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Clifton Savings Bancorp (CSBK) in New Jersey said Wednesday that it is making a concerted effort to increase its lending in low- and moderate-income neighborhoods so that it can improve its Community Reinvestment Act rating and follow through with its plan to become a 100% stock-owned company.
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Conversion activity has declined in recent years, though some observers believe mutual thrifts could find market conditions more accommodating in coming months.
January 23
Paul Aguggia made an "agonizing decision" to quit practicing law after 25 years to join Clifton Savings Bancorp (CSBK).
Aguggia, 50, will resign as chairman of Kilpatrick Townsend & Stockton, a large law firm based in Atlanta, to take the helm at Clifton, a mutual holding company in New Jersey. He will join the $1 billion-asset mutual on Jan. 1.
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"I love the law firm," Aguggia says. "But I have been given a new opportunity to run a public company that I have a ton of respect for. So I took a chance to do something different."
The offer from Clifton was sudden and unexpected, Aguggia says. He will succeed John Celentano as chairman and chief executive and Walter Celuch as president. Celentano and Celuch are retiring.
"This wasn't part of a long-term plan," Aguggia says. "I wasn't looking for a job."
The succession will take place as Clifton nears a crossroads. It is eyeing a second-step conversion that could bring in substantial capital. Aguggia has been the company's primary legal counsel as management has prepared for a conversion.
"I bring a level of expertise representing companies to go public," Aguggia says. "So it is a good fit from that perspective."
