Announcement: Staten Island Bancorp, Inc. Increases Regular Quarterly Cash Dividend by 11.1%.

Business Editors

STATEN ISLAND, N.Y.--(BUSINESS WIRE)--Jan. 23, 2002

Staten Island Bancorp, Inc.(NYSE:SIB) (the "Company") announced today that its Board of Directors has declared a cash dividend of $0.10 per share on the Common Stock of the Company, an increase of $0.01 or 11.1% (adjusted to reflect the 2-for-1 stock split paid on November 19, 2001) from the cash dividend paid for the third quarter of 2001.

The dividend will be payable February 15, 2002 to the stockholders of record at the close of business on February 4, 2002.

Staten Island Bancorp, Inc. is the holding company for SI Bank & Trust. The Bank was chartered in 1864 and now operates seventeen full service branches and three limited service branches on Staten Island, New York, two full service branches in Brooklyn, New York, five full service branches in Ocean County, New Jersey, two full service branches in Monmouth County, New Jersey, three full service branches in Union County, New Jersey, and one full service branch in Middlesex County, New Jersey. The Company also owns SIB Mortgage Corp., a wholly owned subsidiary of SI Bank & Trust, which conducts business under the name Ivy Mortgage and has offices in 42 states. On December 31, 2001, the Company had $6.0 billion of total assets and $552.2 million of total stockholders' equity.