Astoria Federal presidents says they avoided subprime collapse
Despite relying heavily on residential loans, Astoria Financial Corp. of Lake Success weathered the collapse of the real estate market last year by having avoided subprime and low quality loans, company president Monte Redman told shareholders Wednesday morning at the annual shareholder meeting in New Hyde Park.
The company, which owns Astoria Federal Savings and Loans Association, saw net income decline in 2009, but that was mostly the result of setting aside more money in case bad loans materialize. Indeed, they were up, but remained at a relatively low of 2.1 percent of all assets.
The bank, which is one of the largest thrifts in the nation, makes residential mortgages in 18 states. Locally, it has 85 branches in the metropolitan area, 53 of which are on Long Island. It is the biggest thrift institution in the area.
Redman said the bank's success is the result of officials being heavily invested in it -- 23 percent of the company's stock is owned by officials and employees.
"We say we run the bank like it's our money, because it is," Redman said.
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Snow totals may be less across the South Shore A winter storm is expected to pummel LI as artic air settles in across the region. NewsdayTV meteorologist Geoff Bansen has the forecast.
Snow totals may be less across the South Shore A winter storm is expected to pummel LI as artic air settles in across the region. NewsdayTV meteorologist Geoff Bansen has the forecast.
