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- Flushing Financial
Flushing Financial Acquisition, Valuation & Financials
Flushing Financial was acquired by OceanFirst Financial for $579M in December 2025, a 2.6x multiple on $226M of revenue.
Flushing Financial revenue at acquisition
$226M
Last twelve months · Dec 2025
Flushing Financial revenue multiple at acquisition
2.6x
EV/Revenue · Dec 2025
Flushing Financial market cap before the deal
$541M
FRA: FL8 · May 2026
About Flushing Financial
Flushing Financial Corp operates as a bank holding company, which is engaged in the provision of banking and financial services. It provides Personal, Business, lending, Government banking, and Card services. Its principal business is attracting retail deposits from the general public and investing those deposits together with funds generated from ongoing operations and borrowings, in originations and purchases of multi-family residential properties, commercial business loans, commercial real estate mortgage loans, construction loans, small business administration loans, and other small business loans.
Founded
1994
HQ
Website
Status
Acquired
Customer focus
B2B & B2C
Revenue model
Services
Revenue
$226M (Dec 2025)
Valuation
$579M (acquired Dec 2025)
Sectors
Flushing Financial Acquisition
Flushing Financial was acquired by OceanFirst Financial for $579M on 29 December 2025.
The acquisition price implies a 2.6x revenue multiple on $226M of revenue.
Flushing Financial Corporation, holding company for Flushing Bank established in 1929, operates 30 branches primarily in deposit-rich Long Island and New York City markets including Suffolk, Nassau, Queens, Brooklyn, and Manhattan counties, with $8.8 billion in assets as of September 30, 2025, and online divisions iGObanking and BankPurely. OceanFirst Financial Corp., parent of OceanFirst Bank N.A. based in Red Bank, New Jersey, announced a definitive all-stock merger agreement with Flushing on December 29, 2025, valued at $579 million based on OceanFirst's December 26, 2025 closing stock price of $19.76, under which Flushing shareholders receive 0.85 OceanFirst shares per Flushing share, resulting in OceanFirst shareholders owning 58% and Flushing shareholders 30% of the combined entity. Concurrently, affiliates of Warburg Pincus committed $225 million in newly issued equity to OceanFirst, subject to merger closing. The merger, expected to close in Q2 2026 pending regulatory approvals and shareholder votes, combines Flushing Bank into OceanFirst Bank as survivor, creating a $23 billion asset regional bank with $17 billion in loans, $18 billion in deposits, and 71-80 branches across New Jersey, Long Island, New York City, and other East Coast markets. Strategic rationale emphasizes complementary footprints, Flushing's 95-year distribution in New York alongside OceanFirst's relationship-driven model, shared credit discipline, and community focus to enhance customer services and shareholder value. OceanFirst CEO Christopher Maher will lead the combined company, becoming board chair in 2028, while Flushing CEO John Buran assumes nonexecutive chair role. Deal projects 35% cost savings from Flushing's non-interest expenses but anticipates $106 million in one-time pretax costs; it elevates OceanFirst's commercial real estate loan concentration to 461% of risk-based capital from 417%, above the 300% regulatory scrutiny threshold, with plans for reduction, alongside a post-investment Common Equity Tier 1 ratio of 10.8%.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 29 Dec 2025 | Strategic M&A | $579M | 2.6x |
Flushing Financial as a Public Company
Flushing Financial traded as FRA: FL8 before it was taken private. Its acquisition was announced in December 2025. May 2026 is its last month on record as a listed company, with a market cap of $541M and an enterprise value of $541M.
Last-twelve-month revenue was $241M, and the shares traded at 2.2x EV/Revenue.
Over the 4 years before that, its market cap fell from $698M in May 2022 to $541M, while revenue fell from $256M to $241M.
Flushing Financial market cap while listed
Flushing Financial EV/Revenue (LTM) while listed
| As of | Market cap | Revenue (LTM) | EV/Revenue |
|---|---|---|---|
| May 2026 | $541M | $241M | 2.2x |
| May 2025 | $406M | $172M | 2.4x |
| May 2024 | $370M | $194M | 1.9x |
| May 2023 | $344M | $232M | 1.5x |
| May 2022 | $698M | $256M | 2.7x |
Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Flushing Financial traded.
Acquisitions by Flushing Financial
Flushing Financial has acquired 1 company to date.
Last acquisition by Flushing Financial was on October 25th 2019. Flushing Financial acquired ES Bancshares for $112M.
Latest Acquisitions by Flushing Financial
| Description | ES Bancshares Inc is a bank holding company, which offers financial services. It offers deposit products such as checking, savings and term certificate accounts and its lending products are Commercial and Residential Mortgages, Commercial loans and SBA guaranteed loans. |
| HQ Country | |
| HQ City | - |
| Deal Date | 25 Oct 2019 |
| Valuation | $112M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Flushing Financial acquisitions and their M&A valuation multiples. Start Free Trial | |
Flushing Financial Competitors
Flushing Financial competitors include listed companies like SpareBank 1 Østfold Akershus, Northpointe Bank, Bridgewater Bancshares and Southern First Bancshares, and private ones like IKF Finance and United Bank.
| Company | HQ | Status | Revenue | Valuation | Revenue Multiple |
|---|---|---|---|---|---|
| Publicly listed | $131M | $581M | 4.2x | ||
| Publicly listed | $242M | $577M | 2.3x | ||
| Publicly listed | $142M | $582M | 3.6x | ||
| Publicly listed | $118M | $585M | 4.2x | ||
| Private | $71M | $457M | 6.4x | ||
| Private | - | $759M | - |
Flushing Financial Public Comps
Flushing Financial is no longer listed, but its public comps include SpareBank 1 Østfold Akershus, Northpointe Bank, Bridgewater Bancshares, Southern First Bancshares, Sparebanken Møre, MyState, ProCredit Holding, Capital Bancorp, FCMB Group and Unity Bancorp.
| Last FY | EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|---|
| Revenue | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $131M | 4.4x | 4.2x | - | - | |||
| $242M | 2.4x | 2.3x | - | - | |||
| $142M | 4.1x | 3.6x | - | - | |||
| $118M | 5.0x | 4.2x | - | - | |||
| $255M | 2.3x | 2.3x | - | - | |||
| $133M | 4.4x | 3.2x | - | - | |||
| $530M | 1.1x | 1.1x | - | - | |||
| $241M | 2.4x | 2.3x | - | - | |||
This data is available for Pro users. Sign up to see all Flushing Financial competitors and their valuation data. Start Free Trial | |||||||
Common questions about Flushing Financial
| When was Flushing Financial founded? | Flushing Financial was founded in 1994. |
| Where is Flushing Financial headquartered? | Flushing Financial is headquartered in United States. |
| Is Flushing Financial publicly listed? | No, Flushing Financial was acquired by OceanFirst Financial in December 2025. |
| Who acquired Flushing Financial? | Flushing Financial was acquired by OceanFirst Financial in December 2025. |
| How much was Flushing Financial acquired for? | Flushing Financial was acquired for $579M in December 2025, a 2.6x revenue multiple. |
| Which companies are comparable to Flushing Financial? | Companies comparable to Flushing Financial include SpareBank 1 Østfold Akershus, Northpointe Bank, Bridgewater Bancshares, Southern First Bancshares, IKF Finance and United Bank. |
| What was Flushing Financial's market cap before the acquisition? | Flushing Financial had a market cap of $541M in May 2026, its last month on record as a listed company, trading at 2.2x EV/Revenue. |
| What was Flushing Financial's revenue as a public company? | Flushing Financial's last reported twelve-month revenue was $241M (May 2026). |
| How many companies has Flushing Financial acquired? | Flushing Financial has acquired 1 company, including ES Bancshares. |
| What was the largest acquisition by Flushing Financial? | The $112M acquisition of ES Bancshares in October 2019 is the largest acquisition Flushing Financial has made to date. |
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