[Flushing] [Atlantic Liberty]
CONTACT:
John R. Buran Barry M. Donohue
President and Chief Executive Officer President and Chief Executive Officer
Flushing Financial Corporation Atlantic Liberty Financial Corporation
(718) 961-5400 (718) 855-3555
FOR IMMEDIATE RELEASE
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Office of Thrift Supervision Approves Flushing Financial Corporation's
Acquisition of Atlantic Liberty Financial Corporation
LAKE SUCCESS, New York and BROOKLYN, New York, June 6, 2006--Flushing Financial
Corporation (NASDAQ: FFIC), the parent holding company for Flushing Savings
Bank, FSB, and Atlantic Liberty Financial Corporation (NASDAQ: ALFC), the parent
holding company for Atlantic Liberty Savings, FA, today announced that the
Office of Thrift Supervision had approved the regulatory application to complete
the merger of Atlantic Liberty with and into Flushing Financial.
The acquisition remains subject to the approval of Atlantic Liberty's
stockholders at a special meeting of stockholders scheduled for June 21, 2006.
Atlantic Liberty stockholders have the option to elect to receive $24.00 in
cash, 1.43 shares of Flushing Financial common stock or a combination thereof
for each of their shares of Atlantic Liberty common stock, subject to the
allocation and proration requirements of the Merger Agreement. Election
materials were mailed to Atlantic Liberty stockholders on or about May 31, 2006.
Atlantic Liberty stockholders will have until 5:00 p.m. Eastern Time on June 20,
2006 to submit completed election forms and related materials indicating their
preference. Questions regarding the election materials and the Proxy
Statement/Prospectus should be directed to Atlantic Liberty's Information Agent,
Georgeson Shareholder Communications Inc., at 1-866-316-1986.
Flushing Financial Corporation is the $2.4 billion holding company for Flushing
Savings Bank, FSB, a federally chartered stock savings bank insured by the
Federal Deposit Insurance Corporation (FDIC). The Bank conducts its business
through ten banking offices located in Queens, Brooklyn, Manhattan and Nassau
County. Additional information regarding Flushing Financial Corporation may be
obtained by visiting its web site at www.flushingsavings.com.
Atlantic Liberty Financial Corporation is a $180 million holding company that
operates its main business activities through its subsidiary savings association
in Brooklyn, New York. Atlantic Liberty Savings was originally a New York
building and loan association serving the Brooklyn community since 1888. It
became a federally chartered savings association in 1983. Atlantic Liberty
Savings conducts is business from their main office and one branch office, both
of which are located in prime areas of Brooklyn. Additional information
regarding Atlantic Liberty Financial Corporation may be obtained by visiting its
web site http://www.atlanticlibertysavings.com.
This release is neither an offer to sell nor a solicitation of an offer to buy
common stock. The offer is made only by the Proxy Statement/Prospectus. The
shares of common stock to be issued in the merger are not savings accounts, may
lose value and are not insured by the Federal Deposit Insurance Corporation or
any government agency.
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