MELVILLE, N.Y. - Long Island Bancorp has adopted an annual dividend policy, with a yearly payout of 40 cents.

The holding company for Long Island Savings Bank also announced its first quarterly dividend of 10 cents, payable Feb. 7 to shareholders of record Jan. 10.

The $4.5 billion-asset company is also requesting permission from the Office of Thrift Supervision to buy back up to 5% of its outstanding shares during the next six months.

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