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Prospectuses and communications, business combinations

Filed by Astoria Financial Corporation.

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rul e 14a-12

under the Securities Exchange Act of 1934

Subject Company: Astoria Financial Corporation

(Commission File No. 001-11967)

Our Board of Directors has approved a merger of Astoria Financial Corporation with New York Community Bancorp, which remains subject to conditions including regulatory approval and stockholder approval. The merger will create one of the largest and most diversified financial services company in the greater New York area. Like us, NYCB has a broad franchise which includes Retail and Business Banking, Multi Family Commercial Real Estate and Residential Lending.

Im confident that this transaction will result in:

· Increased shareholder value

· Building & expanding our Business Lines and Customer Relationships

· Providing a broader product set for our customers

· Continued focus on philanthropic support of the organizations that enrich the communities we serve

I am counting on all of you to continue making our franchise even stronger, by remaining focused on our customers needs. I understand that you may have questions, but rest assured we will do everything possible to provide you with regular communications and updates. Shortly, we will develop a Q & A for all employees regarding this partnership. Then we will announce a process by which all employees will have an opportunity to submit additional questions, to be answered in the near future. Finally, this afternoon I will also be meeting with the Senior Officers to provide additional details of this transaction. In turn, they will share this information with you.

Over the years I have worked directly with many of you and Im proud of the accomplishments and milestones that we all have achieved. I want to acknowledge the hard work of every member of Astoria Bank and personally thank you for your dedication in building this tremendous banking franchise.

Forward-Looking Statements

This communication contains certain forward-looking information about New York Community Bancorp, Inc. (NYCB), Astoria Financial Corporation (the Company), and the combined company after the close of the...