This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Astoria Financial Corporation Announces The Resignation Of Chairman George L. Engelke, Jr. And The Appointment Of Presiding Director Ralph F. Palleschi As Non-Executive Chairman

LAKE SUCCESS, N.Y., June 20, 2012 /PRNewswire/ -- Astoria Financial Corporation (NYSE: AF) (the "Company"), the holding company for Astoria Federal Savings and Loan Association ("Astoria Federal"), today announced the resignation of George L. Engelke, Jr., 73, non-executive Chairman, from the Board of Directors of the Company and Astoria Federal, effective upon the close of business on June 20, 2012.   

The Company also announced that Ralph F. Palleschi, presiding director, has been appointed non-executive Chairman of both organizations, effective June 21, 2012.  Mr. Palleschi, an independent director of the Company and Astoria Federal since 1996, serves as chairman of the Nominating and Corporate Governance Committee, is a member of the Audit Committee, Compensation Committee and Enterprise Risk Committee and is also a member of the Loan Committee of Astoria Federal.   

In 1983, Mr. Palleschi, a certified public accountant, co-founded First Long Island Investors, Inc., an investment advisor registered under the Investment Advisors Act of 1940, as amended, and a broker/dealer registered with the Securities Exchange Commission.  He continues to serve as a director and is President and Chief Operating Officer of its successor company First Long Island Investors, LLC.  From 1993 to 1997, he served as Chief Operating Officer of the New York Islanders hockey team.   Previously, he served as Vice President and Chief Financial Officer of a publicly traded food products company.  Prior to that, he was employed by Peat, Marwick, Mitchell & Co., the predecessor of KPMG LLP.  Mr. Palleschi is Chairman of the Board of Trustees of the Variety Child Learning Center and member of the Board of Directors of Abilities!.

Commenting on Mr. Engelke's resignation and Mr. Palleschi's appointment as Chairman, Monte N. Redman, a director, President and CEO of the Company and Astoria Federal noted, "George's leadership qualities and management expertise served both the Company and Astoria Federal well during his 41 year tenure and I am particularly pleased to have benefited from his broad financial knowledge and industry expertise, which has proved invaluable to me during my 35 year career at Astoria.   During his long tenure and leadership at Astoria, George successfully led the conversion of Astoria Federal from a small local mutual savings institution into its current leadership position in the market today, the fifth largest publicly traded thrift institution in the United States.   His conservative operating philosophy helped Astoria successfully navigate through many varied economic cycles, particularly the most recent financial crisis, during which Astoria remained profitable throughout.  The Board has also expressed their gratitude and appreciation for George's 41 years of service and leadership, including his past service as President and Chief Executive Officer." 

"Additionally, the Board has appointed Ralph F. Palleschi to succeed George as Chairman of both organizations.  His exemplary leadership as Presiding Director and Chairman of the Nominating and Corporate Governance Committee along with his extensive financial expertise and management background will continue to benefit us well in the future," Mr. Redman continued.    

Astoria Financial Corporation, with assets of $17.1 billion, is the holding company for Astoria Federal Savings and Loan Association.  Established in 1888, Astoria Federal, with deposits in New York totaling $11.1 billion, is the largest thrift depository in New York and embraces its philosophy of " Putting people first" by providing the customers and local communities it serves with quality financial products and services through 85 convenient banking office locations and multiple delivery channels, including its enhanced website, www.astoriafederal.com.  Astoria Federal commands the fourth largest deposit market share in the attractive Long Island market, which includes Brooklyn, Queens, Nassau, and Suffolk counties with a population exceeding that of 38 individual states.  Astoria Federal originates mortgage loans through its banking and loan production offices in New York, an extensive broker network covering fourteen states, primarily along the East Coast, and the District of Columbia, and through correspondent relationships covering fifteen states and the District of Columbia.

SOURCE Astoria Financial Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs