on a relationship-based approach
to banking has enabled us to grow profitably in both good and
difficult times. Most recently, we were profitable throughout the
Great Recession and its aftermath and continue to be profitable
today. There has been remarkable consistency in our financial
performance and growth in shareholder returns, including both stock
prices and dividends over the last ten years. Flushing Bank’s
ability to deliver stable, solid results – year after year, quarter
after quarter is what earned us high marks again this year from
Kroll. We are pleased that Kroll recognizes the value of our model
to our company, our customers, and our shareholders,” stated John
R. Buran, President, and Chief Executive Officer.
About Kroll Bond Rating
Agency
KBRA was established in 2010 in an effort to
restore trust in credit ratings by creating new standards for
assessing risk and by offering accurate and transparent ratings.
KBRA is registered with the U.S. Securities and Exchange Commission
(SEC) as a Nationally Recognized Statistical Rating Organization
(NRSRO) and is recognized by the National Association of Insurance
Commission (NAIC) as a Credit Rating Provider
(CRP). KBRA is a full-service rating agency whose
mission is to set a standard of excellence and integrity.
About Flushing Financial
Corporation
Flushing Financial Corporation (Nasdaq: FFIC) is
the holding company for Flushing Bank®, a New York State-chartered
commercial bank insured by the Federal Deposit Insurance
Corporation. The Bank serves consumers, businesses, professionals,
corporate clients, and public entities by offering a full
complement of deposit, loan, and cash management services through
its banking offices located in Queens, Brooklyn, Manhattan, and
Nassau County. As a leader in real estate lending, the Bank’s
experienced lending team creates mortgage solutions for real estate
owners and property managers both within and outside the New York
City metropolitan area. The Bank also operates an online banking
division, iGObanking.com®, which offers competitively priced
deposit products to consumers nationwide. Additional information on
Flushing Bank and Flushing Financial Corporation may be obtained by
visiting the Company’s website at
http://www.flushingbank.com.
"Safe Harbor" Statement under the
Private Securities Litigation Reform Act of 1995:
Statements in this Press Release that are not descriptions of
historical facts may be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking information
is inherently subject to risks and uncertainties, and actual
results could differ materially from those currently anticipated
due to a number of factors, which include, but are not limited to,
risk factors discussed in the Company's Annual Report on Form 10-K
for the fiscal year ended December 31, 2016 and in other documents
filed by the Company with the Securities and Exchange Commission
from time to time. Forward-looking statements may be
identified by terms such as "may", "will", "should", "could",
"expects", "plans", "intends", "anticipates", "believes",
"estimates", "predicts", "forecasts", "potential" or "continue" or
similar terms or the negative of these terms. Although we
believe that the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results,
levels of activity, performance, or achievements. The Company
has no obligation to update these forward-looking statements.
Contact: Susan K. CullenSenior
Executive Vice President, Chief Financial Officer Flushing
Bank718-961-5400
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