LAKE SUCCESS, N.Y., Aug. 15 /PRNewswire-FirstCall/ -- Astoria Financial
Corporation (NYSE: AF) ("Astoria" or "Company"), the holding company for
Astoria Federal Savings and Loan Association ("Astoria Federal"), today
announced the following executive management changes, effective
immediately:
Monte N. Redman, 56, currently Executive Vice President and Chief
Financial Officer, was named President and Chief Operating Officer, a newly
created position with the Company;
Frank E. Fusco, 44, currently Senior Vice President and Treasurer, was
named Executive Vice President, Treasurer and Chief Financial Officer; and
George L. Engelke, Jr., 68, currently Chairman, President and Chief
Executive Officer, will retain the title Chairman and Chief Executive
Officer.
Identical corporate title changes were effectuated with respect to
Astoria Federal.
Mr. Engelke has been employed by Astoria Federal for over 35 years,
while Mr. Redman has been employed for over 30 years and Mr. Fusco for over
17 years.
The Board of Directors, at its meeting held on August 15, 2007, also
acted to rescind the Company's and Astoria Federal's Executive Officer
Mandatory Retirement Policy, which had previously required the retirement
of any executive officer attaining 70 years of age.
Commenting on the actions, Mr. Ralph F. Palleschi, Presiding Director
of the Company and Chairman of its Nominating and Corporate Governance
Committee, stated, "The management changes are the result of the Board of
Directors' continuing review of management succession alternatives. The
rescinding of the mandatory retirement policy provides the Board with the
ability to retain the strengthened management team for other than a finite
term during this challenging period. The Board approached Mr. Engelke
requesting that he consider remaining an active officer of the Company
beyond his previously mandated retirement date, and I am pleased to report
that he has agreed to do so."
Astoria Financial Corporation, the holding company for Astoria Federal
Savings and Loan Association, with assets of $21.6 billion is the sixth
largest thrift institution in the United States. Established in 1888,
Astoria Federal is the largest thrift depository headquartered in New York
with deposits of $13.4 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 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 real estate or 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://ir.astoriafederal.com
http://www.prnewswire.com/comp/104529.html /
CONTACT:
Peter J. Cunningham, First Vice President,
Investor Relations of Astoria Financial Corporation,
+1-516-327-7877, ir@astoriafederal.com
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