Flushing Financial falls on $70 mln stock offering

Dime Commercial Bancshares

13/12/2024 14:45

**  Shares of regional lender 
  
    
      
    
    Parent of Flushing Bank late Thurs  $4.6 mln shares at
$15.25 for $70 mln gross raise
  
    ** Offering price represents 11.6% discount to stock's last
sale
  
    ** Uniondale, New York-based firm plans to use net proceeds
for potential balance sheet repositioning, as well as potential
sale of certain of its commercial real estate loans 
  
    ** KBW, Piper Sandler and Raymond James are jt bookrunners
for offering
  
    
      
    
    
      
    
  
    ** Prior to offering, FFIC had ~29.1 mln shares outstanding
for ~$500 mln 
    market cap
  
    ** Through Thurs close, FFIC shares had gained ~25% over the
past three months. With move on Fri, shares ~4% YTD
  

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))