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PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934
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ASTORIA FINANCIAL CORPORATION
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Contact: Raymond L. Teed Matthew Lee
Vice President Executive Director
Astoria Federal Savings Inner City Press/
(516) 327-7635 Community on the Move
(718) 716-3540
ASTORIA FEDERAL SAVINGS AND LOAN ASSOCIATION AND INNER CITY
PRESS ANNOUNCE COMMUNITY REINVESTMENT BANKING AGREEMENT
FOR EXPANDED COMMITMENT TO LOW AND MODERATE INCOME
NEIGHBORHOODS IN NEW YORK CITY
FOR IMMEDIATE RELEASE
New York, NY and Lake Success, NY, July 10, 1997 -- Astoria Federal
Savings and Loan Association, the wholly owned subsidiary of Astoria Financial
Corporation (Nasdaq: ASFC), and Inner City Press/Community on the Move (ICP)
today announced the execution of a Community Reinvestment Banking Agreement (the
"Agreement"). As a result of the Agreement, ICP, a community, consumers' and
civil rights organization, has determined not to oppose applications regarding
the proposed acquisition of The Greater New York Savings Bank (Nasdaq: GRTR) by
Astoria Federal Savings and Loan Association pending before the Office of Thrift
Supervision and the New York State Superintendent of Banks.
Under the Agreement, Astoria will expand the banking and lending
services it offers in low and moderate income neighborhoods in Brooklyn and
Manhattan, and its community development investments throughout the five
boroughs of New York City. As part of the Agreement, Astoria has committed to
making an additional $25 million of loans in low and moderate income census
tracts in Brooklyn and Manhattan over the next three years, and to opening two
new automatic teller machines (ATMs) in Northeast Brooklyn, following the
planned merger of Astoria and The Greater. In addition, Astoria announced that,
regardless of
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the consummation of the merger, it will increase its community development
investments in the five boroughs of New York City, with no borough receiving
less than one-eight of the commitment.
Matthew Lee, executive director and general counsel of ICP, said "In
negotiating this agreement with Astoria, we have concluded that acquisition of
The Greater by Astoria will increase equal access to credit in low and moderate
income communities in Brooklyn and Manhattan. Access to banking services,
through new ATMs in low and moderate income communities, is another benefit
Astoria has committed to. We applaud Astoria for addressing the issues we
raised."
Astoria Federal Savings and Loan Association commented, "Our
organizations each approached these discussions based upon furthering our common
objectives of ensuring that, within Astoria Federal's market area, banking
services and lending opportunities will be available to all communities,
including low and moderate income areas."
Astoria Federal Savings, which has a Community Reinvestment Act
("CRA") rating from the Office of Thrift Supervision of "Outstanding" has
indicated that it intends, as part of its acquisition of The Greater New York
Savings Bank, to expand Astoria Federal's CRA assessment area to include the
Boroughs of Brooklyn and Manhattan.
The merger of Astoria Federal Savings and Loan Association and The
Greater New York Savings Bank, which is expected to close at or about the end of
the third quarter of 1997, is subject to regulatory approvals and the approval
of shareholders of Astoria Financial Corporation and The Greater New York
Savings Bank.
Astoria Financial Corporation, headquartered in Lake Success, New York,
is the holding company for Astoria Federal Savings and Loan Association. With
assets of $7.7 billion, Astoria Financial is the third largest publicly traded
thrift in New York and fifteenth nationally. Established in 1888, Astoria
Federal operates forty-five banking offices and provides retail banking,
mortgage and consumer loan services to over 250,000 customers.
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