BROOKLYN, N.Y., Dec. 14, 2011 /PRNewswire/ -- Brooklyn
Federal Bancorp, Inc. (NASDAQ: BFSB) ("Brooklyn") today announced that Institutional
Shareholder Services ("ISS") and Glass Lewis & Co. ("Glass
Lewis"), two leading independent proxy advisory firms, recommend
that their clients vote in favor of the proposal to approve the
merger agreement (the "Merger Agreement"), and the transactions
contemplated thereby, contained in the definitive proxy statement
related to Brooklyn's upcoming
special meeting of shareholders (the "Special Meeting"). The
Merger Agreement provides for, among other things, Brooklyn's merger (the "Merger") with and into
Investors Bancorp, Inc. ("Investors"). ISS and Glass Lewis
provide voting advice to hundreds of institutional investors,
mutual and pension funds and other fiduciaries.
"We appreciate the support ISS and Glass Lewis have given to our
agreement with Investors," said Gregg J.
Wagner, President and CEO. "We firmly believe that
their recommendation further supports the Board of Directors' view
that the Merger is in the best interest of Brooklyn's shareholders, and we look forward
to completing the Merger." The companies expect the Merger to
be completed in January 2012,
following the satisfaction or waiver of all conditions to the
Merger, including Brooklyn
shareholder approval.
On Thursday, December 22, 2011, at
11:00 a.m. New York time Brooklyn will hold the Special Meeting to
consider and vote upon the proposal to adopt the Merger Agreement
and transactions contemplated thereby, including the Merger, at the
New York Marriott at the Brooklyn Bridge, located at 333 Adams
Street, Brooklyn, New York
11201. Brooklyn shareholders
of record as of the close of business on Wednesday, November 16, 2011 will be entitled to
vote at the Special Meeting.
Shareholders who have questions about the Merger, need
assistance in submitting their proxy or voting their shares, or who
need additional copies of the proxy statement or proxy card, should
contact Brooklyn's proxy
solicitor, Phoenix Advisory Partners, LLC, toll-free at (877)
478-5038.
Caution about forward-looking statements
Certain information contained herein may include
"forward-looking statements." These forward-looking
statements relate to the consummation of the Merger. Factors
that could cause actual events to differ from those expressed or
implied by such forward-looking statements include the cautionary
language under "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
Brooklyn's Annual Report on Form
10-K for the fiscal year ended September 30,
2010 and Quarterly Reports on Form 10-Q for the
quarters ended December 31, 2010, March
31, 2011 and June 30, 2011 and
other filings made with the Securities and Exchange Commission.
About Brooklyn Federal Bancorp, Inc.
Brooklyn Federal Bancorp, Inc. is the holding company for
Brooklyn Federal Savings Bank (the "Bank"). The Bank is a federally
chartered savings bank headquartered in Brooklyn, New York. The Bank's deposits are
insured by the Federal Deposit Insurance Corporation. It operates
five full-service offices, two located in Brooklyn, one in Nassau and two in Suffolk County, New York.
SOURCE Brooklyn Federal Bancorp, Inc.