Clifton Savings Bancorp (CSBK) in Clifton, N.J., has received approval from the Federal Reserve Board to start a second-step conversion.

The $1.1 billion-asset company will sell 16.6 million to 22.4 million shares of common stock at $10 each. The shares represent about 63.4% of the company's common stock owned by the mutual holding company.

Information on the conversion and stock offering will be mailed to eligible subscribers around Feb. 18. Clifton announced this long-planned reorganization last November.

Any shares of common stock that are not subscribed for by Clifton Savings depositors, employees and borrowers may be offered for sale to members of the general public in a community offering. If this occurs, residents in New Jersey's Bergen, Passaic, Essex, Morris, Hudson and Union counties will have first preference to participate in this stock offering, followed by Clifton Savings Bancorp shareholders as of Jan. 31, 2014.

Sandler O'Neill is managing the subscription and community offerings.

A special meeting of Clifton shareholders is set for March 25 to determine whether to proceed with the second-step conversion.

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