SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                           --------------------------

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                           ---------------------------

         Date of report (Date of earliest event reported): June 18, 1997




                          ASTORIA FINANCIAL CORPORATION
             (Exact name of registrant as specified in its charter)




         DELAWARE                   0-22228                   11-3170868
     (State or other
     jurisdiction of            Commission File             (IRS Employer
      incorporation)                Number)              Identification No.)



          ONE ASTORIA FEDERAL PLAZA, LAKE SUCCESS, NEW YORK 11042-1085
          (Address of principal executive offices, including zip code)



       Registrant's telephone number, including area code: (516) 327-3000




                                      NONE
          (Former name or former address, if changed since last report)




ITEMS 1 THROUGH 4, 6, 8 & 9.        NOT APPLICABLE

ITEM 5.  OTHER EVENTS.

         On June 18, 1997, Astoria Financial Corporation, a Delaware corporation
("Astoria Financial"), Astoria Federal Savings and Loan Association, a federally
chartered savings and loan association and a wholly-owned subsidiary of Astoria
Financial (the "Association"), and The Greater New York Savings Bank, a New York
chartered stock savings bank ("The Greater"), entered into the First Amendment,
dated as of the 18th day of June, 1997 (the "First Amendment"), to the Agreement
and Plan of Merger, dated as of the 29th day of March, 1997, by and among
Astoria Financial, the Association, and The Greater (the "Merger Agreement").

         Pursuant to the First Amendment, Astoria Financial, the Association,
and The Greater have extended certain time frames within which certain initial
filings with governmental authorities were to be made and made a technical
correction to the formula to be used to determine whether The Greater will have
a right to terminate the Merger Agreement as a result of a decline in the market
price of Astoria Financial's common stock to accurately reflect the parties'
intentions at the time the Merger Agreement was entered into.




ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.


         (a)      Financial statements of businesses acquired.

                  Not applicable.

         (b)      Pro forma financial information.

                  Not applicable.

         (c)      Exhibits. The following Exhibits are filed as part of this
                  report:


    EXHIBIT NO.                                  DESCRIPTION
    -----------                                  -----------
        2.1                 First Amendment, dated as of the 18th day of
                            June, 1997, to the Agreement and Plan of Merger,
                            dated as of the 29th day of March, 1997, by and
                            among Astoria Financial Corporation, Astoria Federal
                            Savings and Loan Association and The Greater New
                            York Savings Bank.


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                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                   ASTORIA FINANCIAL CORPORATION


                                   By: /s/ George L. Engelke, Jr.
                                       ------------------------------
                                           George L. Engelke, Jr.
                                           President and Chief
                                           Executive Officer


Dated: June 30, 1997


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                                  EXHIBIT INDEX



          EXHIBIT                               DESCRIPTION
          -------                               -----------
            2.1             First Amendment, dated as of the 18th day
                            of June, 1997, to the Agreement and Plan of Merger,
                            dated as of the 29th day of March, 1997, by and
                            among Astoria Financial Corporation, Astoria Federal
                            Savings and Loan Association and The Greater New
                            York Savings Bank.


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