Clifton Savings Bancorp, Inc.Declares Quarterly Cash Dividend
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 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.
Clifton Savings Bancorp, Inc.
Bart D'Ambra, 973-473-2200
KEYWORDS: United States North America New Jersey
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