MELVILLE, N.Y. - Long Island Bancorp Inc. has received permission from the Office of Thrift Supervision to repurchase up to 5% of its outstanding shares less than a year after its conversion to a pubic company.

Long Island completed its offering of 27 million shares April 14, 1994. OTS regulations restrict stock repurchases during the first 12 months after a conversion from mutual to stock ownership.

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