LAKE SUCCESS, N.Y., Feb. 1 /PRNewswire-FirstCall/ -- Astoria Financial
Corporation (NYSE: AF), (the "Company"), the holding company for Astoria
Federal Savings and Loan Association ("Astoria Federal"), the successor by
merger in 1998 to Long Island Savings Bank, FSB ("LISB"), announced today
that a three judge panel of the United States Court of Appeals for the
Federal Circuit entered a decision in the case of The Long Island Savings
Bank, FSB, and The Long Island Savings Bank of Centereach, FSB, v. United
States, (2006-5029). The decision reverses the decisions of the United
States Court of Federal Claims awarding Astoria Federal $435,755,000 in
damages for breach of contract arising from the supervisory acquisition of
Suffolk County Federal Savings and Loan Association ("Suffolk County
Federal") by LISB in August 1983. The appellate court held that, due to the
actions of the former chief executive officer of LISB at the time of the
acquisition of Suffolk County Federal, any contract claims against the
government were forfeited.
Commenting on the decision, Alan P. Eggleston, Executive Vice President
and General Counsel of the Company and Astoria Federal stated, "We are
obviously disappointed by the decision of the Court. We are currently
reviewing the opinion and considering our alternatives."
Astoria Financial Corporation, the holding company for Astoria Federal
Savings and Loan Association, with assets of $21.6 billion is the fifth
largest thrift institution in the United States. Established in 1888,
Astoria Federal is the largest thrift depository headquartered in New York
with deposits of $13.2 billion and embraces its philosophy of Putting
people first by providing the customers and local communities it serves
with quality financial products and services through 86 convenient banking
office locations and multiple delivery channels, including its enhanced
website, http://www.astoriafederal.com. Astoria Federal commands the fourth
largest deposit market share in the attractive Long Island market, which
includes Brooklyn, Queens, Nassau, and Suffolk counties with a population
exceeding that of 38 individual states. Astoria Federal originates mortgage
loans through its banking offices and loan production offices in New York,
an extensive broker network covering twenty-six states, primarily the East
Coast, and the District of Columbia, and through correspondent
relationships covering forty-three states and the District of Columbia.
Forward Looking Statements
This document contains a number of forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
statements may be identified by the use of such words as "anticipate,"
"believe," "could," "estimate," "expect," "intend," "outlook," "plan,"
"potential," "predict," "project," "should," "will," "would," and similar
terms and phrases, including references to assumptions.
Forward-looking statements are based on various assumptions and
analyses made by us in light of our management's experience and its
perception of historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate under the
circumstances. These statements are not guarantees of future performance
and are subject to risks, uncertainties and other factors (many of which
are beyond our control) that could cause actual results to differ
materially from future results expressed or implied by such forward-looking
statements. These factors include, without limitation, the following: the
timing and occurrence or non- occurrence of events may be subject to
circumstances beyond our control; there may be increases in competitive
pressure among financial institutions or from non-financial institutions;
changes in the interest rate environment may reduce interest margins or
affect the value of our investments; changes in deposit flows, loan demand
or real estate values may adversely affect our business; changes in
accounting principles, policies or guidelines may cause our financial
condition to be perceived differently; general economic conditions, either
nationally or locally in some or all of the areas in which we do business,
or conditions in the securities markets or the banking industry may be less
favorable than we currently anticipate; legislative or regulatory changes
may adversely affect our business; applicable technological changes may be
more difficult or expensive than we anticipate; success or consummation of
new business initiatives may be more difficult or expensive than we
anticipate; or litigation or matters before regulatory agencies, whether
currently existing or commencing in the future, may delay the occurrence or
non-occurrence of events longer than we anticipate. We assume no obligation
to update any forward-looking statements to reflect events or circumstances
after the date of this document.
SOURCE Astoria Financial Corporation
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Related links:
http://ir.astoriafederal.com
http://www.astoriafederal.com
http://www.prnewswire.com/comp/104529.html /
CONTACT:
Peter J. Cunningham, First Vice President,
Investor Relations, +1-516-327-7877, ir@astoriafederal.com
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