Flushing Financial (FFIC) shares were down almost 12% in recent Friday trading after the company said late Thursday it priced an offering of about 4.6 million common shares at $15.25 per share for gross proceeds of $70 million.
The bank holding firm said it gave underwriters a 30-day option to buy up to 688,525 more shares at the public offering price, less discounts and commissions.
Flushing Financial said it plans to use the net proceeds for general corporate purposes, including investing a portion of the proceeds to support the capital ratios of its Flushing Bank unit.
The offering is expected to close on or about Monday, the company said.
Price: 15.25, Change: -2.01, Percent Change: -11.62
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