Exhibit 5


                   [Luse Gorman Pomerenk & Schick Letterhead]


(202) 274-2000

June 20, 2002

The Board of Directors
Atlantic Liberty Financial Corp.
186 Montague Street
Brooklyn, New York 11201

                  Re:      Atlantic Liberty Financial Corp.
                           Common Stock Par Value $.10 Per Share

Ladies and Gentlemen:

         You have  requested  the opinion of this firm as to certain  matters in
connection  with the  offer  and  sale  (the  "Offering")  of  Atlantic  Liberty
Financial Corp. (the "Company")  Common Stock, par value $.10 per share ("Common
Stock").   We  have  reviewed  the  Company's   Certificate  of   Incorporation,
Registration  Statement on Form SB-2 (the "Form  SB-2"),  as well as  applicable
statutes  and  regulations  governing  the Company and the offer and sale of the
Common Stock.

         We are of the opinion that upon the declaration of effectiveness of the
Form SB-2, the Common Stock,  when sold, will be legally issued,  fully paid and
non-assessable.

         This  Opinion  has been  prepared  solely for the use of the Company in
connection  with the Form SB-2. We hereby  consent to our firm being  referenced
under the caption "Legal and Tax Matters."

                                            Very truly yours,


                                            /s/ LUSE GORMAN POMERENK & SCHICK
                                            ---------------------------------
                                            LUSE GORMAN POMERENK & SCHICK
                                            A PROFESSIONAL CORPORATION