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Astoria Financial names new member to its Board of Directors

Astoria Financial (AF), the holding company for Astoria Federal Savings and Loan Association, has named a new member John Corrado to its Boards of Directors with effect from 17 October 2012.

Corrado will serve as a director of both AF and Astoria Federal.

Commenting on the appointment, Ralph Palleschi, chairman of the Board of the Company and Astoria Federal and Monte Redman, a director, president and chief executive officer of both organizations, jointly stated, "His solid management and financial background coupled with his extensive community leadership will serve us well as we execute our business plan and implement strategies to enhance shareholder value."

As a certified public accountant, Corrado’s previous experience includes serving as President of Suffolk Bus and Suffolk Transportation Service as well as with the public accounting firm Deloitte Haskins & Sells, the predecessor of Deloitte.

With assets of $17.6bn, Astoria Financial was established in 1888 and is the largest thrift depository in New York with deposits in New York totaling up to $10.7bn.

Astoria Federal originates mortgage loans through its banking and loan production offices in New York, and through correspondent relationships covering fifteen states and the District of Columbia.