Clifton Bancorp Inc. Announces Expansion into Hoboken, New Jersey

Clifton Bancorp Inc. (NASDAQ: CSBK), the holding company for Clifton Savings Bank, today announced its plans to open a new banking office in Hoboken, New Jersey. Additionally, the Bank will consolidate the operations of its banking office located at 387 Valley Road, Clifton, into its main office location, 1433 Van Houten Avenue, Clifton, New Jersey.

Tricia Hrotko, Executive Vice President and Chief Revenue Officer at Clifton Savings Bank, stated, “As we approach the one-year mark as a fully public company, we are pleased to announce our entry into Hoboken. This move hits upon several key elements of our strategic vision for the Bank. Our expansion plans focus on diverse, densely populated cities and towns where traditional community banking is thinly offered. Our new banking center will be staffed by financial services specialists who are adept at providing banking-related advice and demonstrating the latest technology, including mobile solutions. But most of all, we look forward to developing long-lasting relationships and becoming a visible, vibrant part of the City of Hoboken.”

The future banking center will be located within Park + Garden, a twelve-story, 212 residential and commercial development by Bijou Properties. The building boasts a LEED-certified green design and a state-of-the-art automated parking facility. The property is within walking distance of ferry services to Manhattan, restaurants and retail shopping. Clifton Savings anticipates the build-out of the roughly 1,600-square-foot space to begin in June, and to open the banking office in early October, 2015. Clifton Savings has selected NewGround International as the design-build partner on this project.

The decision to consolidate the Valley Road office is in keeping with the Bank’s longer-term branching strategy. “Our approach is essentially two-pronged,” stated Bart D’Ambra, Executive Vice President and Chief Operating Officer at Clifton Savings Bank. “Our priority is to expand selectively into markets that fit a certain profile, and develop spaces that allow us to deliver both consultative and functional services. Secondarily, we are looking at consolidation opportunities, particularly when significant market overlap exists and where the resulting customer impact will be minimal. This aligns with the continued migration of consumer transactions to digital and mobile channels, thus reducing the need to have multiple locations within a single community,” Mr. D’Ambra concluded.

The Valley Road office, which opened in 1991, is situated less than one mile from Clifton Savings Bank headquarters and lacks the conveniences of a drive-thru and ATM – factors which weighed heavily in the decision to consolidate. All accounts will be seamlessly transferred, requiring no action on the part of Clifton Savings Bank customers. The Valley Road office is scheduled to close on June 20, 2015.

ABOUT CLIFTON BANCORP INC.

Clifton Bancorp Inc. is the holding company of Clifton Savings Bank, a metropolitan, community-focused bank serving residents and small businesses in Northern New Jersey, with emphasis on customers who prefer simplicity, sincerity and sound advice – delivered through helpful, knowledgeable bankers.

Clifton Bancorp Inc.Bart D’Ambra, Executive Vice President, 973-473-2200bdambra@cliftonsavings.com

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