<PAGE>
 
   As filed with the Securities and Exchange Commission on October __, 1997
                                                      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
 incorporation or organization)                            Identification No.)

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

                         YONKERS FINANCIAL CORPORATION
                     1996 STOCK OPTION AND INCENTIVE PLAN
                           (Full title of the plan)

                             Kip A. Weissman, P.C.
                          John S. Pettibone III, Esq.
                        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
<TABLE> 
<CAPTION> 
=========================================================================================================================
                                                                 Proposed maximum    Proposed maximum 
                                               Amount to be       offering price        aggregate          Amount of
Title of securities to be registered            registered           per share        offering price    registration fee
-------------------------------------------------------------------------------------------------------------------------
<S>                                         <C>                  <C>                 <C>                <C>
Common Stock, $.01 par value                357,075 shares/(1)/     $20.32/(2)/       $7,255,764/(2)/       $2,198.72
 
Interests in Yonkers Financial Corporation 
1996 Stock Option and Incentive Plan             N/A/(3)/            N/A/(3)/             N/A/(3)/          N/A/(3)/
=========================================================================================================================
</TABLE>
---------------------
/(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 $20.32 per share, which was the average of the
      high and the low price of the common stock of Yonkers Financial
      Corporation on October 9, 1997 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.
<PAGE>
 
                                    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 Yonkers Financial Corporation 1996
Stock Option and Incentive 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.

                                      I-1
<PAGE>
 
                                    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 Annual Report on Form 10-K for the fiscal year ended
     September 30, 1996 (File No. 0-27716) filed pursuant to the Securities and
     Exchange Act of 1934, as amended (the "Exchange Act");

(b)  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; and

(c)  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.

     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) 965-2500.

                                     II-1
<PAGE>
 
     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

                                     II-2
<PAGE>
 
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.

     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.

                                     II-3
<PAGE>
 
Item 8.  Exhibits.
         --------

<TABLE> 
<CAPTION> 
                                                               
Regulation S-K                                               Reference to Prior Filing or
  Exhibit                                                      Exhibit Number Attached
  Number                     Document                                   Hereto
---------- ------------------------------------------------- ----------------------------
<S>        <C>                                               <C> 
    4      Instruments Defining the Rights of Security 
           Holders, Including Indentures:              
                                                       
              Certificate of Incorporation of Yonkers        
              Financial Condition...........................              *
                                                       
              Bylaws of Yonkers Financial Corporation.......              *
                                                       
              Yonkers Financial Corporation                     
              1996 Stock Option and Incentive Plan..........     Attached as Exhibit 4 
                                                       
    5      Opinion of Silver, Freedman & Taff, L.L.P........     Attached as Exhibit 5
                                                       
   15      Letter on unaudited interim financial       
           information......................................        Not Applicable
                                                       
   23      Consents of Experts and Counsel:            
                                                       
              Consent of KPMG Peat Marwick LLP,        
              certified public accountants..................     Attached as Exhibit 23.1
                                                       
              Consent of Silver, Freedman & Taff, L.L.P.....     Attached as Exhibit 23.2
                                                       
   24      Power of Attorney................................    Contained on Signature Page
                                                       
   26      Invitations for Competitive Bids.................         Not Applicable
                                                       
   99      Additional Exhibits..............................         Not Applicable
</TABLE>
-----------------------
*    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 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.

                                     II-4
<PAGE>
 
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
<PAGE>
 
                                  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
October 10, 1997.

                                   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, Joseph D. Roberto and
Joseph L. Macchia, 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 and President    William G. Bachop, Director and
(Principal Executive and Operating Officer)      Chairman of the Board

Date:  October 10, 1997                          Date:  October 10, 1997

                                     II-6
<PAGE>
 
/s/ P. Anthony Sarubbi                       /s/ Donald R. Angelilli
----------------------------------------     -----------------------------------
P. Anthony Sarubbi, Vice Chairman of the     Donald R. Angelilli, Director
Board and Director                        
                                          
Date:  October 10, 1997                      Date:  October 10, 1997  
                                          
                                          
                                          
/s/ Charles D. Lohrfink                      /s/ Eben T. Walker
----------------------------------------     -----------------------------------
Charles D. Lohrfink, Director                Eben T. Walker, Director
                                          
Date:  October 10, 1997                      Date:  October 10, 1997  
                                          
                                          
                                          
/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:  October 10, 1997                      Date:   October 10, 1997  

                                     II-7
<PAGE>
 
================================================================================


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC  20549


                           ------------------------


                                   EXHIBITS

                                      TO

                                   FORM S-8

                            REGISTRATION STATEMENT

                                     UNDER

                          THE SECURITIES ACT OF 1933


                           ------------------------


                         YONKERS FINANCIAL CORPORATION

                                        
================================================================================
<PAGE>
 
                                 EXHIBIT INDEX

<TABLE> 
<CAPTION> 
                                                                 Reference to Prior Filing or
                                                                 Page Number in Sequentially
Exhibit                                                              Numbered Registration
 Number                                                                    Statement
-------                                                          ----------------------------
<S>                                                              <C> 
  4    Instruments Defining the Rights of Security Holders,
       Including Indentures:
 
          Certificate of Incorporation of Yonkers Financial
          Corporation                                                          *

          Bylaws of Yonkers Financial Corporation                              *
 
          Yonkers Financial Corporation
          1996 Stock Option and Incentive Plan                             Exhibit 4
                                  
  5    Opinion of Silver, Freedman & Taff, L.L.P.                          Exhibit 5
                             
 23.1  Consent of KPMG Peat Marwick llp                                   Exhibit 23.1
                             
 23.2  Consent of Silver, Freedman & Taff, L.L.P.                         Exhibit 23.2
                             
  24   Power of Attorney                                             Contained on signature page.
</TABLE> 
------------------------
*  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", "secsgml_size_bytes": 24784}]
{"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": "333-37667", "film-number": "97694097"}, "business-address": {"street1": "ONE MANOR HOUSE SQUARE", "city": "YONKERS", "state": "NY", "zip": "10701", "phone": "9149684500"}}
As filed with the Securities and Exchange Commission on October __, 1997
                                                      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
 incorporation or organization)                            Identification No.)

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

                         YONKERS FINANCIAL CORPORATION
                     1996 STOCK OPTION AND INCENTIVE PLAN
                           (Full title of the plan)

                             Kip A. Weissman, P.C.
                          John S. Pettibone III, Esq.
                        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 maximum    Proposed maximum 
                                               Amount to be       offering price        aggregate          Amount of
Title of securities to be registered            registered           per share        offering price    registration fee
-------------------------------------------------------------------------------------------------------------------------
Common Stock, $.01 par value                357,075 shares/(1)/     $20.32/(2)/       $7,255,764/(2)/       $2,198.72
 
Interests in Yonkers Financial Corporation 
1996 Stock Option and Incentive Plan             N/A/(3)/            N/A/(3)/             N/A/(3)/          N/A/(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 $20.32 per share, which was the average of the
      high and the low price of the common stock of Yonkers Financial
      Corporation on October 9, 1997 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.
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 Yonkers Financial Corporation 1996
Stock Option and Incentive 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.

                                      I-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 Annual Report on Form 10-K for the fiscal year ended
     September 30, 1996 (File No. 0-27716) filed pursuant to the Securities and
     Exchange Act of 1934, as amended (the "Exchange Act");

(b)  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; and

(c)  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.

     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) 965-2500.

                                     II-1
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

                                     II-2
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.

     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.

                                     II-3
Item 8.  Exhibits.
         --------
Regulation S-K                                               Reference to Prior Filing or
  Exhibit                                                      Exhibit Number Attached
  Number                     Document                                   Hereto
---------- ------------------------------------------------- ----------------------------
4      Instruments Defining the Rights of Security 
           Holders, Including Indentures:              
                                                       
              Certificate of Incorporation of Yonkers        
              Financial Condition...........................              *
                                                       
              Bylaws of Yonkers Financial Corporation.......              *
                                                       
              Yonkers Financial Corporation                     
              1996 Stock Option and Incentive Plan..........     Attached as Exhibit 4 
                                                       
    5      Opinion of Silver, Freedman & Taff, L.L.P........     Attached as Exhibit 5
                                                       
   15      Letter on unaudited interim financial       
           information......................................        Not Applicable
                                                       
   23      Consents of Experts and Counsel:            
                                                       
              Consent of KPMG Peat Marwick LLP,        
              certified public accountants..................     Attached as Exhibit 23.1
                                                       
              Consent of Silver, Freedman & Taff, L.L.P.....     Attached as Exhibit 23.2
                                                       
   24      Power of Attorney................................    Contained on Signature Page
                                                       
   26      Invitations for Competitive Bids.................         Not Applicable
                                                       
   99      Additional Exhibits..............................         Not Applicable
-----------------------
*    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 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.

                                     II-4
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
October 10, 1997.

                                   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, Joseph D. Roberto and
Joseph L. Macchia, 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 and President    William G. Bachop, Director and
(Principal Executive and Operating Officer)      Chairman of the Board

Date:  October 10, 1997                          Date:  October 10, 1997

                                     II-6
/s/ P. Anthony Sarubbi                       /s/ Donald R. Angelilli
----------------------------------------     -----------------------------------
P. Anthony Sarubbi, Vice Chairman of the     Donald R. Angelilli, Director
Board and Director                        
                                          
Date:  October 10, 1997                      Date:  October 10, 1997  
                                          
                                          
                                          
/s/ Charles D. Lohrfink                      /s/ Eben T. Walker
----------------------------------------     -----------------------------------
Charles D. Lohrfink, Director                Eben T. Walker, Director
                                          
Date:  October 10, 1997                      Date:  October 10, 1997  
                                          
                                          
                                          
/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:  October 10, 1997                      Date:   October 10, 1997  

                                     II-7
================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC  20549

                           ------------------------

                                   EXHIBITS

                                      TO

                                   FORM S-8

                            REGISTRATION STATEMENT

                                     UNDER

                          THE SECURITIES ACT OF 1933

                           ------------------------

                         YONKERS FINANCIAL CORPORATION

                                        
================================================================================
EXHIBIT INDEX
Reference to Prior Filing or
                                                                 Page Number in Sequentially
Exhibit                                                              Numbered 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                              *
 
          Yonkers Financial Corporation
          1996 Stock Option and Incentive Plan                             Exhibit 4
                                  
  5    Opinion of Silver, Freedman & Taff, L.L.P.                          Exhibit 5
                             
 23.1  Consent of KPMG Peat Marwick llp                                   Exhibit 23.1
                             
 23.2  Consent of Silver, Freedman & Taff, L.L.P.                         Exhibit 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.