Clarification: Small banks story
By
Associated Press
September 12, 2008
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In a story Sept. 9, The Associated Press cited a report by Sandler O'Neill analyst Mark Fitzgibbon that said Astoria Financial Corp., Flushing Financial Corp. and Webster Financial Corp. are among the small banks vulnerable to losses on their holdings of preferred shares of Fannie Mae and Freddie Mac. The story should have also included Fitzgibbon's assessment that, even if all of those holdings became worthless, it would be an "unfortunate" but "very manageable event" for the three banks.