LAKE SUCCESS, N.Y., Dec. 1 /PRNewswire-FirstCall/ -- Astoria Federal
Savings Chairman, President and CEO George L. Engelke, Jr., today announced
the Office of Thrift Supervision has awarded an "Outstanding" rating to
Astoria Federal for its Community Reinvestment Act (CRA) efforts.
"We're very proud to receive this rating from OTS and it marks the fifth
consecutive time that we have earned this ranking," Engelke said. "It
reaffirms our corporate commitment to 'Putting people first' and highlights
the success we have had in working with our community, government and
private-sector partners to strengthen the many communities we serve."
Enacted in 1977, the CRA encourages financial institutions to help meet
the credit needs of their communities, including low- and moderate-income
neighborhoods, consistent with safe and sound lending practices. All
depository institutions regulated by the OTS are subject to periodic CRA
evaluations.
Astoria Federal's performance was evaluated in the context of information
about the institution (financial condition and business strategies), its
community (demographic and economic data), and its competitors in three areas:
lending, community investment, as well as the availability of banking services
and Astoria Federal's commitment to community service.
According to the 2004 report, Astoria Federal had excellent responsiveness
to the credit needs of its assessment area. "In considering the intensity of
competition for lending to low- and moderate-income borrowers and geographies,
the bank's level and distribution of these types of loans is deemed
outstanding relative to the aggregate lenders for its assessment area," the
report stated. "The institution is a leader in multi-family and community
development lending and in offering innovative and flexible lending programs."
Some of the organizations Astoria Federal has successfully partnered with
in its community development lending efforts include the Community
Preservation Corporation (CPC), the Enterprise Foundation, the Federal Home
Loan Bank of New York (FHLBNY) Affordable Housing Program, the Low Income
Investment Fund, Neighborhood Housing Services of New York City, Westchester
Housing Action Council, the Long Island Housing Partnership (LIHP), and
Community Development Corporation of Long Island (CDCLI).
Astoria Federal's CRA efforts supported the development of significant
projects including the Long Island Housing Partnership's Broadway West Senior
Housing, Astoria Senior Residences, Sunnybrook Court, SBM Homes, University
Neighborhood Housing Program, as well as the funding for a variety of
affordable housing construction projects.
Harry Oster, Astoria Federal's Community Investment Act Officer, said the
report concluded that in the investment test, Astoria Federal showed excellent
responsiveness to community credit needs, with the institution participating
in qualified investments that support low- and moderate-income residents, and
community development.
"We've had great success in working with the New York Equity Fund Federal
Low Income Tax Credit program, an investment vehicle organized by the
Enterprise Foundation and the Local Initiatives Support Corp (LISC), CDCLI and
numerous other neighborhood-based community organizations," Oster added.
Some of the innovative and flexible lending practices that were recognized
include Astoria Federal's own Affordable Housing mortgage program for low- and
moderate-income borrowers and its Project Jumpstart partnership with the
Education and Assistance Corporation, New York State Department of Labor and
the Nassau and Suffolk County Departments of Social Services. This
partnership provides auto loans to people formerly receiving public assistance
to help them enter the workforce and remain gainfully employed.
Lastly, Astoria Federal was praised for the availability of its retail
services to all portions of the assessment area, and particularly for the
level of community involvement by many of Astoria Federal's senior executives
and company officers.
"Office hours are tailored to the convenience and needs of the
communities, and there is 24-hour accessibility through the ATM network, and
telephone and online banking," the report said. "The bank offers and
participates in numerous financial outreach and community development
programs. The executive officers are also highly visible in their involvement
in many community development organizations."
Oster pointed to the leadership provided by Chairman, President and CEO
Engelke particularly on the issues of affordable housing, homeownership and
community revitalization. Mr. Engelke chairs the Board of Directors of the
Community Preservation Corporation (CPC), serves as Vice Chairman of the Board
of Directors of the Federal Home Loan Bank of New York (FHLBNY), and is a
member of the Advisory Board of Directors of Neighborhood Housing Services of
New York City, Inc. "In addition to our Chairman's personal commitment, NHS
also receives in-kind office space at our Woodside, NY branch located at 60-20
Woodside Avenue to support its homeownership education and loan programs,"
Oster added.
Astoria Federal also provides mortgage services to Habitat for Humanity of
Suffolk homeowners, offers free Student Savers accounts to help children learn
how to save, and participates in the New York State Electronic Benefit
Transfer Program (EBT) which allows people receiving public assistance to
receive free withdrawals using Astoria Federal's ATMs.
"Our daily investment in, and support for, all of the communities
throughout New York City's five boroughs and Nassau, Suffolk and Westchester
is just sound and good business practice," Engelke concluded. "It's really
what Astoria Federal has been all about for more than 116 years."
About Astoria Federal Savings
Astoria Federal Savings and Loan Association is the wholly-owned
subsidiary of Astoria Financial Corporation (NYSE: AF). With assets of
$22.8 billion, Astoria Financial Corp. 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 $12.2 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 website, http://www.astoriafederal.com. Astoria 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 39 individual states. Astoria originates mortgage loans
through its banking offices and loan production offices in New York, an
extensive broker network in 24 states, primarily the East Coast, and through
correspondent relationships in 44 states.
SOURCE Astoria Federal Savings and Loan Association
 back to top
Related links:
http://ir.astoriafederal.com
http://www.astoriafederal.com
Company News On-Call:
http://www.prnewswire.com/comp/104529.html
CONTACT:
Dianne Baumert-Moyik of Astoria Federal
Savings and Loan Association, +1- 516-327-7863, or Cell -
+1-516-903-1107, dbaumert-moyik@astoriafederal.com
|
