Lake Success-based Flushing Financial Corp. said Wednesday its board had authorized the purchase of up to 1 million shares of its common stock, and the market responded Thursday with the stock rising by mid-afternoon nearly 5 percent with a $0.45 increase.
Opening at $10.51 Thursday, the stock closed at $10.96.
The holding company for Flushing Savings Bank, said there is no expiration or maximum dollar amount in the authorization. The company also announced it had completed a previous purchase of 362,050 of its common shares.
John R. Buran, Flushing Financial's president and chief executive, above left, said in a statement, "We believe that our shares are a good value in today's marketplace and that the repurchase of our shares represents an attractive investment opportunity...”
The bank has 16 branches in Queens, Brooklyn, Manhattan and Nassau County and a subsidiary, Flushing Commercial Bank, to serve public entities including cities, counties, towns, villages, school districts, libraries, fire districts and courts.
Photo: John R. Buran, chief executive of Flushing Financial.
Visit newsday.com/biz to read more local business news.