<PAGE>

     As filed with the Securities and Exchange Commission on June 7, 1996
                                                 Registration No. 333-       
===============================================================================

                      SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC  20549
                                                              

                           REGISTRATION STATEMENT ON
                                  FORM S-8
                       UNDER THE SECURITIES ACT OF 1933
                                                              

                         YONKERS FINANCIAL CORPORATION
            (Exact name of registrant as specified in its charter)

             Delaware                                 13-3870836
   (State or other jurisdiction of       (I.R.S. Employer Identification No.)
   incorporation or organization)

  6 Executive Plaza, Yonkers, New York                10701-9858
(Address of principal executive offices)              (Zip Code)

       THE YONKERS SAVINGS AND LOAN ASSOCIATION, FA 401(K) SAVINGS PLAN
                           (Full title of the plan)

                            Kip A. Weissman, P.C.
                            Jane K. Storero, P.C.
                      Silver, Freedman & Taff, L.L.P.
     (a limited liability partnership including professional corporations)
                           7th Floor, East Tower
                          1100 New York Avenue, NW
                            Washington, DC  20005
                  (Name and address of agent for service)

                               (202) 414-6100
        (Telephone number, including area code, of agent for service)

<TABLE>
<CAPTION>

                        CALCULATION OF REGISTRATION FEE
===============================================================================
                                      Proposed      Proposed
                                      maximum        maximum
                        Amount        offering     aggregate      Amount of
Title of securities      to be         price        offering     registration
to be registered      registered     per share       price            fee
- -------------------------------------------------------------------------------
<C>                   <C>            <C>          <C>            <C>
Common Stock,
$.01 par value          10,000       $10.00(2)    $100,000(2)        $100.00
                       shares(1)

Interests in The
Yonkers Savings
and Loan
Association,FA 
401(k) Savings Plan       (3)           (3)           (3)              (3)     
- -------------------------------------------------------------------------------
<FN>
(1)  Estimated maximum aggregate number of shares of Yonkers Financial
     Corporation common stock purchased and purchasable with employer and
     employee contributions under the Plan during the next two years.
(2)  Estimated, pursuant to Rule 457(h), solely for the purpose of
     calculating the registration fee, at $10.00 per share, which was the
     closing price of the common stock of Yonkers Financial Corporation on
     June 3, 1996 as reported on the NASDAQ National Market System.
(3)  Pursuant to Rule 416(c) under the Securities Act of 1933, this
     Registration Statement also covers an indeterminate amount of interests
     to be offered or sold pursuant to the employee benefit plan described
     herein.  In accordance with Rule 457(h)(2), no separate fee calculation
     is made for plan interests.

</TABLE>

<PAGE> I-1
                                    PART I

             INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS

     The document(s) containing the information specified in Part I of Form S-8
will be sent or given to participants in The Yonkers Savings and Loan
Association, FA 401(k) Savings Plan (the "Plan") as specified by Rule 428(b)(1)
promulgated by the Securities and Exchange Commission (the "Commission") under
the Securities Act of 1933, as amended (the "Securities Act").

     Such document(s) are not being filed with the Commission, but constitute
(along with the documents incorporated by reference into the Registration
Statement pursuant to Item 3 of Part II hereof) a prospectus that meets the
requirements of Section 10(a) of the Securities Act.

<PAGE> II-1
                                    PART II

                    INFORMATION NOT REQUIRED IN PROSPECTUS

Item 3.   Incorporation of Certain Documents by Reference.

     The following documents previously or concurrently filed by Yonkers
Financial Corporation (the "Company") with the Commission are hereby
incorporated by reference in this Registration Statement:

(a)  the Company's latest prospectus dated February 12, 1996 filed pursuant to
     Rule 424(b) of the Securities Act (File No. 33-81013) on February 27,
     1996; 

(b)  The Company's Quarterly Report on Form 10-Q for the quarter ended
     March 31, 1996 (File No. 0-27716) filed pursuant to Rule 13a-13 of the
     Exchange Act;

(c)  all other reports filed pursuant to Section 13(a) or 15(d) of the
     Securities and Exchange Act of 1934, as amended (the "Exchange Act") since
     the end of the fiscal year covered by audited financial statements
     contained in the prospectus referred to in Item 3(a) above;

(d)  the description of the common stock, par value $.01 per share, of the
     Registrant contained in the Registrant's Registration Statement on
     Form 8-A (File No. 0-27716) filed with the Commission on February 6, 1996
     and all amendments thereto or reports filed for the purpose of updating
     such  description; and

(e)  the Plan's Annual Report on Form 11-K for the plan year ended December 31,
     1995.

     All documents subsequently filed by the Registrant with the Commission
pursuant to Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act, prior to
the filing of a post-effective amendment which indicates that all securities
offered hereby have been sold or which deregisters all securities then
remaining unsold, shall be deemed incorporated by reference into this
Registration Statement and to be a part thereof from the date of the filing of
such documents.  Any statement contained in the documents incorporated, or
deemed to be incorporated, by reference herein or therein shall be deemed to be
modified or superseded for purposes of this Registration Statement and the
Prospectus to the extent that a statement contained herein or therein or in any
other subsequently filed document which also is, or is deemed to be,
incorporated by reference herein or therein modifies or supersedes such
statement.  Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Registration
Statement and the Prospectus.

     The Company shall furnish without charge to each person to whom the
Prospectus is delivered, on the written or oral request of such person, a copy
of any or all of the documents incorporated by reference, other than exhibits
to such documents (unless such exhibits are specifically incorporated by
reference to the information that is incorporated).  Requests should be
directed to the Secretary, Yonkers Financial Corporation, 6 Executive Plaza,
Yonkers, New York 10701-9858, telephone number (914) 968-4500.

<PAGE> II-2

     All information appearing in this Registration Statement and the
Prospectus is qualified in its entirety by the detailed information, including
financial statements, appearing in the documents incorporated herein or therein
by reference.

Item 4.   Description of Securities.

     Not Applicable.

Item 5.   Interests of Named Experts and Counsel.

     Not Applicable.

Item 6.   Indemnification of Directors and Officers.

     Section Eleven of the Company's Certificate of Incorporation provides for
indemnification of directors and officers of the Registrant against any and all
liabilities, judgments, fines and reasonable settlements, costs, expenses and
attorneys' fees incurred in any actual, threatened or potential proceeding,
except to the extent that such indemnification is limited by Delaware law and
such law cannot be varied by contract or bylaw.  Section Eleven also provides
for the authority to purchase insurance with respect thereto.

     Section 145 of the General Corporation Law of the State of Delaware
authorizes a corporation's board of directors to grant indemnity under certain
circumstances to directors and officers, when made, or threatened to be made,
parties to certain proceedings by reason of such status with the corporation,
against judgments, fines, settlements and expenses, including attorneys' fees. 
In addition, under certain circumstances such persons may be indemnified
against expenses actually and reasonably incurred in defense of a proceeding by
or on behalf of the corporation.  Similarly, the corporation, under certain
circumstances, is authorized to indemnify directors and officers of other
corporations or enterprises who are serving as such at the request of the
corporation, when such persons are made, or threatened to be made, parties to
certain proceedings by reason of such status, against judgments, fines,
settlements and expenses, including attorneys' fees; and under certain
circumstances, such persons may be indemnified against expenses actually and
reasonably incurred in connection with the defense or settlement of a
proceeding by or in the right of such other corporation or enterprise. 
Indemnification is permitted where such person (i) was acting in good faith;
(ii) was acting in a manner he reasonably believed to be in or not opposed to
the best interests of the corporation or other corporation or enterprise, as
appropriate; (iii) with respect to a criminal proceeding, had no reasonable
cause to believe his conduct was unlawful; and (iv) was not adjudged to be
liable to the corporation or other corporation or enterprise (unless the court
where the proceeding was brought determines that such person is fairly and
reasonably entitled to indemnity).

     Unless ordered by a court, indemnification may be made only following a
determination that such indemnification is permissible because the person being
indemnified has met the requisite standard of conduct.  Such determination may
be made (i) by the corporation's board of directors by a majority vote of a
quorum consisting of directors not at the time parties to such proceeding; or
(ii) if such a quorum cannot be obtained or the quorum so directs, then by
independent legal counsel in a written opinion; or (iii) by the stockholders.

<PAGE>  II-3

     Section 145 also permits expenses incurred by directors and officers in
defending a proceeding to be paid by the corporation in advance of the final
disposition of such proceedings upon the receipt of an undertaking by the
director or officer to repay such amount if it is ultimately determined that he
is not entitled to be indemnified by the corporation against such expenses.

     Under a directors' and officers' liability insurance policy, directors and
officers of the Company are insured against certain liabilities, including
certain liabilities under the Securities Act.

Item 7.   Exemption from Registration Claimed.

     Not Applicable.

Item 8.   Exhibits.

                                                              Reference to
                                                             Prior Filing or
Regulation S-K                                                Exhibit Number  
Exhibit Number                     Document                  Attached Hereto
- -------------------------------------------------------------------------------
     4            Instruments Defining the Rights of
                  Security Holders, Including Indentures:

                   Certificate of Incorporation of Yonkers
                   Financial Corporation. . . . . . . . . . .        *    

                   Bylaws of Yonkers Financial Corporation. .        *

                   The Yonkers Savings and Loan
                   Association, FA 401(k) Savings Plan. . . .        *

    5              Opinion of Silver, Freedman & Taff,
                   L.L.P. . . . . . . . . . . . . . . . . . .        5

    23            Consents of Experts and Counsel:

                   Consent of KPMG Peat Marwick llp,
                   certified public accountants . . . . . . .       23.1
 
                   Consent of Silver, Freedman & Taff,
                   L.L.P. . . . . . . . . . . . . . . . . . .       23.2

    24            Power of Attorney . . . . . . . . . . . . .    Contained on
                                                                Signature Page
- ------------------------
* Filed as exhibits to the Registrant's Registration Statement on Form S-1
  (File No. 33-81013) filed with the Commission on December 29, 1995 and all
  amendments thereto or reports filed for the purpose of updating such
  description.  All of such previously filed documents are hereby incorporated
  herein by reference in accordance with Item 601 of Regulation S-K.

    The Company hereby undertakes that it will submit or has submitted the
Plan and any amendment thereto to the Internal Revenue Service (the "IRS") in a
timely manner and has made

<PAGE>  II-4

or will make all changes required by the IRS in order to qualify the Plan under
Section 401 of the Internal Revenue Code of 1986, as amended.

Item 9.   Undertakings.

(a)      The undersigned Registrant hereby undertakes:

         (1)   To file, during any period in which offers or sales are being
               made, a post-effective amendment to this registration statement
               to include any material information with respect to the plan of
               distribution not previously disclosed in the registration
               statement or any material change to such information in the
               registration statement.

         (2)   That, for the purpose of determining any liability under the
               Securities Act, each such post-effective amendment shall be
               deemed to be a new registration statement relating to the
               securities offered therein, and the offering of such securities
               at that time shall be deemed to be the initial bona fide
               offering thereof.

         (3)   To remove from registration by means of a post-effective
               amendment any of the securities being registered which remain
               unsold at the termination of the offering.

(b)     The undersigned Registrant hereby undertakes that, for purposes of   
        determining any liability under the Securities Act each filing of the 
        Registrant's annual report pursuant to Section 13(a) or Section 15(d)
        of the Exchange Act and each filing of the employee benefit plan's
        annual report pursuant to Section 15(d) of the Exchange Act that is
        incorporated by reference in the registration statement shall be
        deemed to be a new registration statement relating to the securities
        offered therein, and the offering of such securities at that time
        shall be deemed to be the initial bona fide offering thereof.

(c)     Insofar as indemnification for liabilities arising under the
        Securities  Act may be permitted to directors, officers and
        controlling persons of the registrant pursuant to the foregoing
        provisions, or otherwise, the registrant has been advised that in the
        opinion of the Commission such indemnification is against public
        policy as expressed in the Securities Act and is, therefore,
        unenforceable.  In the event that a claim for indemnification against
        such liabilities (other than the payment by the registrant of expenses
        incurred or paid by a director, officer or controlling person of the
        registrant in the successful defense of any action, suit or
        proceeding) is asserted by such director, officer or controlling
        person in connection with the securities being registered, the
        registrant will, unless in the opinion of its counsel the matter has
        been settled by controlling precedent, submit to a court of
        appropriate jurisdiction the question whether such indemnification by
        it is against public policy as expressed in the Securities Act and
        will be governed by the final adjudication of such issue.

<PAGE>  II-5

                                  SIGNATURES

      The Registrant.  Pursuant to the requirements of the Securities Act of
1933, the Registrant certifies that it has reasonable grounds to believe that
it meets all the requirements for filing on Form S-8 and the Registrant has
duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized in the City of Yonkers, State of New
York, on June 7, 1996.

                                     YONKERS FINANCIAL CORPORATION



                                By:  /s/ Richard F. Komosinski
                                     ------------------------------------------
                                     Richard F. Komosinski, Director and
                                     President (Duly Authorized Representative)

                               POWER OF ATTORNEY

      KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Richard F. Komosinski and Joseph D. Roberto, or
either of them, his true and lawful attorneys-in-fact and agents, with full
power of substitution and re-substitution, for him and in his name, place and
stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments) to this Registration Statement, and to file the
same, with all exhibits thereto, and all other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents full power and authority to do and perform each
and every act and thing requisite and necessary to be done, as fully to all
intents and purposes as he might or could do in person, hereby ratifying and
confirming said attorneys-in-fact and agents or their substitutes or substitute
may lawfully do or cause to be done by virtue hereof.

      Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the date as indicated. 



/s/ Richard F. Komosinski                /s/ William G. Bachop
- ------------------------------------    --------------------------------------
Richard F. Komosinski, Director         William G. Bachop, Director and
and President (Principal Executive      Chairman of the Board
and Operating Officer)

Date:  June 7, 1996                     Date:  June 7, 1996


<PAGE>  II-6




/s/ P. Anythony Sarubbi                 /s/ William F. Ramsey
- ------------------------------------    ---------------------------------------
P. Anthony Sarubbi, Vice Chairman of    William F. Ramsey, Director and
the Board and Director                  Senior Vice President

Date:  June 7, 1996                     Date:  June 7, 1996




/s/ Charles D. Lohrfink                 /s/ Eben T. Walker
- ------------------------------------    ---------------------------------------
Charles D. Lohrfink, Director           Eben T. Walker, Director

Date:  June 7, 1996                     Date:  June 7, 1996




/s/ Michael J. Martin                   /s/ Joseph D. Roberto
- ------------------------------------    ---------------------------------------
Michael J. Martin, Director             Joseph D. Roberto, Vice President
                                        and Treasurer (Principal Financial
                                        and Accounting Officer)

Date:  June 7, 1996                     Date:  June 7, 1996


<PAGE>  II-7

                                  SIGNATURES

      The Plan.  Pursuant to the requirements of the Securities Act of 1933,
the trustees or other persons who administer the employee benefit plan, have
duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Yonkers, State of New
York on June 7, 1996.

                                            THE YONKERS SAVINGS AND LOAN
                                            ASSOCIATION, FA 401(k) SAVINGS
                                            PLAN ADMINISTRATIVE COMMITTEE



                                      By:   /s/ Richard F. Komosinski
                                            -----------------------------------
                                            Richard F. Komosinski



                                      By:   /s/ Joseph D. Roberto
                                            -----------------------------------
                                            Joseph D. Roberto



                                      By:   /s/ Sara Vinchkoski
                                            -----------------------------------
                                            Sara Vinchkoski
      

                                            COMMUNITY BANK, N.A., TRUSTEE



                                     By:   /s/ Barry S. Kublin
                                           ------------------------------------
                                           Name:    Barry S. Kublin
                                           Title:   Vice President

<PAGE>  II-8

                                 EXHIBIT INDEX

                                                             Reference to
                                                           Prior Filing or
                                                           Page Number in
                                                             Sequentially 
                                                               Numbered
Exhibit                                                      Registration
Number                                                         Statement
- ------------------------------------------------------------------------------
  4       Instruments Defining the Rights of Security
          Holders, Including Indentures:

             Certificate of Incorporation of Yonkers
             Financial Corporation                                 *

             Bylaws of Yonkers Financial Corporation               *

             The Yonkers Savings and Loan Association, FA
             401(k) Savings Plan                                   *

  5          Opinion of Silver, Freedman & Taff, L.L.P.         Page 11

           Consents of Experts and Counsel:

  23         Consent of KPMG Peat Marwick llp                   Page 12
               
             Consent of Silver, Freedman & Taff, L.L.P.         Page 13

  24         Power of Attorney                                Contained on
                                                             signature page.
________________________
*  Filed as exhibits to the Registrant's Registration Statement on Form S-1
   (File No. 33-81013) filed with the Commission on December 29, 1995 and all
   amendments thereto or reports filed for the purpose of updating such
   description.  All of such previously filed documents are hereby incorporated
   herein by reference in accordance with Item 601 of Regulation S-K.
[{"type": "S-8", "sequence": "1", "description": "FORM S-8 FOR 401(K) SAVINGS PLAN", "secsgml_size_bytes": 23571}]
{"company-data": {"conformed-name": "YONKERS FINANCIAL CORP", "cik": "0001005508", "assigned-sic": "6035", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-05563", "film-number": "96578549"}, "business-address": {"street1": "ONE MANOR HOUSE SQUARE", "city": "YONKERS", "state": "NY", "zip": "10701", "phone": "9149684500"}}
As filed with the Securities and Exchange Commission on June 7, 1996
                                                 Registration No. 333-       
===============================================================================

                      SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC  20549
                                                              

                           REGISTRATION STATEMENT ON
                                  FORM S-8
                       UNDER THE SECURITIES ACT OF 1933
                                                              

                         YONKERS FINANCIAL CORPORATION
            (Exact name of registrant as specified in its charter)

             Delaware                                 13-3870836
   (State or other jurisdiction of       (I.R.S. Employer Identification No.)
   incorporation or organization)

  6 Executive Plaza, Yonkers, New York                10701-9858
(Address of principal executive offices)              (Zip Code)

       THE YONKERS SAVINGS AND LOAN ASSOCIATION, FA 401(K) SAVINGS PLAN
                           (Full title of the plan)

                            Kip A. Weissman, P.C.
                            Jane K. Storero, P.C.
                      Silver, Freedman & Taff, L.L.P.
     (a limited liability partnership including professional corporations)
                           7th Floor, East Tower
                          1100 New York Avenue, NW
                            Washington, DC  20005
                  (Name and address of agent for service)

                               (202) 414-6100
        (Telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
===============================================================================
                                      Proposed      Proposed
                                      maximum        maximum
                        Amount        offering     aggregate      Amount of
Title of securities      to be         price        offering     registration
to be registered      registered     per share       price            fee
- -------------------------------------------------------------------------------
Common Stock,
$.01 par value          10,000       $10.00(2)    $100,000(2)        $100.00
                       shares(1)

Interests in The
Yonkers Savings
and Loan
Association,FA 
401(k) Savings Plan       (3)           (3)           (3)              (3)     
- -------------------------------------------------------------------------------
(1)  Estimated maximum aggregate number of shares of Yonkers Financial
     Corporation common stock purchased and purchasable with employer and
     employee contributions under the Plan during the next two years.
(2)  Estimated, pursuant to Rule 457(h), solely for the purpose of
     calculating the registration fee, at $10.00 per share, which was the
     closing price of the common stock of Yonkers Financial Corporation on
     June 3, 1996 as reported on the NASDAQ National Market System.
(3)  Pursuant to Rule 416(c) under the Securities Act of 1933, this
     Registration Statement also covers an indeterminate amount of interests
     to be offered or sold pursuant to the employee benefit plan described
     herein.  In accordance with Rule 457(h)(2), no separate fee calculation
     is made for plan interests.
I-1
                                    PART I

             INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS

     The document(s) containing the information specified in Part I of Form S-8
will be sent or given to participants in The Yonkers Savings and Loan
Association, FA 401(k) Savings Plan (the "Plan") as specified by Rule 428(b)(1)
promulgated by the Securities and Exchange Commission (the "Commission") under
the Securities Act of 1933, as amended (the "Securities Act").

     Such document(s) are not being filed with the Commission, but constitute
(along with the documents incorporated by reference into the Registration
Statement pursuant to Item 3 of Part II hereof) a prospectus that meets the
requirements of Section 10(a) of the Securities Act.
II-1
                                    PART II

                    INFORMATION NOT REQUIRED IN PROSPECTUS

Item 3.   Incorporation of Certain Documents by Reference.

     The following documents previously or concurrently filed by Yonkers
Financial Corporation (the "Company") with the Commission are hereby
incorporated by reference in this Registration Statement:

(a)  the Company's latest prospectus dated February 12, 1996 filed pursuant to
     Rule 424(b) of the Securities Act (File No. 33-81013) on February 27,
     1996; 

(b)  The Company's Quarterly Report on Form 10-Q for the quarter ended
     March 31, 1996 (File No. 0-27716) filed pursuant to Rule 13a-13 of the
     Exchange Act;

(c)  all other reports filed pursuant to Section 13(a) or 15(d) of the
     Securities and Exchange Act of 1934, as amended (the "Exchange Act") since
     the end of the fiscal year covered by audited financial statements
     contained in the prospectus referred to in Item 3(a) above;

(d)  the description of the common stock, par value $.01 per share, of the
     Registrant contained in the Registrant's Registration Statement on
     Form 8-A (File No. 0-27716) filed with the Commission on February 6, 1996
     and all amendments thereto or reports filed for the purpose of updating
     such  description; and

(e)  the Plan's Annual Report on Form 11-K for the plan year ended December 31,
     1995.

     All documents subsequently filed by the Registrant with the Commission
pursuant to Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act, prior to
the filing of a post-effective amendment which indicates that all securities
offered hereby have been sold or which deregisters all securities then
remaining unsold, shall be deemed incorporated by reference into this
Registration Statement and to be a part thereof from the date of the filing of
such documents.  Any statement contained in the documents incorporated, or
deemed to be incorporated, by reference herein or therein shall be deemed to be
modified or superseded for purposes of this Registration Statement and the
Prospectus to the extent that a statement contained herein or therein or in any
other subsequently filed document which also is, or is deemed to be,
incorporated by reference herein or therein modifies or supersedes such
statement.  Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Registration
Statement and the Prospectus.

     The Company shall furnish without charge to each person to whom the
Prospectus is delivered, on the written or oral request of such person, a copy
of any or all of the documents incorporated by reference, other than exhibits
to such documents (unless such exhibits are specifically incorporated by
reference to the information that is incorporated).  Requests should be
directed to the Secretary, Yonkers Financial Corporation, 6 Executive Plaza,
Yonkers, New York 10701-9858, telephone number (914) 968-4500.
II-2

     All information appearing in this Registration Statement and the
Prospectus is qualified in its entirety by the detailed information, including
financial statements, appearing in the documents incorporated herein or therein
by reference.

Item 4.   Description of Securities.

     Not Applicable.

Item 5.   Interests of Named Experts and Counsel.

     Not Applicable.

Item 6.   Indemnification of Directors and Officers.

     Section Eleven of the Company's Certificate of Incorporation provides for
indemnification of directors and officers of the Registrant against any and all
liabilities, judgments, fines and reasonable settlements, costs, expenses and
attorneys' fees incurred in any actual, threatened or potential proceeding,
except to the extent that such indemnification is limited by Delaware law and
such law cannot be varied by contract or bylaw.  Section Eleven also provides
for the authority to purchase insurance with respect thereto.

     Section 145 of the General Corporation Law of the State of Delaware
authorizes a corporation's board of directors to grant indemnity under certain
circumstances to directors and officers, when made, or threatened to be made,
parties to certain proceedings by reason of such status with the corporation,
against judgments, fines, settlements and expenses, including attorneys' fees. 
In addition, under certain circumstances such persons may be indemnified
against expenses actually and reasonably incurred in defense of a proceeding by
or on behalf of the corporation.  Similarly, the corporation, under certain
circumstances, is authorized to indemnify directors and officers of other
corporations or enterprises who are serving as such at the request of the
corporation, when such persons are made, or threatened to be made, parties to
certain proceedings by reason of such status, against judgments, fines,
settlements and expenses, including attorneys' fees; and under certain
circumstances, such persons may be indemnified against expenses actually and
reasonably incurred in connection with the defense or settlement of a
proceeding by or in the right of such other corporation or enterprise. 
Indemnification is permitted where such person (i) was acting in good faith;
(ii) was acting in a manner he reasonably believed to be in or not opposed to
the best interests of the corporation or other corporation or enterprise, as
appropriate; (iii) with respect to a criminal proceeding, had no reasonable
cause to believe his conduct was unlawful; and (iv) was not adjudged to be
liable to the corporation or other corporation or enterprise (unless the court
where the proceeding was brought determines that such person is fairly and
reasonably entitled to indemnity).

     Unless ordered by a court, indemnification may be made only following a
determination that such indemnification is permissible because the person being
indemnified has met the requisite standard of conduct.  Such determination may
be made (i) by the corporation's board of directors by a majority vote of a
quorum consisting of directors not at the time parties to such proceeding; or
(ii) if such a quorum cannot be obtained or the quorum so directs, then by
independent legal counsel in a written opinion; or (iii) by the stockholders.
II-3

     Section 145 also permits expenses incurred by directors and officers in
defending a proceeding to be paid by the corporation in advance of the final
disposition of such proceedings upon the receipt of an undertaking by the
director or officer to repay such amount if it is ultimately determined that he
is not entitled to be indemnified by the corporation against such expenses.

     Under a directors' and officers' liability insurance policy, directors and
officers of the Company are insured against certain liabilities, including
certain liabilities under the Securities Act.

Item 7.   Exemption from Registration Claimed.

     Not Applicable.

Item 8.   Exhibits.

                                                              Reference to
                                                             Prior Filing or
Regulation S-K                                                Exhibit Number  
Exhibit Number                     Document                  Attached Hereto
- -------------------------------------------------------------------------------
     4            Instruments Defining the Rights of
                  Security Holders, Including Indentures:

                   Certificate of Incorporation of Yonkers
                   Financial Corporation. . . . . . . . . . .        *    

                   Bylaws of Yonkers Financial Corporation. .        *

                   The Yonkers Savings and Loan
                   Association, FA 401(k) Savings Plan. . . .        *

    5              Opinion of Silver, Freedman & Taff,
                   L.L.P. . . . . . . . . . . . . . . . . . .        5

    23            Consents of Experts and Counsel:

                   Consent of KPMG Peat Marwick llp,
                   certified public accountants . . . . . . .       23.1
 
                   Consent of Silver, Freedman & Taff,
                   L.L.P. . . . . . . . . . . . . . . . . . .       23.2

    24            Power of Attorney . . . . . . . . . . . . .    Contained on
                                                                Signature Page
- ------------------------
* Filed as exhibits to the Registrant's Registration Statement on Form S-1
  (File No. 33-81013) filed with the Commission on December 29, 1995 and all
  amendments thereto or reports filed for the purpose of updating such
  description.  All of such previously filed documents are hereby incorporated
  herein by reference in accordance with Item 601 of Regulation S-K.

    The Company hereby undertakes that it will submit or has submitted the
Plan and any amendment thereto to the Internal Revenue Service (the "IRS") in a
timely manner and has made
II-4

or will make all changes required by the IRS in order to qualify the Plan under
Section 401 of the Internal Revenue Code of 1986, as amended.

Item 9.   Undertakings.

(a)      The undersigned Registrant hereby undertakes:

         (1)   To file, during any period in which offers or sales are being
               made, a post-effective amendment to this registration statement
               to include any material information with respect to the plan of
               distribution not previously disclosed in the registration
               statement or any material change to such information in the
               registration statement.

         (2)   That, for the purpose of determining any liability under the
               Securities Act, each such post-effective amendment shall be
               deemed to be a new registration statement relating to the
               securities offered therein, and the offering of such securities
               at that time shall be deemed to be the initial bona fide
               offering thereof.

         (3)   To remove from registration by means of a post-effective
               amendment any of the securities being registered which remain
               unsold at the termination of the offering.

(b)     The undersigned Registrant hereby undertakes that, for purposes of   
        determining any liability under the Securities Act each filing of the 
        Registrant's annual report pursuant to Section 13(a) or Section 15(d)
        of the Exchange Act and each filing of the employee benefit plan's
        annual report pursuant to Section 15(d) of the Exchange Act that is
        incorporated by reference in the registration statement shall be
        deemed to be a new registration statement relating to the securities
        offered therein, and the offering of such securities at that time
        shall be deemed to be the initial bona fide offering thereof.

(c)     Insofar as indemnification for liabilities arising under the
        Securities  Act may be permitted to directors, officers and
        controlling persons of the registrant pursuant to the foregoing
        provisions, or otherwise, the registrant has been advised that in the
        opinion of the Commission such indemnification is against public
        policy as expressed in the Securities Act and is, therefore,
        unenforceable.  In the event that a claim for indemnification against
        such liabilities (other than the payment by the registrant of expenses
        incurred or paid by a director, officer or controlling person of the
        registrant in the successful defense of any action, suit or
        proceeding) is asserted by such director, officer or controlling
        person in connection with the securities being registered, the
        registrant will, unless in the opinion of its counsel the matter has
        been settled by controlling precedent, submit to a court of
        appropriate jurisdiction the question whether such indemnification by
        it is against public policy as expressed in the Securities Act and
        will be governed by the final adjudication of such issue.
II-5

                                  SIGNATURES

      The Registrant.  Pursuant to the requirements of the Securities Act of
1933, the Registrant certifies that it has reasonable grounds to believe that
it meets all the requirements for filing on Form S-8 and the Registrant has
duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized in the City of Yonkers, State of New
York, on June 7, 1996.

                                     YONKERS FINANCIAL CORPORATION

                                By:  /s/ Richard F. Komosinski
                                     ------------------------------------------
                                     Richard F. Komosinski, Director and
                                     President (Duly Authorized Representative)

                               POWER OF ATTORNEY

      KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Richard F. Komosinski and Joseph D. Roberto, or
either of them, his true and lawful attorneys-in-fact and agents, with full
power of substitution and re-substitution, for him and in his name, place and
stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments) to this Registration Statement, and to file the
same, with all exhibits thereto, and all other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents full power and authority to do and perform each
and every act and thing requisite and necessary to be done, as fully to all
intents and purposes as he might or could do in person, hereby ratifying and
confirming said attorneys-in-fact and agents or their substitutes or substitute
may lawfully do or cause to be done by virtue hereof.

      Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the date as indicated. 

/s/ Richard F. Komosinski                /s/ William G. Bachop
- ------------------------------------    --------------------------------------
Richard F. Komosinski, Director         William G. Bachop, Director and
and President (Principal Executive      Chairman of the Board
and Operating Officer)

Date:  June 7, 1996                     Date:  June 7, 1996
II-6

/s/ P. Anythony Sarubbi                 /s/ William F. Ramsey
- ------------------------------------    ---------------------------------------
P. Anthony Sarubbi, Vice Chairman of    William F. Ramsey, Director and
the Board and Director                  Senior Vice President

Date:  June 7, 1996                     Date:  June 7, 1996

/s/ Charles D. Lohrfink                 /s/ Eben T. Walker
- ------------------------------------    ---------------------------------------
Charles D. Lohrfink, Director           Eben T. Walker, Director

Date:  June 7, 1996                     Date:  June 7, 1996

/s/ Michael J. Martin                   /s/ Joseph D. Roberto
- ------------------------------------    ---------------------------------------
Michael J. Martin, Director             Joseph D. Roberto, Vice President
                                        and Treasurer (Principal Financial
                                        and Accounting Officer)

Date:  June 7, 1996                     Date:  June 7, 1996
II-7

                                  SIGNATURES

      The Plan.  Pursuant to the requirements of the Securities Act of 1933,
the trustees or other persons who administer the employee benefit plan, have
duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Yonkers, State of New
York on June 7, 1996.

                                            THE YONKERS SAVINGS AND LOAN
                                            ASSOCIATION, FA 401(k) SAVINGS
                                            PLAN ADMINISTRATIVE COMMITTEE

                                      By:   /s/ Richard F. Komosinski
                                            -----------------------------------
                                            Richard F. Komosinski

                                      By:   /s/ Joseph D. Roberto
                                            -----------------------------------
                                            Joseph D. Roberto

                                      By:   /s/ Sara Vinchkoski
                                            -----------------------------------
                                            Sara Vinchkoski
      

                                            COMMUNITY BANK, N.A., TRUSTEE

                                     By:   /s/ Barry S. Kublin
                                           ------------------------------------
                                           Name:    Barry S. Kublin
                                           Title:   Vice President
II-8

                                 EXHIBIT INDEX

                                                             Reference to
                                                           Prior Filing or
                                                           Page Number in
                                                             Sequentially 
                                                               Numbered
Exhibit                                                      Registration
Number                                                         Statement
- ------------------------------------------------------------------------------
  4       Instruments Defining the Rights of Security
          Holders, Including Indentures:

             Certificate of Incorporation of Yonkers
             Financial Corporation                                 *

             Bylaws of Yonkers Financial Corporation               *

             The Yonkers Savings and Loan Association, FA
             401(k) Savings Plan                                   *

  5          Opinion of Silver, Freedman & Taff, L.L.P.         Page 11

           Consents of Experts and Counsel:

  23         Consent of KPMG Peat Marwick llp                   Page 12
               
             Consent of Silver, Freedman & Taff, L.L.P.         Page 13

  24         Power of Attorney                                Contained on
                                                             signature page.
________________________
*  Filed as exhibits to the Registrant's Registration Statement on Form S-1
   (File No. 33-81013) filed with the Commission on December 29, 1995 and all
   amendments thereto or reports filed for the purpose of updating such
   description.  All of such previously filed documents are hereby incorporated
   herein by reference in accordance with Item 601 of Regulation S-K.