Exhibit 99.2



                                  PRESS RELEASE



                                              Contact:    Donald Fleming
                                                          Senior Vice President

October 16, 2002                              Contact #:  (718) 697-2813




ANNOUNCEMENT:  STATEN ISLAND BANCORP, INC. INCREASES
               QUARTERLY CASH DIVIDEND BY 8%


STATEN  ISLAND,  NEW  YORK - (NYSE:  SIB),  Staten  Island  Bancorp,  Inc.  (the
"Company")  announced  today  that its Board of  Directors  has  declared a cash
dividend of $0.13 per share on the Common Stock of the  Company,  an increase of
$0.01 or 8.3% from the cash  dividend paid for the second  quarter of 2002.  The
dividend will be payable  November 12, 2002 to the stockholders of record at the
close of business on October 28, 2002.

Staten Island Bancorp,  Inc. is the holding company for SI Bank & Trust. SI Bank
& Trust was  chartered in 1864 and currently  operates 17 full service  branches
and three limited  service  branches on Staten  Island,  New York,  and two full
service  branches in Brooklyn,  New York;  and 15 full  service  branches in New
Jersey.  SI Bank & Trust  also  operates  SIB  Mortgage  Corp.,  a wholly  owned
subsidiary of SI Bank & Trust,  which  conducts  business  under the name of Ivy
Mortgage and has offices in 42 states.  On September  30,  2002,  Staten  Island
Bancorp  had  $6.9  billion  in  total  assets  and  $593.5   million  of  total
stockholders' equity.