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Flushing Financial to provide additional Empire Bancorp deal-related disclosures

Uniondale, N.Y.-based Flushing Financial Corp. will provide additional disclosures related to its proposed acquisition of Islandia, N.Y.-based Empire Bancorp Inc. in response to a lawsuit filed against the deal.

A purported Empire Bancorp shareholder on Dec. 26, 2019, sued Empire Bancorp, its board and Flushing Financial, alleging that the defendants omitted certain material information from a deal-related registration statement and that Empire Bancorp's board breached their fiduciary duties by sanctioning the deal, which allegedly provided for inadequate merger consideration. The plaintiff sought to stop the deal from going through.

While the defendants continue to believe the lawsuit was entirely without merit, they decided to voluntarily make certain supplemental disclosures to avoid the risk of a potential delay in the deal's closing and to minimize litigation-related expenses.