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THE GREEN POINT SAVINGS BANK RECEIVES APPROVAL TO CONVERT TO PUBLIC OWNERSHIP

 NEW YORK, Nov. 4 /PRNewswire/ -- The Green Point Savings Bank has received approval from the New York State Banking Department to convert from a New York state chartered mutual savings bank to a New York state chartered stock savings bank.
 GP Financial Corp., the holding company the bank has formed as part of its conversion plan, will offer for sale 53,650,000 shares of common stock in the range of $11.10 to $15.00 per share, through a subscription offering to employee benefit plans and eligible depositors, and a community offering to institutional investors and members of the general public.
 The subscription and community offerings will begin shortly with a mailing of conversion materials to depositors, and will continue through December 15, 1993. Any shares remaining unsold after expiration of the subscription and community offerings will be sold in a syndicated community offering. Adams Cohen Securities Inc. is managing the subscription offering as well as the retail portion of the community offering. J.P. Morgan Securities Inc. will be the lead manager of the portion of the community offering aimed at institutional investors.
 The bank's plan of conversion is subject to the approval of the bank's depositors. A special meeting of depositors has been scheduled for December 10, 1993, to vote on the plan of conversion.
 Headquartered in Flushing, N.Y., the Green Point Savings Bank had assets of $6.5 billion, deposits of $5.6 billion, retained earnings of $758 million and a capital-to-assets ratio of 11.67 percent, as of September 30, 1993. The bank services its customers through 24 full-service banking facilities located in the New York City boroughs of Brooklyn and Queens and the New York state counties of Nassau, Suffolk, Westchester and Rockland. The bank's deposits are insured by the Federal Deposit Insurance Corporation.
 The shares of common stock offered in the conversion are not savings accounts or deposits and are not insured by the Federal Deposit Insurance Corporation, the Bank Insurance Fund or any other government agency.
 This is neither an offer to sell nor a solicitation of an offer to buy the common stock. The offering is made only by a prospectus of GP Financial Corp.
 -0- 11/4/93
 /CONTACT: Richard Humphrey, senior VP of Green Point Savings Bank, 718-670-7600, or Mark Cohen of Adams Cohen Securities, 516-829-3410/


CO: Green Point Savings Bank ST: New York IN: FIN SU: OFR

CK -- NY125 -- 1029 11/04/93 19:39 EST
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Date:Nov 4, 1993
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