Clifton Savings Bancorp, Inc. Declares Quarterly Cash Dividend
The Board of Directors of Clifton Savings Bancorp, Inc. (Nasdaq Global
Select Market: CSBK), (the “Company”), the parent company of Clifton
Savings Bank, today announced that the Company will pay a cash dividend
of $0.06 per share for the quarter ended March 31, 2013. The dividend
will be payable on May 31, 2013 to shareholders of record, including
Clifton MHC, on May 17, 2013. The quarterly cash dividend of $0.06 per
share is the thirty seventh dividend paid by Clifton Savings Bancorp,
Inc. since becoming a capital stock organization in March 2004.
Historically, Clifton MHC has waived receipt of dividends declared by
the Company. However, as a result of restrictions implemented by the
Board of Governors of the Federal Reserve System, Clifton MHC has been
unable to waive its receipt of dividends declared by the Company since
the quarter ended March 31, 2012. John A. Celentano, Jr., Chairman and
Chief Executive Officer of the Company, commented, “As previously
disclosed, onerous restrictions that have been adopted by the Federal
Reserve Board regarding mutual holding company dividend waivers will
require the Board of Directors to re-evaluate the Company’s dividend
policy on a quarterly basis. The Company can make no assurances that it
will continue to declare regular quarterly cash dividends or that its
dividend policy will not change in the future.”
Clifton Savings Bank is a community-oriented financial institution which
operates twelve full-service banking offices in Bergen and Passaic
Counties in New Jersey. Additional information on Clifton Savings
Bancorp, Inc. and Clifton Savings Bank can be found on the web site: www.cliftonsavings.com.