Flushing Financial Corporation                          Atlantic Liberty
                                                        Financial Corp.




CONTACT:

John R. Buran                             Barry M. Donohue
President and Chief Executive Officer     President and Chief Executive Officer
Flushing Financial Corporation            Atlantic Liberty Financial Corporation
(718) 961-5400                            (718) 855-3555

FOR IMMEDIATE RELEASE

    Flushing Financial Corporation and Atlantic Liberty Financial Corporation
                     Announce Shareholder Approval of Merger

LAKE  SUCCESS,  New York and  BROOKLYN,  New  York,  June 21,  2006 --  Flushing
Financial Corporation (NASDAQ: FFIC) ("Flushing Financial"),  the parent holding
company  for  Flushing  Savings  Bank,  FSB,  and  Atlantic  Liberty   Financial
Corporation (NASDAQ: ALFC) ("Atlantic Liberty"),  the parent holding company for
Atlantic  Liberty  Savings,  FA, today  announced that at the special meeting of
shareholders  of Atlantic  Liberty  held on June 21,  2006,  Atlantic  Liberty's
shareholders  voted to approve the Agreement  and Plan of Merger dated  December
20,  2005 by and  between  Flushing  Financial  and  Atlantic  Liberty,  and the
transactions contemplated by the merger agreement.

Earlier this month,  Flushing  Financial and Atlantic Liberty received  approval
from the Office of Thrift  Supervision  to complete  the  merger.  The merger is
expected to be completed by June 30, 2006.

Flushing Financial  Corporation is the $2.4 billion holding company for Flushing
Savings  Bank,  FSB, a federally  chartered  stock  savings  bank insured by the
Federal Deposit  Insurance  Corporation  (FDIC).  The Bank conducts its business
through ten banking  offices located in Queens,  Brooklyn,  Manhattan and Nassau
County.  Additional  information regarding Flushing Financial Corporation may be
obtained by visiting its web site at www.flushingsavings.com.

Atlantic  Liberty  Financial  Corporation is a $180 million holding company that
operates its main business activities through its subsidiary savings association
in  Brooklyn,  New York.  Atlantic  Liberty  Savings was  originally  a New York
building and loan  association  serving the Brooklyn  community  since 1888.  It
became a federally  chartered  savings  association  in 1983.  Atlantic  Liberty
Savings conducts its business from their main office and one branch office, both
of  which  are  located  in  prime  areas of  Brooklyn.  Additional  information
regarding Atlantic Liberty Financial Corporation may be obtained by visiting its
web site at http://www.atlanticlibertysavings.com.

This release is neither an offer to sell nor a  solicitation  of an offer to buy
common  stock.  The offer is made only by the  proxy  statement/prospectus.  The
shares of common stock to be issued in the merger are not savings accounts,  may
lose value, and are not insured by the Federal Deposit Insurance  Corporation or
any government agency.


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