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Clifton Savings Bancorp said Paul Aguggia, 50, will take over as the $1 billion-asset company's chairman, CEO and president on Jan. 1.
September 4 -
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.
May 9 -
Rejected by the Office of Thrift Supervision in its bid to become a 100% stock-owned company, New Jersey mutual holding company Clifton Savings Bancorp is taking its chances with its new regulator, the Office of the Comptroller of the Currency.
June 23 -
Conversion activity has declined in recent years, though some observers believe mutual thrifts could find market conditions more accommodating in coming months.
January 23
Clifton Savings Bancorp (CSBK) in Clifton, N.J., is moving forward with a long-planned second-step conversion.
The $1.1 billion-asset Clifton was forced to postpone its bid to go public in 2011 when its then-regulator, the Office of Thrift Supervision, gave Clifton a
"We have evaluated market conditions and the changing regulatory environment, particularly the impact of regulatory change on mutual holding companies, and we believe it is in the best interests of both the company and our stockholders and the mutual holding company and its members to move forward with our conversion at this time," Clifton's board said in the release.
The conversion requires regulatory approval by the Federal Reserve System as well as approval by mutual holding company members and Clifton shareholders.
Further details on the offering are expected to become available in the first quarter.
Clifton
