Long Island Financial Corp. Announces Quarterly Dividend

Douglas C. Manditch, President and Chief Executive
Officer of Long Island Financial Corp. (NASDAQ/NMS: LICB), announced
today that the Board of Directors declared a quarterly dividend of
$.12 per common share, payable on November 16, 2005 to stockholders of
record on November 1, 2005. In making the announcement, Mr. Manditch
noted that the Board had conformed the dividend record and payment
dates in accordance with the Agreement and Plan of Merger (the "Merger
Agreement") between Long Island Financial Corp. and New York Community
Bancorp, Inc. dated August 1, 2005. Additional information concerning
the Merger Agreement can be found in the Form 8-K filed by the Company
on August 3, 2005.
   Long Island Financial Corp. is the holding company for Long Island
Commercial Bank, a New York state-chartered commercial bank, which
provides commercial and consumer banking services through twelve
offices located in Islandia, Babylon, Smithtown, Westbury, Jericho,
Shirley, Ronkonkoma, Melville, Central Islip, Deer Park, Hauppauge and
Bay Ridge-Brooklyn. Long Island Financial Corp. had approximately $540
million in assets at June 30, 2005. Harvey Auerbach serves as Chairman
of the Board.
   This press release does not constitute an offer of securities. The
proposed transaction will be submitted to Long Island Financial
Corp.'s stockholders for their consideration. New York Community
Bancorp, Inc. will file a registration statement containing a proxy
statement/prospectus that will be sent to Long Island Financial
Corp.'s stockholders, and other relevant documents concerning the
proposed transaction, with the U.S. Securities and Exchange Commission
(the "SEC"). Long Island Financial Corp. will file relevant documents
concerning the proposed transaction with the SEC. WE URGE INVESTORS TO
READ THE REGISTRATION STATEMENT CONTAINING THE PROXY
STATEMENT/PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED
WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION.

   Investors will be able to obtain these documents free of charge at
the SEC's web site (www.sec.gov). In addition, documents filed with
the SEC by New York Community Bancorp, Inc. will be available free of
charge from the Investor Relations Department, New York Community
Bancorp, Inc., 615 Merrick Avenue, Westbury, New York 11590. Documents
filed with the SEC by Long Island Financial Corp. will be available
free of charge from the Corporate Secretary, Long Island Financial
Corp., 1601 Veterans Highway, Suite 120, Islandia, New York 11749.

   The directors, executive officers, and certain other members of
management of Long Island Financial Corp. may be soliciting proxies in
favor of the transaction from the company's shareholders. For
information about these directors, executive officers, and members of
management, shareholders are asked to refer to the most recent proxy
statement issued by the company, which is available on its web site
and at the address provided in the preceding paragraph.