BROOKLYN, N.Y., July 18 /PRNewswire-FirstCall/ -- The Board of Directors
of Brooklyn Federal Bancorp, Inc. (Nasdaq: BFSB) (the "Company"), today
announced that Angelo J. Di Lorenzo, the Vice Chairman and Chief Executive
Officer, will retire as Chief Executive Officer, effective January 2, 2009.
Richard A. Kielty, the Company's current President and Chief Operating
Officer, has been named the Chief Executive Officer of the Company, BFS
Bancorp, MHC (the "MHC") and Brooklyn Federal Savings Bank (the "Bank"),
effective January 2, 2009.
Mr. Di Lorenzo will continue to service as Vice Chairman of the Board of
Directors.
Daniel O. Reich, Chairman of the Board of Directors of the Company, the
Bank and the MHC noted, "The Board of Directors reluctantly accepted Mr. Di
Lorenzo's notice of retirement. We are very appreciative of the excellent
service and commitment that Mr. Di Lorenzo has made in his 47 plus years with
Brooklyn Federal Savings Bank. We believe and expect that he will continue to
contribute to the future success of the Company in his roll as a member of the
Board of Directors."
Mr. Di Lorenzo said, "I am grateful to have had the opportunity to head
this organization for the past 36 years as President and Chief Executive
Officer and look forward to my continued contributions. It is time for me to
retire. I do so knowing that I am comfortable with the succession plans
implemented for just this inevitable event.
The Company's President and Chief Operating Officer, Richard Kielty, has
been with the Bank for over 37 years. We have worked side-by-side and I know
he has the skills to lead our organization to greater heights.
It has been a great privilege to work with the extraordinarily dedicated
and talented people who make up the Brooklyn Federal family. I am honored to
have been their leader over these many years, and I know they will be
supportive as we move through this transitional period."
Brooklyn Federal Bancorp, Inc. is the parent corporation of Brooklyn
Federal Savings Bank, a federally chartered savings bank headquartered in
Brooklyn, New York. The Bank's deposits are insured by the Federal Deposit
Insurance Corporation. The Bank operates five full-service offices, two
located in Brooklyn, one in Nassau and two Suffolk Counties, New York.
This press release may contain certain "forward-looking statements" which
may be identified by the use of such words as "believe", "expect", "intend",
"anticipate", "should", "planned", "estimated", and "potential". Examples of
forward-looking statements include, but are not limited to, estimates with
respect to our financial condition, results of operations and business that
are subject to various factors which could cause actual results to differ
materially from these estimates and most other statements that are not
historical in nature. These factors include, but are not limited to, general
and local economic conditions, changes in interest rates, deposit flows,
demand for mortgage and other loans, real estate values, and competition;
changes in accounting principles, policies or guidelines; changes in
legislation or regulation; and other economic, competitive, governmental,
regulatory, and technological factors affecting our operations, pricing,
products and services.
SOURCE Brooklyn Federal Bancorp, Inc.