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

Business Wire, May 3, 2002

Business Editors

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

Yonkers Financial Corporation (NASDAQ: YFCB) announced today that Atlantic Bank of New York has received approvals from both the Federal Deposit Insurance Corporation and the New York State Banking Department to merge with Yonkers Financial.

Upon completion of the transaction, The Yonkers Savings and Loan Association, FA, the wholly owned banking subsidiary of Yonkers Financial, will be merged with and into Atlantic. Each share of YFC 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.