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: