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.