Afsala Bancorp, Inc.

AFSALA Bancorp, Inc. is a unitary savings and loan holding company which attracts deposits from general public and uses such deposits primarily to originate loans secured by first mortgages on one-to four-family residences in its market areas. The bank also originates consumer loans, consisting of personal loans, home improvement loans, and passbook loans, and to a much lesser extent, the bank originates commercial real estate loans and other commercial loans. The bank operates four offices and an operations center. The company became publicly held on 1st October 1996. Interest and fees on loans accounted for 55% of fiscal 1997 revenues; other interest income, 41% and non-interest income, 4%.