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Bank executive named to Fed committee

John Buran will serve as chairman of the

John Buran will serve as chairman of the New York Bankers Association for a year. Credit: Handout

John Buran, the president and chief executive of Lake Success-based Flushing Financial Corp., has been named to the 12-member community depository advisory council of the Federal Reserve Bank of New York, the bank said Friday.

His appointment means there are two Long Island bankers on the council; Robert G. Allen, chief executive of Teachers Federal Credit Union, Farmingville, is a member

The board consists of executives from commercial banks, thrift institutions and credit unions with assets under $10 billion headquartered in the Second Federal Reserve District. That includes New York, northern New Jersey; Fairfield County, Conn.; Puerto Rico and the U.S. Virgin Islands.

It is a sounding board, providing community information and insight to the New York Fed, whose president and vice president meet with it twice a year.

The council "offers a unique opportunity for banks, thrifts and credit unions to discuss and bring focus to the issues and challenges facing local community institutions," Buran said in a news release.

"These institutions play a critical role in state and local economies. It is our responsibility to help ensure that our industry remains a strong force for job creation and economic growth."

With $4.3 billion in assets Flushing Financial has a consumer banking subsidiary, Flushing Savings Bank, with two branches on Long Island, in Garden City and New Hyde Park, and 14 branches in Queens, Brooklyn and Manhattan. Another subsidiary, Flushing Commercial Bank, serves cities, counties, towns, villages, school districts, libraries, fire districts and courts.

Last week Flushing Financial's board said it authorized the purchase of up to 1 million shares of its common stock, and the market responded with the stock rising nearly 5 percent, a rise the stock mostly retained, closing Friday at $10.80. The stock is now trading on the low end of its 52-week range of $10-$15.

Earlier this year, in February, Buran was elected chairman of the New York Bankers Association, the industry's state lobbying group.


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