Clifton Savings Bancorp, Inc. Announces Retirement of John A. Celentano, Jr. and Walter Celuch
September 04 2013 - 04:15PM
Business Wire
Clifton Savings Bancorp, Inc. (the "Company") (Nasdaq:CSBK), the
holding company for Clifton Savings Bank (the "Bank"), announced
today that John A. Celentano, Jr., Chairman and Chief Executive
Officer of the Company and Chairman of the Bank, and Walter Celuch,
President of the Company and President and Chief Executive Officer
of the Bank, have announced their retirement, effective December
31, 2013.
The Board of Directors also announced the appointment of Paul M.
Aguggia as Chairman, Chief Executive Officer and President of the
Company and the Bank, effective January 1, 2014. Mr. Aguggia
currently serves as Chairman of the global law firm Kilpatrick
Townsend & Stockton LLP, which has over 600 attorneys and 17
offices worldwide. Mr. Aguggia has practiced financial institutions
law for nearly 25 years and has served as Clifton Savings’ primary
legal counsel for over ten years. Mr. Aguggia began his career at
Willkie Farr & Gallagher LLP in New York City, and was
associated with Muldoon Murphy & Aguggia LLP, a boutique
banking law firm, for ten years, serving as Chairman of the firm
from 2004 until its merger with Kilpatrick Townsend in 2008. He is
a regular speaker and writer on banking matters and was recognized
as a 2012 and 2013 Washington D.C. "Super Lawyer" in the area of
Securities & Corporate Finance by SuperLawyers magazine. In
2012, Mr. Aguggia was honored with the District Alliance for Safe
Housing's (DASH) Pillar Award, which recognized his pro bono
service to DASH (an organization dedicated to the protection of
abused women) as its general counsel. Mr. Aguggia, 50, was born and
raised in Bayside, New York and is a graduate of Colgate University
and Duke University School of Law.
Mr. Celentano is retiring from the Board and management after
having served as director of the Bank since 1962, including as
Chairman since 2001, and as Chairman and Chief Executive Officer of
the Company since its formation in 2004. Mr. Celuch has served the
Bank in numerous roles for over 25 years, including as President
and Chief Executive Officer of the Bank since 1999, and has served
as President of the Company since its formation in 2004. Under
their leadership, the Company has grown to over $1 billion in
assets and 12 locations.
The Board of Directors released the following statement: "We are
deeply indebted to Jack and Walter for their service to Clifton
Savings and to the communities that we support. Since becoming a
public company nearly a decade ago, they have guided the Company
with a steady hand through turbulent times and have well positioned
the Company for future growth and success. We wish them all the
best in their retirement. We welcome Paul to the Board and look
forward to his leadership as we continue with our plans to move
forward with our second-step and transition to a fully public
company.”
"It has been an honor and a privilege to be associated with
Clifton Savings for these many years," said Celentano. "I am proud
of the Bank's accomplishments and its position in the community. I
look forward to retirement and the next chapter in my life knowing
that we leave the Bank in excellent hands. We could not be more
pleased to have Paul take the helm. He is someone with extensive
experience and who is known to our board to be a person of great
character and integrity with an unsurpassed work ethic."
"I am honored to assume the leadership of an institution that I
have long admired," said Aguggia. "Having known Mr. Celentano and
the Board for many years, I feel well positioned to help Clifton
Savings grow and continue to serve its shareholders and the
communities of northern New Jersey. The legacies created by Messrs.
Celentano and Celuch are great. I will work diligently to fill
their shoes."
The Company is the holding company of the Bank, a federally
chartered savings bank headquartered in Clifton, New Jersey. The
Bank currently operates a total of 12 full-service banking offices
in northeast New Jersey. The Company's majority stockholder is
Clifton MHC, a federally chartered mutual holding company.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on the current beliefs and
expectations of the Company's management and are subject to
significant risks and uncertainties. Actual results may differ from
those set forth in the forward-looking statements. Factors that
could cause the Company's actual results to differ materially from
those described in the forward-looking statements can be found in
the Company's Annual Report on Form 10-K for the year ended March
31, 2013 and subsequent quarterly reports on Form 10-Q, which have
been filed with the Securities and Exchange Commission and are
available on the Securities and Exchange Commission's website
(www.sec.gov). The Company does not undertake to update the
forward-looking statements to reflect the impact of circumstances
or events that may arise after the date of the forward-looking
statements.
Clifton Bancorp Inc. (MM) (NASDAQ:CSBK)
Historical Stock Chart
From Feb 2024 to Mar 2024
Clifton Bancorp Inc. (MM) (NASDAQ:CSBK)
Historical Stock Chart
From Mar 2023 to Mar 2024