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 25, 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.)
6 Executive Plaza, Yonkers, New York 10701
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (914) 965-2500
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N/A
(Former name or former address, if changed since last report)
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Item 5. Other Events
On May 25, 1999, the Registrant issued the attached press release
announcing its intention to repurchase up to 259,000 shares or approximately 10%
of its outstanding shares in the open market.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99. Press release, dated May 25, 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 26, 1999 By: /s/ Richard F. Komosinski
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Richard F. Komosinski, President
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EXHIBIT 99
DATE: May 25, 1999
CONTACTS: Richard F. Komosinski, President & CEO
Joseph D. Roberto, Vice President & Treasurer, CFO
PHONE: 914-965-2500
FOR IMMEDIATE RELEASE
YONKERS FINANCIAL CORPORATION
TO REPURCHASE UP TO 259,000 SHARES
Yonkers, New York, May 25, 1999 - Yonkers Financial Corporation, the holding
company (the "Company") for The Yonkers Savings and Loan Association, FA, (the
"Association"), announced its intention to repurchase up to 259,000 shares or
approximately 10% of its outstanding shares in the open market. The Company
currently has 2,595,239 total shares outstanding. These shares will be purchased
at prevailing market prices from time to time depending upon market conditions.
All repurchase transactions will be effected through registered brokerage firms.
Richard F. Komosinski, President and Chief Executive Officer of the Company,
indicated that the Board of Directors believes the repurchase program is in the
best interest of the Company and its stockholders in view of the current price
level of the Company's common stock and the strong capital position of the
Association. Mr. Komosinski stated that, "We believe that the repurchase of our
shares represents an attractive investment opportunity which will benefit the
Company and our stockholders."
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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