SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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) January 13, 2000
YONKERS FINANCIAL CORPORATION
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(Exact name of Registrant as specified in its Charter)
Delaware 0-27716 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
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 January 13, 2000, Yonkers Financial Corporation issued the press release
attached hereto as Exhibit 99.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99 Press Release dated January 13, 2000.
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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: January 13, 2000 By: /s/ Richard F. Komosinski
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Richard F. Komosinski
President and Chief Executive Officer
Executive Officer
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EXHIBIT INDEX
Exhibit No. Description
99 Press Release dated January 13, 2000
January 13, 2000 Contact: Richard Komosinski
(914) 965-2500
RECORD INCREASE IN ANNUAL EARNINGS PER SHARE
PROJECTED BY YONKERS FINANCIAL CORPORATION
Yonkers, New York- Yonkers Financial Corporation (Nasdaq National
Market:YFCB) announced today that earnings for the fiscal year ending September
30, 2000 are expected to be a record $1.51 per diluted share, compared to $1.11
per diluted share for fiscal 1999.
Richard F. Komosinski, President and Chief Executive Officer, stated:
"Despite the recent increase in market interest rates which will negatively
impact our earnings, we expect fiscal 2000 earnings per share to increase by
36%, a dramatic improvement over fiscal 1999. We believe this improvement is
directly related to our strategic plan of growing our loan and deposit base as
rapidly as possible in order to build franchise value and increase the value of
our shareholders' investment."
President Komosinski added: "Our strategic plan is producing dramatic
results. Earlier this week, we announced that estimated earnings for the first
quarter of fiscal 2000 were a record $0.34 per diluted share. The Board believes
the projected record increase in annual earnings per share means that
shareholder value will continue to increase significantly."
The company was organized in 1995 as the holding company for The Yonkers
Savings and Loan Association, FA. Yonkers Savings 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 five in-store branches, located
in Wappingers Falls, Yorktown Heights, Mt. Vernon, Cortlandt Manor and
Poughkeepsie, New York.
This news release contains various forward-looking statements consisting of
estimates with respect to the financial condition, results of operations and
business of the company and the bank. These estimates are subject to various
factors that could cause actual results to differ materially from these
estimates. These factors include, but are not limited to, (i) the effect that an
adverse movement in interest rates could have on net interest income, (ii)
changes in customer preferences for our products and services, (iii) changes in
national and local economic and market conditions, (iv) higher than anticipated
operating expenses, (v) a lower level of or higher cost for deposits or a higher
cost for borrowings than anticipated, (vi) changes in accounting principles,
policies or guidelines, and (vii) legislation or regulations adversely affecting
the bank or the company.
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