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ASTORIA FINANCIAL CORPORATION ANNOUNCES COMPLETION OF STOCK OFFERING

 LAKE SUCCESS, N.Y., Nov. 18 /PRNewswire/ -- Astoria Financial Corporation (NASDAQ-NMS: ASFC), the newly-formed holding company for Astoria Federal Savings and Loan Association, announced today the completion of its offering of common stock in connection with the Association's conversion from a federally chartered mutual savings association to a federally chartered stock savings association.
 Through a subscription offering to eligible account holders, other members and certain employee plans, Astoria Financial Corporation sold 13,225,000 shares of common stock at $25.00 per share. The independent trustee for the Recognition and Retention Plans intends to purchase 655,800 shares in the secondary market to fund the Plans, subsequent to completion of the Conversion.
 The net proceeds of the offering will be used by Astoria Financial and Astoria Federal for general corporate purposes. Proceeds of the offering increased the pro forma consolidated capital of the holding company to approximately $525 million as of Sept. 30, 1993.
 George L. Engelke, Jr., President and Chief Executive Officer of both Astoria Financial Corporation and Astoria Federal Savings and Loan Association, commented, "We are most appreciative to our depositors for their overwhelming response to the stock offering. Astoria Federal looks forward to continuing to serve the needs of its customers as a strongly capitalized stock savings association and Astoria Financial Corporation welcomes our new stockholders."
 Astoria Federal's Plan of Conversion was approved by its depositors at a special meeting held on Nov. 10, 1993. Astoria Financial Corporation commenced trading on the NASDAQ National Market System on Nov. 18, 1993 under the symbol "ASFC."
 Adams Cohen Securities Inc., of Great Neck, New York, managed the Subscription Offering, and Adams Cohen & Associates, an affiliate company, provided conversion agent and proxy solicitation services.
 Astoria Financial Corporation is the holding company for Astoria Federal Savings and Loan Association, one of the largest thrifts in the state of New York. Astoria Federal, with approximately four billion dollars in assets, specializes in single-family residential mortgage lending and operates from 28 banking offices located in the New York City metropolitan areas of Queens, Nassau, Suffolk and Westchester counties, and the upstate New York counties of Chenango and Otsego.
 -0- 11/18/93
 /CONTACT: Mary Crane, assistant vice president-investor relations, 516-327-3000, or Michele Katz or Jeff Majtyka of Morgen-Walke Associates, 212-850-5600/
 (ASFC)


CO: Astoria Financial Corporation ST: New York IN: FIN SU: OFR

SH -- NY034 -- 5976 11/18/93 11:20 EST
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Publication:PR Newswire
Date:Nov 18, 1993
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