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 September 30, 2012. The dividend will be payable on December 7, 2012 to shareholders of record, including Clifton MHC, on November 21, 2012. The quarterly cash dividend of $0.06 per share is the thirty fifth 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 recently 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 for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012. John A. Celentano, Jr., Chairman and Chief Executive Officer of the Company, commented, “The new 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.
Clifton Savings Bancorp, Inc.
Bart D'Ambra, 973-473-2200