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YONKERS FINANCIAL CORPORATION COMMITTEE
TO PRESERVE SHAREHOLDER VALUE
January 7, 2000
Dear Fellow Shareholder:
I am writing to you today to share with you how I, one of the Committee
Nominees, was able as 1 of 8 directors of CNY Financial Corp (Nasdaq: "CNYF") to
help maximize shareholder value for all the shareholders of CNYF. The Committee
needs your support in our efforts to maximize shareholder value of Yonkers
Financial Corporation (Nasdaq: "YFCB"). The chart below illustrates what was
accomplished at CNYF. Of course no assurances can be given that the same results
can be accomplished at YFCB. However, by electing the Committee Nominees you are
giving us the chance to work for you to try to duplicate the CNYF success.
THE COMMITTEE PRODUCES RESULTS FOR ALL SHAREHOLDERS
CNY FINANCIAL CORP
Date Close
12/04/1998 9.5
12/18/1998 9 13/16
01/01/1999 9 7/8
01/15/1999 10 1/16
01/29/1999 10 7/8
02/12/1999 10 3/4
02/26/1999 11 3/4
03/12/1999 12 1/8
03/26/1999 11 15/16
04/09/1999 11 5/16
04/23/1999 11 9/16
05/07/1999 11 3/4
05/21/1999 11 3/4
06/04/1999 11 7/8
06/18/1999 11 7/8
07/02/1999 12
07/16/1999 13 1/4
07/30/1999 13 3/4
08/13/1999 13
08/27/1999 15
09/10/1999 14 7/8
09/24/1999 14 5/8
10/08/1999 15 3/4
10/22/1999 15 7/16
11/05/1999 15 1/2
11/19/1999 14 1/2
12/03/1999 15 3/8
12/17/1999 15 3/8
12/31/1999 18
12/24/98 - Seidman makes initial purchase of CNYF at $10.10.
2/25/99 - CNYF agrees to appoint Seidman to Board of Directors of CNYF.
8/2/99 - Seidman announces ownership of 460,869 shares, or 9.05% of the
outstanding shares for CNYF.
12/29/99 - Niagara Bancorp to pay $18.75 for each CNYF share.
YONKERS FINANCIAL CORP
Date Close
12/04/1998 13 1/2
12/18/1998 13 1/2
01/01/1999 14
01/15/1999 15 1/4
01/29/1999 15 1/5
02/12/1999 15
02/26/1999 15 1/2
03/12/1999 14 7/8
03/26/1999 14 7/8
04/09/1999 14 5/8
04/23/1999 15 1/16
05/07/1999 17 3/8
05/21/1999 16 5/8
06/04/1999 17 3/8
06/18/1999 17 1/4
07/02/1999 17 1/2
07/16/1999 18 3/8
07/30/1999 18 1/4
08/13/1999 18 1/8
08/27/1999 18 1/4
09/10/1999 18 1/4
09/24/1999 18 1/2
10/08/1999 18
10/22/1999 17 15/16
11/05/1999 17 7/8
11/19/1999 17 7/8
12/03/1999 17 7/8
12/17/1999 17 1/8
12/31/1999 17 1/4
5/3/99 - Seidman announces ownership of 142,100 shares of YFCB.
Following my appointment to the CNYF Board of Directors, I worked aggressively
with the other board members to explore ways to maximize value. We came to the
conclusion, after pursuing other alternatives, that in this instance the best
way to achieve our goals was to seek a sale of CNYF. This was successfully
accomplished on December 29, 1999, when CNYF announced the sale to Niagara
Bancorp, Inc. for $18.75 per share.
The Company states that it "is not the right time to sell." This statement is
made without the benefit of knowing the price a potential buyer would be willing
to pay for the Company. We believe that this is irresponsible and not beneficial
to the majority of YFCB shareholders.
I urge you to support the Committee Nominees so we have the opportunity to
continue our efforts to maximize shareholder value for all YFCB shareholders. I
wish to emphasize that if the Committee Nominees are elected, we will have 2 out
of 7 directors so we cannot force a sale of the Company. Our goal is to work
with the other directors to explore various alternatives to enhance shareholder
value, which may include a sale.
Sincerely,
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
