UNIONDALE, N.Y., Feb. 01, 2017 (GLOBE NEWSWIRE) — Flushing Financial Corporation (the “Company”) (Nasdaq:FFIC), the parent holding company for Flushing Bank (the “Bank”), announced today that it has joined the Small Business Loan Program created by BancAlliance and Fundation.
The Small Business Loan Program introduces a new financial technology platform that allows small businesses to access an online portal that will guide each small business customer to the products that best meet its unique need. This program is designed to enable banks to address the challenges of underwriting small businesses by providing a simplified and streamlined borrowing experience. Flushing Bank’s small business customers now have the ability to apply online by visiting flushingbank.com/small-business-loans and may receive approval in as little as one to three business day.
John R. Buran, President and Chief Executive Officer, stated: “We have been serving the small business market for over ten years. Our participation in the Small Business Loan Program allows us to expand our offering to better serve the rapidly evolving small business lending market.”
Fundation provides credit for working capital and expansion purposes to a wide array of businesses nationally. Unlike most non-bank lenders, Fundation’s products are conventional loan products but using its best-in-class technology platform, Fundation makes the process for applying for credit an extremely efficient and customer friendly process.
Sam Graziano, CEO of Fundation, said, “We are invested in driving the success of small business owners and partnering with Flushing Bank to do just that. The program we have created with our partner BancAlliance is unmatched within the industry, empowering community banks like Flushing Bank to serve their small business customer base and their local communities in an unparalleled way.” Brian Graham, CEO of BancAlliance, stated: “Our commitment is to the asset growth and diversification of the community banks we serve with a focus on expanding their relevance to their customers. This unique partnership with Fundation puts community banks at the forefront to be competitive with larger lending institutions without changing the traditional mission of community banking.”
About Flushing Financial Corporation
Flushing Financial Corporation (Nasdaq:FFIC) is the holding company for Flushing Bank®, a New York State-chartered commercial bank insured by the Federal Deposit Insurance Corporation. The Bank serves consumers, businesses, professionals, corporate clients, and public entities by offering a full complement of deposit, loan, and cash management services through its 19 banking offices located in Queens, Brooklyn, Manhattan, and Nassau County. As a leader in real estate lending, the Bank’s experienced lending team creates mortgage solutions for real estate owners and property managers both within and outside the New York City metropolitan area. The Bank also operates an online banking division, iGObanking.com®, which offers competitively priced deposit products to consumers nationwide. Additional information on Flushing Bank and Flushing Financial Corporation may be obtained by visiting the Company’s website at http://www.flushingbank.com.
Fundation Group LLC is a digitally-enabled lender and credit solutions provider. The Company develops integrated small business lending solutions with banks, enabling them to deliver credit online, drive cost efficiency into their lending programs and maximize customer retention by providing a positive customer experience and meeting the needs of the small businesses they serve. The Company also partners with a wide array of organizations that serve the small business market in various capacities to deliver credit products to the business community nationwide. For more information, please visit www.fundation.com.
BancAlliance is a collaborative network of community banks that offers an array of lending programs and business services that might not otherwise be available to its members. The services of BancAlliance are designed to expand the impact and reach of member banks, enhancing their profitability, serving their customers in new ways, and growing and diversifying their loan portfolios. BancAlliance’s mission is to enable its members, the banks that direct its activities, to prudently diversify into high-quality loans in a manner consistent with the highest commercial and regulatory standards – without changing the nature or mission of the traditional community bank. BancAlliance has member banks located throughout our country. Learn more at www.bancalliance.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this Press Release that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and in other documents filed by the Company with the Securities and Exchange Commission from time to time. Forward-looking statements may be identified by terms such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “forecasts”, “potential” or “continue” or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The Company has no obligation to update these forward-looking statements.
Maria A. Grasso
Senior Executive Vice President, Chief Operating Officer
Fundation combines the benefits of a bank loan with the ease and efficiency of an online lender. We offer conventional loans with competitive rates to businesses with varying credit profiles. Our technology allows us to deliver capital in as few as 3 business days through streamlining the collection and evaluation of customer information and conducting the majority of the lending process electronically. As a direct lender, we use our own capital to originate and hold the loans we make, so that we can focus on building relationships with our customers. Our dedicated customer relationship model enables us to understand each unique borrower’s business. This level of service, coupled with our best-in-class products, is why many of our customers come back to us repeatedly for more capital.