Uniondale, N.Y.-based Flushing Financial Corp. completed a $75 million multilevel subordinated debt offering.

The notes have a 5.25% initial coupon rate.

The offering was oversubscribed.

Sandler O'Neill & Partners LP acted as book-running manager with Keefe Bruyette & Woods serving as co-manager.

Flushing Financial estimates that the net proceeds, after deducting underwriting discounts and estimated expenses, will be about $73.4 million.

Proceeds will go to funding future growth, raising the corporate profile and reducing concentrations.