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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-K/A

[X]   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934 [Fee Required]

      For the fiscal year ended September 30, 1998

                                       OR

|_|   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934 [No Fee Required]

                         Commission file number 0-27716

                          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
----------------------------------------------              --------------------
   (Address of principal executive offices)                     (Zip Code)

Registrant's telephone number, including area code: (914) 965-2500
                                                    --------------

           Securities Registered Pursuant to Section 12(b) of the Act:
                                      None

           Securities Registered Pursuant to Section 12(g) of the Act:

                     Common Stock, par value $0.01 per share
                     ---------------------------------------
                                (Title of Class)

      Indicate by check mark whether the Registrant (1) filed all reports
required to be filed by Section 13 or 15(d) of the Exchange Act during the past
twelve months (or for such shorter period that the Registrant was required to
file such reports), and (2) has been subject to such requirements for the past
90 days. YES |X| NO |_|

      Indicate by check mark if there is no disclosure of delinquent filers in
response to Item 405 of Regulation S-K contained in this form, and no disclosure
will be contained, to the best of Registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. |_|

      As of December 21, 1998, there were issued and outstanding 2,726,239
shares of the Registrant's Common Stock. The aggregate market value of the
voting stock held by non-affiliates of the Registrant, computed by reference to
the closing price of such stock on the Nasdaq National Market as of December 21,
1998, was approximately $38.2 million. (The exclusion from such amount of the
market value of the shares owned by any person shall not be deemed an admission
by the Registrant that such person is an affiliate of the Issuer.)

                       DOCUMENTS INCORPORATED BY REFERENCE

PARTS II and IV of Form 10-K--Annual Report to Stockholders for the fiscal year
ended September 30, 1998. 
PART III of form 10-K--Proxy statement for the Annual Meeting for the fiscal 
year ended September 30, 1998.

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<PAGE>

                                     PART IV

Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a)(1) Financial Statements

      The following information appearing in the Company's 1998 Annual Report to
Stockholders is herein incorporated by reference

Item                                                      Pages in Annual Report
---------------------------------------                   ----------------------
Independent Auditors' Report                              Page 27

Consolidated  Balance Sheets as of September 30, 1998     Page 28
 and 1997

Consolidated Statements of Income for the Years           Page 29
 Ended September 30, 1998, 1997 and 1996

Consolidated Statements of Changes in Stockholders'       Page 30
 Equity for the Years Ended  September 30, 1998, 1997
 and 1996

Consolidated Statements of Cash Flows for the Years       Page 31
 Ended September 30, 1998, 1997 and 1996

Notes to Consolidated Financial Statements                Pages 32 through 54

(a)(2) Financial Statement Schedules

      All financial statement schedules have been omitted as the required
information is not applicable or has been included in the Consolidated Financial
Statements.


                                       50
<PAGE>

(a)(3)  Exhibits

<TABLE>
<CAPTION>
                                                                            Sequential page
                                                          Reference to        Number Where
                                                          Prior Filing      Attached Exhibits
Regulation S-K                                             or Exhibit      are located in this
   Exhibit                                              Number Attached         Form 10-K
   Number                Document                           Hereto               Report
   ------                --------                           ------               ------
    <S>       <C>                                        <C>                 <C>
    3(a)      Certificate of Incorporation                     *             Not applicable
    3(b)      By-Laws                                          *             Not applicable
    4         Instruments defining the rights                  *             Not applicable
                of security holders including           
                debentures                              
    9         Voting Trust Agreement                          None           Not applicable
    10        Material Contracts                        
    10.1      Management Recognition Plan                      *             Not applicable
    10.2      Stock Option and Incentive Plan                  *             Not applicable
    10.3      Employment Contract with                       10.3 
                Richard F. Komosinski dated June       
                30, 1998                               
    10.4      Change-in-Control Severence Agreement          10.4
                with Joseph L. Macchia dated           
                June 30, 1998                          
    10.5      Change-in-Control Severence Agreement          10.5
                with Joseph D. Roberto dated           
                June 30, 1998                          
    10.6      Change-in-Control Severence Agreement          10.6
                with Philip Guarnieri                  
    11        Statement re: computation of per share     Not required        Not applicable
                earnings                              
    12        Statement re: computation of ratios        Not required        Not applicable
    13        Annual Report to Security Holders               13
    16        Letter re: change in certifying                None            Not applicable
                accountants                           
    18        Letter re: change in accounting                None            Not applicable
                principles                            
    19        Previously unfiled documents                   None            Not applicable
    21        Subsidiaries of Registrant                      21
    22        Published report regarding matters             None            Not applicable
                submittedto vote of security holders  
    23        Consents of Experts and Counsel                 23
    24        Power of Attorney                          Not required        Not applicable
    27        Financial Data Schedule                         27
    28        Information from reports furnished to          None            Not applicable
                state insurance regulatory authorities
    99        Additional Exhibits                            None            Not applicable
</TABLE>

----------
*     Filed as exhibits to the Company's Form S-1 registration statement filed
      on December 29, 1995 (File No. 33- 81013) pursuant to Section 5 of the
      Securities Act of 1933, as amended. All of such previously filed documents
      are hereby incorporated herein by reference in accordance with Item 601 of
      Regulation S-K.

(b) Reports on Form 8-K

      During the quarter ended September 30, 1998, a Form 8-K was filed by the
Holding Company relating to a By-Law amendment.


                                       51
<PAGE>

                                   SIGNATURES

      Pursuant to the requirements of Section 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                                       YONKERS FINANCIAL CORPORATION


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

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons in the capacities and on the
dates indicated.

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


Date: February 11, 1999                Date: February 11, 1999
      -----------------------------          -----------------------------------


/s/ Michael J. Martin                  /s/ Charles D. Lohrfink
-----------------------------------    -----------------------------------------
Michael J. Martin,  Director           Charles D. Lohrfink, Director


Date: February 11, 1999                Date: February 11, 1999
      -----------------------------          -----------------------------------


/s/ Donald R. Angelilli                /s/ Eben T. Walker
-----------------------------------    -----------------------------------------
Donald R. Angelilli, Director          Eben T. Walker, Director


Date: February 11, 1999                Date: February 11, 1999
      -----------------------------          -----------------------------------


/s/ P. Anthony Sarubbi                 /s/ Joseph D. Roberto
-----------------------------------    -----------------------------------------
P. Anthony Sarubbi, Director           Joseph D. Roberto, Vice President,

                                       Treasurer and Chief Financial Officer
                                       (Principal Financial and Accounting 
                                       Officer)


Date: February 11, 1999                Date: February 11, 1999
      -----------------------------          -----------------------------------


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