Atlantic Bank of New York Completes Acquisition of Yonkers Financial Corporation.Business Editors NEW YORK--(BUSINESS WIRE)--May 9, 2002 Atlantic Bank of New York
The first U.S. savings and loan association was founded in 1831. , FA, for approximately $67.3 million in cash. Pursuant to the merger agreement, stockholders of YFCB will receive $29.00 in cash for each share of YFCB's common stock they own. The stockholders of Yonkers Financial should anticipate receiving a letter of transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. from the paying agent Paying Agent An agent who accepts payments from the issuer of a security and then distributes the payments to the holders of the security. Also known as a "disbursing agent. , American Stock Transfer & Trust Company, shortly. The letter will describe the process for exchanging share certificates for the merger consideration. As a result of the merger, The Yonkers Savings and Loan Association, FA, has been merged with and into Atlantic Bank. Atlantic Bank now has approximately $2.5 billion in assets and operates through 21 branch locations in Manhattan, Queens, Brooklyn, Westchester, Dutchess, Long Island and in Boston. The acquisition provides Atlantic Bank with broadened market opportunities to expand its retail branch presence and increase its share of the consumer and small- to mid-size business market segments as well as grow its residential mortgage lending operation. Atlantic Bank expects to retain and grow all of the branches it acquired in Westchester and Dutchess Counties and to continue operating the branches with the same staff members that have become so well regarded and trusted for the personalized service they provide in their local communities. Established in 1926, Atlantic Bank of New York is one of the top 25 commercial banks serving the New York area. Atlantic Bank is a full-service commercial bank providing a comprehensive range of financial services to small- and mid-sized businesses, commercial real estate investors and consumers. Atlantic Bank is a member of the global financial network of the National Bank of Greece The National Bank of Greece (NBG; Greek: Εθνική Τράπεζα της Ελλάδος (NYSE NYSE See: New York Stock Exchange :NBG NBG National Bank of Greece NBG Nederlands Bijbelgenootschap NBG National Bank of Georgia NBG Need Before Greed (Everquest game slang) NBG National Bicycle Greenway NBG Naval Beach Group NBG Natural Born Gamers ), which has more than $45 billion in assets and operates in 18 countries. Additional information is available on the bank's website at www.abny.com. |
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