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EXHIBIT 99.1 PRESS RELEASE
[ROSLYN BANCORP, INC. LETTERHEAD]
FOR IMMEDIATE RELEASE
Contact: Mary M. Feder
Director, Investor Relations
(516) 942-6150
THE ROSLYN SAVINGS BANK ANNOUNCES STRATEGIC INITIATIVES AND
PLANS TO EXIT THE RESIDENTIAL MORTGAGE BANKING BUSINESS THROUGH
THE DIVESTITURE OF ROSLYN NATIONAL MORTGAGE CORPORATION
ROSLYN, NEW YORK, AUGUST 28, 2000 - Roslyn Bancorp, Inc. (NASDAQ:RSLN), the
holding company for The Roslyn Savings Bank, today announced a strategic
repositioning for the future that will allow the Company to intensify its focus
on higher margin business lines and improve its risk profile as it exits the
mortgage banking business. In connection wit this strategy, the Bank has entered
into a letter of intent for the sale of a substantial part of the residential
origination capabilities of its wholly-owned subsidiary, Roslyn National
Mortgage Corporation (RNMC). The remainder of RNMC's operations will be
dissolved within 90 days. Concurrent with the sale and liquidation of RNMC, the
Bank anticipates a third quarter after-tax restructuring charge of approximately
$7.6 million.
Today's announcement is part of the Bank's proactive strategy to exit a
commodity business with thin profit margins and increasing capital commitments.
Additionally, consolidation in the mortgage banking industry and the cyclical
nature of the mortgage servicing market makes it increasingly difficult to
achieve the economies of scale that are necessary to be profitable and
successful in such a highly competitive market. The Bank is currently
negotiating strategic alliances which will allow it to efficiently provide
residential mortgage products through its existing branch network and Jericho,
New York headquarters.
Commenting on the Company's actions, Joseph L. Mancino, President and Chief
Executive Officer of Roslyn Bancorp, Inc. stated "Roslyn is re-directing
on-going capital commitments to initiatives generating higher returns. This
includes our niche business of construction and commercial real estate lending,
our growing consumer and business banking lines and the growth of the retail
banking division through our successful DeNovo branching strategy. Additionally,
our enhanced footprint into the Brooklyn and Queens market offers the Bank a
platform to expand our efforts in multi-family lending."
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The Bank also announced today the selection of three sites for DeNovo branches
in Nassau and Queens and plans to consolidate one existing branch before
year-end. DeNovo branching continues to be a highly efficient use of capital and
an integral part of the Company's growth strategy.
With assets of $7.5 billion, Roslyn is among the five largest publicly traded
thrift institutions in New York. The Bank operates 24 full service branches
throughout the boroughs of Brooklyn, Queens, Nassau and Suffolk.
Roslyn Bancorp, Inc.'s press releases are available by fax at no charge through
Business Wire's News-On-Demand service. For an index of Roslyn Bancorp, Inc.'s
press releases or to obtain a specific release, call (888) 329-4697 or visit us
on the worldwide web at roslyn.com.
STATEMENTS CONTAINED IN THIS NEWS RELEASE WHICH ARE NOT HISTORICAL FACTS ARE
FORWARD-LOOKING STATEMENTS, AS THAT TERM IS DEFINED IN THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995. AMOUNTS HEREIN COULD VARY AS A RESULT OF MARKET
AND OTHER FACTORS. SUCH FORWARD-LOOKING STATEMENTS ARE SUBJECT TO RISK AND
UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE
CURRENTLY ANTICIPATED DUE TO A NUMBER OF FACTORS, WHICH INCLUDE, BUT ARE NOT
LIMITED TO, FACTORS DISCUSSED IN DOCUMENTS FILED BY THE COMPANY WITH THE
SECURITIES AND EXCHANGE COMMISSION FROM TIME TO TIME. SUCH FORWARD-LOOKING
STATEMENTS MAY BE IDENTIFIED BY THE USE OF SUCH WORDS AS "BELIEVE," "EXPECT,"
"ANTICIPATE," "SHOULD," "PLANNED," "ESTIMATED," AND "POTENTIAL." EXAMPLES OF
FORWARD LOOKING STATEMENTS INCLUDE, BUT ARE NOT LIMITED TO, ESTIMATES WITH
RESPECT TO THE FINANCIAL CONDITION, EXPECTED OR ANTICIPATED REVENUE, RESULTS OF
OPERATIONS AND BUSINESS OF THE COMPANY THAT ARE SUBJECT TO VARIOUS FACTORS WHICH
COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THESE ESTIMATES. THESE
FACTORS INCLUDE, BUT ARE NOT LIMITED TO, GENERAL ECONOMIC CONDITIONS, CHANGES IN
INTEREST RATES, DEPOSIT FLOWS, LOAN DEMAND, REAL ESTATE VALUES, AND COMPETITION;
CHANGES IN ACCOUNTING PRINCIPLES, POLICIES, OR GUIDELINES; CHANGES IN
LEGISLATION OR REGULATION; AND OTHER ECONOMIC, COMPETITIVE, GOVERNMENTAL,
REGULATORY, AND TECHNOLOGICAL FACTORS AFFECTING THE COMPANY'S OPERATIONS,
PRICING, PRODUCTS AND SERVICES.
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