North Side Savings Bank joins The Federal Home Loan Bank of New York

Business Wire, March 27, 1995

FLORAL PARK, N.Y.--(BUSINESS WIRE)--March 27, 1995--North Side Savings Bank (NASDAQ:NSBK) announced today that its application to join The Federal Home Loan Bank of New York has been approved effective immediately.

Thomas M. O'Brien, Chief Executive Officer of North Side said, "The Federal Home Loan of New York (FHLB) is expected to provide a wide variety of financial services to North Side. The most immediate service will be custodial safekeeping for our securities portfolio. Furthermore, membership in The Federal Home Loan Bank will allow North Side to take full advantage of fixed and variable rate advance programs. These programs will provide North Side with greater flexibility in managing its funding needs and borrowing costs. In addition, as a stockholder of The Federal Home Loan Bank, we would be able to access Affordable Housing Program funds to help redevelop communities and enhance the quality of life in the communities we serve."

North Side's entry into The Federal Home Loan Bank of New York system is conditioned upon North Side purchasing approximately $9.4 million in FHLB stock. North Side will commence the investment process immediately.

"North Side is a leading neighborhood lender. We are delighted that this outstanding community Bank has joined The Federal Home Loan Bank. We look forward in helping North Side to continue to meet the mortgage needs of all their customers," said Alfred DelliBovi, Federal Home Loan Bank of New York President.

North Side Savings Bank, with approximately $1.5 billion in total assets as a New York State chartered FDIC/BIF insured stock savings bank that conducts community banking services through 16 offices in Bronx, Queens, Nassau and Suffolk counties of New York State.

CONTACT: North Side Savings Bank, Floral Park

Judith A. MacGregor, 516/488-6900, ext. 209