EXHIBIT 99.1









PRESS RELEASE

               ASTORIA FINANCIAL CORPORATION COMPLETES ACQUISITION
                          OF LONG ISLAND BANCORP, INC.

CREATES $18 BILLION FINANCIAL INSTITUTION WITH SECOND LARGEST DEPOSIT MARKET
SHARE ON LONG ISLAND


LAKE SUCCESS, NEW YORK, OCTOBER 1, 1998 -- Astoria Financial Corporation
(Nasdaq:ASFC) ("Astoria"), the holding company for Astoria Federal Savings and
Loan Association ("Astoria Federal"), announced today the successful completion
of the merger of Long Island Bancorp, Inc. (Nasdaq:LISB) ("LISB"), and its
wholly owned subsidiary, The Long Island Savings Bank, FSB ("Long Island"), with
and into Astoria Financial Corporation and Astoria Federal, respectively.
Pursuant to the merger agreement, stockholders of LISB will receive 1.15 shares
of Astoria common stock for each share of LISB common stock they own. The
transaction, which received the overwhelming approval of shareholders of both
Astoria and LISB, will be accounted for as a pooling of interests.

         George L. Engelke, Jr., Chairman, President and Chief Executive Officer
of both Astoria Financial Corporation and Astoria Federal said, "We are excited
about the completion of this significant in-market acquisition. A key objective
of our business plan has been to successfully complete acquisitions, and this
strategic acquisition, our third since January, 1995, results in the creation of
the premier consumer-oriented community bank on Long Island. Long Island's 35
banking office franchise complements and strengthens the Astoria franchise. With
deposits totaling approximately $10 billion, Astoria Federal now commands the
second highest deposit market share in the attractive Long Island banking
market, which includes Brooklyn, Queens, Nassau and Suffolk counties with a
population exceeding that of 39 individual states. The transaction also allows
the combination of LISB's existing mortgage origination capabilities with those
of Astoria, resulting in a very powerful mortgage origination business. On a
combined basis, mortgage loan originations exceeded 2.5 billion for the six
months ended June 30, 1998."

         Mr. Engelke continued, "We are very pleased to welcome the customers,
shareholders and employees of LISB and Long Island to the Astoria family. We
also welcome John J. Conefry, Jr., former Chairman and Chief Executive Officer
of both LISB and Long Island, as a vice chairman of Astoria Financial
Corporation. Mr. Conefry and Lawrence W. Peters, Robert J. Conway, Donald D.
Wenk and Leo J. Waters, all former directors of both LISB and Long Island, will
serve as directors of both Astoria Financial Corporation and Astoria Federal. We
are confident that this transaction will enhance






shareholder value and provide long-term benefits for our customers, employees
and the communities that Astoria Federal and Long Island serve."

         As a result of the acquisition, Astoria has a market capitalization of
over $2.2 billion, assets in excess of $18 billion and, prior to the
consolidation of five banking offices, operates ninety-six banking offices;
eighty-eight on Long Island, three in Westchester county and five in the upstate
counties of Otsego and Chenango. Astoria now ranks as the second largest
publicly traded thrift institution in New York and the sixth largest nationally,
providing retail banking, mortgage and consumer loan services to over 700,000
customers. In addition, Astoria originates mortgage loans through extensive
broker networks and loan production offices in New York, New Jersey,
Connecticut, Maryland, Virginia, North Carolina and Georgia.

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