FORM 8-K

On April 21, 2006, the Company and its wholly owned subsidiary Flushing Savings Bank, FSB (the “Bank”), each entered into an employment agreement with Maria A. Grasso, effective as of May 15, 2006. Ms. Grasso has been named to serve as Executive Vice President Chief/Operating Officer of the Company and the Bank, effective upon her employment on May 15, 2006. A brief description of the terms and conditions of Ms. Grasso’s employment agreements is contained in Item 5.02 below and is incorporated into this Item 1.01 by reference.

On April 18, 2006 the board of directors of the Company and the Bank elected Maria A. Grasso as Executive Vice President/Chief Operating Officer, effective upon her employment on May 15, 2006.

Ms. Grasso, age 41, has served as Senior Vice President of the Long Island and Queens Division of Bank of New York for the past four years. From 1997 to 2002, Ms. Grasso was the Senior Vice President of the NY Metro Division of Fleet Bank, N.A. Prior to 1997, Ms. Grasso held several senior management positions at Natwest Bank and Chase Manhattan Bank, North America.

On April 21, 2006 the Company and the Bank each entered into an employment agreement with Ms. Grasso. The employment agreements provide that Ms. Grasso will serve as Executive Vice President/Chief Operating Officer of each of the Company and the Bank, effective May 15, 2006 and through the period ending on November 21, 2008. Under the employment agreements, the board of directors may extend the employment period annually (on or prior to July 1 in each year) for an additional year.

Ms. Grasso’s base salary will be $250,000 per annum, subject to annual review. Ms. Grasso is also entitled to participate in any bonus plan maintained by the Company and the Bank.

The employment agreements provide that Ms. Grasso would be entitled to receive a lump sum severance payment equal to six months (increasing to 12 months and 24 months, respectively, after the six-month and two-year anniversaries of her employment) of her annual salary and bonus (based on the highest bonus in the year before the termination), and certain health and welfare benefits, in the event of termination of Ms. Grasso’s employment by the Company or the Bank for reasons other than for “cause” or by Ms. Grasso for “good reason” (including the Company’s or the Bank’s failure to renew her employment agreement) or for any reason during the 60-day period commencing six months following a change of control. In the event Ms. Grasso’s termination of employment occurs following a change of control, Ms. Grasso will be entitled to 24 months of severance as described above, without regard to whether she has completed two years of employment. Ms. Grasso’s employment agreement with the Company also entitles her to receive an additional gross-up payment if she receives payments that are subject to the excise tax on excess parachute payments imposed by section 4999 of the Internal Revenue Code.

Ms. Grasso’s employment agreements are attached hereto as Exhibits 10.1 and 10.2 and are incorporated herein by this reference.

Attached as Exhibit 99.1 is the press release announcing Ms. Grasso’s election as Executive Vice President/Chief Operating Officer of the Company and the Bank.