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EXHIBIT 99.1
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[RICHMOND COUNTY FINANCIAL CORP. LETTERHEAD APPEARS HERE]
PRESS RELEASE
FOR IMMEDIATE RELEASE
CONTACTS:
ANTHONY E. BURKE THOMAS R. CANGEMI
President and COO Executive Vice President and CFO
Tel: (718) 448-2800 Tel: (718) 815-7048;
Fax: (718) 815-7371
RICHMOND COUNTY FINANCIAL CORP. COMPLETES
ACQUISITION OF SOUTH JERSEY FINANCIAL CORPORATION, INC.
Staten Island, N.Y. - July 31, 2000, Richmond County Financial Corp.
(NASDAQ/NMS:RCBK) ("Richmond"), the holding company for Richmond County Savings
Bank, announces that as of the close of business today, the acquisition of South
Jersey Financial Corporation, Inc. (NASDAQ/NMS:SJFC) ("South Jersey"), based in
Turnersville, New Jersey, the holding company of South Jersey Savings Bank
(formerly "South Jersey Savings and Loan Association"), with and into Richmond
will be completed. Michael F. Manzulli, Chairman and Chief Executive Officer of
Richmond commented, "South Jersey serves a marketplace we have been actively
lending in and provides low cost funding needed to further pursue opportunities
in this market." Mr. Manzulli further commented, "We are extremely pleased with
the addition of South Jersey to our expanding franchise and welcome its
customers and employees to Richmond and Richmond County Savings Bank."
In accordance with the merger agreement, South Jersey shareholders will receive
$20 per share in cash for each share of South Jersey stock they own. The
transaction will be accounted for as a purchase for financial accounting
purposes. South Jersey shareholders will soon receive instructions on the cash
exchange for South Jersey Common Stock.
Richmond County Financial Corp. is the holding company for Richmond County
Savings Bank, a state chartered savings bank, organized in 1886. Together with
its three divisional banks, First Savings Bank of New Jersey, Ironbound Bank and
South Jersey Savings Bank, Richmond County Savings Bank operates 15 banking
offices on Staten Island, one banking office in Brooklyn, 11 banking offices in
the counties of Camden, Gloucester, Essex, Hudson and Union, New Jersey, and
operates a multifamily loan processing center in Jericho, Long Island. At June
30, 2000, total assets of the Company were $2.9 billion; deposits were $1.8
billion with total stockholders' equity of $306.4 million. On a proforma
combined basis assuming the completion of the South Jersey acquisition, as of
June 30, 2000, total assets of the Company would have been $3.2 billion with
total deposits of $2.0 billion.
Statements contained in this news release, which are not historical facts, are
forward-looking statements, as the term is defined in the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are subject to
risks 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.
Richmond County Financial Corp.'s press releases are available at no charge by
visiting us on the worldwide web at http://www.rcbk.com.
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