LAKE SUCCESS, N.Y. -- Astoria Financial Corp. said it has received regulatory clearance from the office of Thrift Supervision to undertake a stock repurchase program.

The program authorizes the company to repurchase up to 5% of its 12.5 million outstanding common shares during the next six months.

The repurchases will be made from time to time, in open market transactions, at the discretion of management.

Astoria Financial Corp. is the holding company for AstoriaFederal Savings and Loan Association, which has $6.5 billion in assets, pending the close of its Fidelity New York FSB acquisition.

Astoria Federal specializes in single-family residential mortgage lending and operates 28 banking offices, most of them in and around New York City

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.