A new method for directly determining the eigenmodes of finite flow-structure systems is presented using the classical problem of the interaction of a uniform incompressible flow with a flexible panel, held at both ends, as an exemplar. The method is a hybrid of theoretical analysis and computational modelling. This method is contrasted with Galerkin and travelling-wave methods, which are most often used to study the hydroelasticity of such systems. The new method does not require an a priori approximation of perturbations via a finite sum of modes. Instead, the coupled equations for the wall-flow system are used to derive a single matrix equation for the system that is a second-order differential equation for the panel-displacement variable. This is achieved in this exemplar by applying a combination of boundary-element and finite-element methods to the discretized system. Standard statespace methods are then used to extract the eigenmodes of the system directly. We present the results for the stability of the case of an unsupported flexible plate, elucidating its divergence and flutter characteristics, and the effect of energy dissipation in the structure. We then present the results for the case of a spring-backed flexible plate, showing that its motion is dominated by travelling waves. Finally, we illustrate the versatility of the approach by extracting the stability diagrams and modes for a panel with spatially varying properties and a panel with non-standard boundary conditions. In doing so, we show how spatial inhomogeneity can modify the energy exchanges between flow and structure, thereby introducing a single-mode flutter instability at pre-divergence flow speeds.