Atlantic Bank of New York Receives Regulatory Approval to Merge With Yonkers Financial Corporation.

Business Editors

YONKERS, N.Y.--(BUSINESS WIRE)--May 3, 2002

Yonkers Financial Corporation (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations

U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : YFCB) announced today that Atlantic Bank of New York

1926 New York State chartered Bank of Athens Trust Company, a subsidiary of Bank of Athens.
1952 The bank changed its name to Atlantic Bank of New York.
1953 Atlantic Bank of New York acquired Hellenic Bank Trust Company, a subsidiary that National Bank of Greece had

has received approvals from both the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. and the New York State Banking Department to merge with Yonkers Financial.

Upon completion of the transaction, The Yonkers Savings and Loan Association savings and loan association, type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public.

The first U.S. savings and loan association was founded in 1831. , FA, the wholly owned banking subsidiary of Yonkers Financial, will be merged with and into Atlantic. Each share of YFC YFC Youth For Christ
YFC Young Farmers Club (UK)
YFC Youth Flying Club (Singapore)
YFC Fredericton, New Brunswick, Canada - Fredericton Municipal (Airport Code) common stock outstanding at the effective time of the acquisition will be converted into the right to receive cash consideration equal to $29.00 per share. The merger is subject to conditions standard for transactions of this nature.

This news release may contain forward-looking statements. Due to many factors including policy changes, customary conditions to closing, and other factors, results may differ materially from those currently expected. Yonkers disclaims, however, any intent or obligation to update such forward-looking statements.

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Publication:	Business Wire
Geographic Code:	1USA
Date:	May 3, 2002
Words:	155
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