LAKE SUCCESS, N.Y., Sept. 20, 2007 (PRIME NEWSWIRE) -- Flushing Financial Corporation (the "Company") (Nasdaq:FFIC), the parent holding company for Flushing Savings Bank, FSB (the "Bank") today announced that the Bank is now offering access to $50 million per customer in FDIC insurance coverage through a Certificate of Deposit Account Registry Service ("CDARS(r)"). The announcement was made by John R. Buran, Flushing Financial's President and Chief Executive Officer.
Mr. Buran stated: "We are pleased to offer our customers this significant increase in FDIC deposit insurance through CDARS(r). Typically, prior to making an investment with an institution, customers with large sums of money tend to take many factors into consideration. They employ strategies such as variations on bank account titles and splitting their funds among multiple banks to ensure maximum FDIC insurance coverage. With CDARS(r) at Flushing Savings Bank, the customer's life is made simpler. We do all the work to deliver as much as $50 million in FDIC insurance. Since 1933, when FDIC Insurance Coverage was created, no one has lost a single penny in an FDIC-insured account. Now with CDARS(r), instead of receiving FDIC insurance coverage up to the maximum allowable limit of $100,000, depositors are protected up to $50 million."
Certificate of Deposit Account Registry Service, CDARS(r), is a deposit placement service offered through Promontory Interfinancial Network, LLC. To offer CDARS(r), a bank must belong to a special network called the Promontory Network. When a customer places a large deposit with a Network member, the bank arranges for placement of funds into CDs issued by other Network banks -- in increments of less than $100,000 to ensure that both principal and interest are eligible for full FDIC protection.
From a customers' point of view, CDARS(r) is one-stop shopping. Regardless of the number of CDs they receive, CDARS(r) customers work with only one bank, sign only one agreement, and receive one account statement.
Currently, more than 1,700 institutions, including Flushing Savings Bank, are members of the Promontory Network. CDARS, which was first offered in January, 2003, is endorsed by the American Bankers Association.
"If you have ever heard the saying, 'As safe as money in the bank,' you know how valuable FDIC insurance coverage is. At Flushing Savings Bank, we're delighted we can offer you many times the coverage that most other banks can," John Buran stated.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this Press Release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments and other statements 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 year ending December 31, 2006 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.
Flushing Financial Corporation is the holding company for Flushing Savings Bank, FSB, a federally chartered stock savings bank insured by the FDIC. The Bank conducts its business through fourteen banking offices located in Queens, Brooklyn, Manhattan, and Nassau County. Additionally, the Bank has further expanded outside its geographic footprint with its new online banking division, iGObanking.com.
Additional information on Flushing Financial Corporation may be obtained by visiting the Company's web site at http://www.flushingsavings.com.