Flushing Financial Corporation (NASDAQ:FFIC) has decided to support the efforts of Classroom, Inc. in providing special literacy to students from low to moderate income areas. The company didn’t disclose the financial details of the grant to Classroom but said it would be enough to sponsor more than 280 students.
Classroom is a nonprofit organization based in New York. It is on a mission to serve people in low and moderate income areas by providing learners from those areas with the opportunity to attain essential academic skills. The grant from Flushing Financial Corporation will be used to fund special literacy and math program to the needy students in Flushing, New York. The target areas are P.S. 32 and P.S. 107 and more than 280 students are expected to benefit from FFIC’s support.
FFIC’s CEO, John R. Buran, praised the efforts that Classroom is making to provide special literacy to needy learners. Buran noted that Classroom uses innovative means to deliver the essential academic skills students.
The latest grant to Classroom is a continuation of the support that FFIC has been giving to the organization. Flushing Financial Corporation has been supporting Classroom’s efforts for the past 9 years and it is impressed with how teachers, parents and school administrators have come to appreciate the special literacy that Classroom provides the youth.
In addition to the special literacy and math skills, students who take Classroom’s program also benefit from increased career awareness.
As for FFIC, supporting Classroom is part of giving back to the communities that the company serves.
$21 million capital boost
Flushing Financial Corporation recently generated $21 million from the sale of its building in Flushing. The company said it used CBRE, Inc. in order to market the property, which is located at 144-51 Northern Boulevard. The management of FFIC termed the transaction a capital boost to the company. As such the grant to Classroom comes after the company recently monetized its asset.
Flushing Financial Corporation, which posted a 6.5% increase in 1Q2016 EPS to $0.33, distributed cash dividend of $0.17 per share on June 30. CEO Buran said the cash dividend payout was a testament to the company’s strong capital position and management confidence on future growth opportunities.