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He was wrong about Astoria in 2011, but Sandler O'Neill's Mark Fitzgibbon says a focus on multi-family lending and takeover speculation will fuel a run-up in 2012.
January 6
George L. Engelke Jr. has resigned as chairman of Astoria Financial (AF), ending his long tenure with the Lake Success, N.Y., company that included a 22-year run as its chief executive officer.
Ralph F. Palleschi, an independent director since 1996, will take over for Engelke as nonexecutive chairman of the holding company and its thrift subsidiary, Astoria Federal Savings and Loan Association, the $17.1 billion-asset company said Wednesday.
Engelke, 73, joined Astoria in 1971 and served as its CEO from 1989 until his
"George's leadership qualities and management expertise served both the company and Astoria Federal well during his 41 year tenure and I am particularly pleased to have benefited from his broad financial knowledge and industry expertise, which has proved invaluable to me during my 35 year career at Astoria," Monte N. Redman, Engelke's successor as CEO, said in a news release.
Palleschi is a cofounder of First Long Island Investors, where he continues to serve as its president and chief operating officer.