8-K

                                                         5









                       SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT





     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

         Date of Report (Date of earliest event reported) - JULY 3, 2002
                                                           -------------



                         NORTH FORK BANCORPORATION, INC.
                         -------------------------------
             (Exact name of Registrant as specified in its charter)




  DELAWARE                          1-10458                     36-3154608
 ----------------------------       --------------------        ----------
(State or other jurisdiction      (Commission                 (IRS Employer
 of incorporation)                 File Number)              Identification No.)



275 BROADHOLLOW ROAD
  MELVILLE, NEW YORK                                                    11747
  ---------------------------------------------------------------------------
(Address of principal executive offices)                             (Zip Code)




Registrant's telephone number, including area code:           (631) 844-1004
                                                              --------------







ITEM 5.    OTHER EVENTS

         North Fork Bancorporation, Inc. advised that Standard and Poor's raised
its credit ratings and the credit ratings of its primary subsidiary, North Fork
Bank as follows:


North Fork Bancorporation, Inc.         NEW RATING           PRIOR RATING
                                        ----------           ------------


    Counterparty credit ratings          BBB+/A-2              BBB/A-2


North Fork Bank


    Counterparty credit ratings           A-/A-2              BBB+/A-2


    CDs                                   A-/A-2              BBB+/A-2


North Fork Capital Trust I


    Preferred stock                        BBB-                 BB+


North Fork Capital Trust II


         Preferred stock                   BBB-                 BB+


         Management advised that it was grateful with the ratings upgrades at
the present time, as they reflect North Fork's strengthening financial position.
The full text of Standard and Poor's press release is included herein as Exhibit
99.1.

ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS


(a)      Financial Statements of the Business Acquired.
         Not Applicable


(b)      Pro Forma Financial Information
         Not Applicable


(c)      Exhibits
         99.1     Press Release dated July 3, 2002








                                    SIGNATURE


         Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.


Date:      July 9, 2002











NORTH FORK BANCORPORATION, INC.


By:  /s/  Daniel M. Healy


     -------------------------------
     Daniel M. Healy
     Executive Vice President
     Chief Financial Officer

EX-99.1

EXHIBIT 99.1


RESEARCH:


SUMMARY: NORTH FORK BANCORP


PUBLICATION DATE:    03-Jul-2002

ANALYST:    Lisa Perard, New York (1) 212-438-7399

CREDIT RATING:    BBB+/Stable/A-2

RATIONALE
- -------------------------------------------------------------------------------

Standard & Poor's raised its ratings on Long Island, N.Y.-based North Fork
Bancorp and its subsidiaries, including North Fork Bank (see list below). The
outlook has been revised to stable from positive.


The ratings actions are based North Fork's strong core profitability resulting
from its historically low cost funding, particularly efficient operations,
continued positive asset quality trends, and improved capital measures. These
strengths are somewhat offset by the company's concentration in commercial real
estate (largely residential multifamily), which comprises about half of the loan
portfolio, and its limited geographic focus in the New York metropolitan area.


North Fork's earnings trends remain strong. Low expense levels and a strong net
interest margin resulting from a cost-effective deposit base drive
profitability. The company has maintained a remarkably good efficiency ratio at
a low 32%, despite its de novo branching primarily in Manhattan during the past
several years. North Fork's efficiency is partly attributable to its track
record of improving the funding profile of acquired banks, while reaping cost
benefits of consolidating operations. The acquisition of Commercial Bank of New
York in late 2001, with $1.5 billion in assets and nine branches in Manhattan,
complements the company's de novo strategy and contributes to its goal of
building a critical mass in that market. Fee income remains relatively low
compared to that of peers, but is expected to grow as the company continues to
focus on this area.


Asset quality remains strong, reflecting very low nonperforming assets and net
charge-offs of 0.14% each for the three months ended March 31, 2002. While
management expects continued strong asset quality measures, such low levels are
most likely unsustainable given the current economic environment. The company's
credit risk profile includes exposure to commercial real estate (largely
residential multifamily) in the New York City metropolitan area at a relatively
high 53%. However, this segment of the loan portfolio continues to compare
favorably with industry measures, underscoring the company's good underwriting
standards and ability to manage its risks successfully.



Capitalization is satisfactory based on the organization's credit risk profile,
profitability, and asset quality trends. Overall, tangible capital has improved
during the past three years, although it has been reduced by acquisitions and
share repurchases.






OUTLOOK

North Fork's outlook reflects its ability to manage risks effectively and
produce good financial performance and asset quality consistently. The company's
robust operating momentum continues to be sustained by its low-cost deposits,
efficient operations, and low credit costs.


Rating List


RATINGS RAISED; OUTLOOK REVISED TO STABLE


TO FROM


North Fork Bancorp


Counterparty credit ratings BBB+/A-2 BBB/A-2


North Fork Bank


Counterparty credit ratings A-/A-2 BBB+/A-2


CDs A-/A-2 BBB+/A-2


North Fork Capital Trust I


Preferred stock BBB- BB+


North Fork Capital Trust II


Preferred stock BBB- BB+