SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
May 10, 1999
YONKERS FINANCIAL CORPORATION
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(Exact name of Registrant as specified in its Charter)
DELAWARE 0-277716 13-3870836
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
ONE MANOR HOUSE SQUARE, YONKERS, NEW YORK 10701
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (914) 968-4500
N/A
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On May 10, 1999, the Registrant issued the attached press release
announcing the opening of an in-store branch and the consolidation of its
lending operations.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Exhibits
99. Press release, dated May 10, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
YONKERS FINANCIAL CORPORATION
Date: May 12, 1999 By: /s/ Richard F. Komosinski
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Richard F. Komosinski, President
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DATE: May 10, 1999
CONTACTS: Richard F. Komosinski, President & CEO
Joseph D. Roberto, Vice President & Treasurer, CFO
PHONE: 914-965-2500
FOR IMMEDIATE RELEASE
YONKERS FINANCIAL CORPORATION ANNOUNCES
OPENING OF IN-STORE BRANCH AND
CONSOLIDATION OF ITS LENDING OPERATIONS
Yonkers, New York, May 10, 1999 - Yonkers Financial Corporation, the holding
company for The Yonkers Savings and Loan Association, FA, announced today that
it has opened a new full-service branch in the new ShopRite located at 240 East
Sanford Blvd., Mt. Vernon, New York. The office opened on Saturday May 1, 1999
and represents the Association's third in-store branch. In building on the
success of the two other in-store branches, President and Chief Executive
Officer, Richard F. Komosinski, stated: "Supermarket banking is the biggest
advancement in customer convenience in a long time. With extended evening and
weekend hours our customers can now bank when they want to. In addition, this
branch is part of our continuing plan to expand our banking franchise and to
provide a complete range of consumer banking services to other communities." The
branch will offer full banking services including consumer loans, residential
and commercial mortgages along with all personal and business checking and
savings accounts. The Company's other in-store branches are located in BJ's
Wholesale Club Wappingers Falls, New York (Dutchess County) location and
Yorktown Heights, New York (Westchester County) location.
The Company also announced that due to steadily increasing commercial real
estate and residential loan volume, it has consolidated its lending operations
by moving its Residential Mortgage Loan Center into a new larger facility
adjacent to its corporate headquarters located at 6 Executive Plaza, Yonkers,
New York. The new facility will consolidate the Company's residential,
commercial real estate, and consumer lending operations under one roof.
Commenting on the new lending center, Mr. Komosinski stated: "We believe this
new facility will enhance our capacity to process increased loan production more
efficiently while enabling us to expand our product line." The Residential
Mortgage Loan Center was previously located at the Company's 2320 Central Park
Avenue, Yonkers, New York branch location.
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The Company was organized in 1995 to act as the holding company of the
Association. The Association currently serves the financial needs of communities
in its market area through four traditional retail offices and one lending
center located in Yonkers, New York and three in-store branches located in
Wappingers Falls, New York, Yorktown Heights, New York and Mt. Vernon, New York.
At March 31, 1999, the Company had consolidated total assets of $382.2 million,
and stockholders' equity of $41.8 million. The Company's stock trades on THE
NASDAQ STOCK Market under the symbol "YFCB".
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