CLIFTON, N.J. -- (Business Wire)
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 December 31, 2012. The dividend
will be payable on December 28, 2012 to shareholders of record,
including Clifton MHC, on December 18, 2012. The accelerated quarterly
dividend is intended to be in lieu of the quarterly dividend that would
have been declared by the Company in February 2013. The quarterly cash
dividend of $0.06 per share is the thirty sixth dividend paid by the
Company 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 regulatory changes implemented by
the Board of Governors of the Federal Reserve System in 2011, Clifton
MHC ceased waiving its receipt of dividends declared by the Company
beginning with the quarter ended March 31, 2012. John A. Celentano, Jr.,
Chairman and Chief Executive Officer of the Company, commented, “As a
result of the regulations adopted by the Federal Reserve Board regarding
mutual holding company dividend waivers, the Board of Directors has
determined to re-evaluate the Company’s dividend and waiver 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
Source: Clifton Savings Bancorp, Inc.
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