LAKE SUCCESS, N.Y., March 9 /PRNewswire-FirstCall/ -- Astoria Financial
Corporation (NYSE: AF), ("Astoria"), the holding company for Astoria
Federal Savings and Loan Association ("Astoria Federal"), announced today
that Moody's Investor Services ("Moody's") upgraded Astoria Federal's
deposit rating to A1, a two notch increase from its previous deposit
rating. At the same time, Moody's raised the issuer rating of Astoria to A2
from Baa1. The upgrade was the result of a new ratings methodology recently
implemented by Moody's, which combines the stand-alone financial strength
of banks with external support factors.
Moody's indicated that its upgrade was supported by the thrift's good
core profitability, underpinned by its superior operating efficiency and
its excellent asset quality metrics. Its franchise value is supported by a
solid retail footprint on Long Island (Queens, Brooklyn, Nassau and Suffolk
counties). Commenting on Moody's action, George L. Engelke, Jr., Chairman,
President & CEO of Astoria stated, "The ratings increases by Moody's
validate the implementation of our business plan which continues to focus
on growing our core businesses, mortgage lending and retail banking,
limiting credit risk and strictly controlling operating expenses."
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 be determined adverse
to us or 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://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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