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 "needs to improve" rating on its Community Reinvestment Act examination. With an improved CRA rating in hand, Clifton's mutual holding company plans to sell its majority ownership in the company, according to a press release Thursday.
"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 announced in September that its longtime legal counsel, Paul Aguggia, will become the company's chairman, chief executive and president on Jan. 1.