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YONKERS FINANCIAL CORPORATION COMMITTEE
TO PRESERVE SHAREHOLDER VALUE
January 14, 2000
Dear Fellow Stockholder:
RECORD EARNINGS - SHARE PRICE DECLINE
Institutional Shareholder Services (ISS) has issued a report which recommends a
vote for the Committee's Nominees! Institutional Shareholder Services is the
world's leading provider of proxy advisory and voting agent services. Its
products help institutional investors comply with their proxy voting fiduciary
obligations, as defined by the U.S. Department of Labor.
On January 7, 2000 Yonkers Financial Corporation announced record earnings but
this has not, and in the opinion of the Committee will not, translate into a
higher share price.
In the Committee's opinion the market is telling the Company's management the
same thing the Committee has been telling them that internal earnings growth
alone is not sufficient to create shareholder value (i.e., a higher share
price).
While we applaud the earnings report, it is the Committee's position that,
without external growth (i.e., an accretive acquisition), shareholder value
cannot be created in this market. In addition, since the Company's earnings
release contained no details, we do not know how these earnings were generated.
By electing the Committee's two Nominees to the Board, you will be providing the
Company with a signal that, if an accretive transaction cannot be accomplished
to create shareholder value, then you (the owners) want the Company sold because
internal earnings growth alone has not resulted in a higher stock price.
Sincerely,
ss/Lawrence B. Seidman
Lawrence B. Seidman
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YOUR VOTE IS EXTREMELY IMPORTANT
1. If you have already voted for the committee's Nominees, we thank you. If
you have not voted or have not voted for the Committee's Nominees, we
recommend that you read our material carefully.
2. Please SIGN, MARK, DATE and MAIL your GOLD proxy card in the enclosed
postage-paid envelope. If you wish to vote for our Nominees, you must
submit the enclosed GOLD proxy card and must NOT submit management's proxy
card.
3. If you have already voted for the current Board, you have every legal right
to change your mind and vote FOR our Nominees on the GOLD proxy card. Only
your latest dated proxy card will count.
4. If your shares are held for you by a bank, brokerage firm or other
nominee, only your bank, broker or nominee can vote your shares and only
after receiving your instructions. Please sign, date and return the
enclosed GOLD proxy card in the postage-paid envelope provided or call your
bank, broker or nominee and instruct your representative to vote FOR our
Nominees on the GOLD proxy card.
5. Time is Short. Please vote today!
If you have any questions or need assistance in voting your shares or in
changing your vote, please contact Beacon Hill Partners, Inc. at the toll free
number listed below.
BEACON HILL PARTNERS, INC.
(212) 843-8500 (call Collect)
or Call toll-free (800) 755-5001
