Astoria Financial Corp · DEFA14A · On 7/10/97

Filed On 7/10/97   ·   SEC File 0-22228   ·   Accession Number 882377-97-235

Additional Definitive Proxy Solicitation Material   ·   Schedule 14A
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: DEFA14A     Astoria Financial Corporation                          3     13K 

DEFA14A
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SCHEDULE 14A INFORMATION

PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )
Filed by the Registrant /X/                                                     
Filed by a Party other than the Registrant / /                                  
Check the appropriate box:                                                      
/ / Preliminary Proxy Statement                                                 
/ / Confidential, for Use of the Commission Only (as permitted                  
by Rule 14a-6(e)(2))                                                    
/ / Definitive Proxy Statement                                                  
/X/ Definitive Additional Materials                                             
/ / Soliciting Material Pursuant to ss.240.14a-11(c) or ss.240.14a-12           

 ASTORIA FINANCIAL CORPORATION
------------------------------------------------
(Name of Registrant as Specified In Its Charter)

 N/A
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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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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Dates Referenced Herein   and   Documents Incorporated By Reference

				Referenced-On Page
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