Clifton Savings Bancorp, Inc. Announces Stock Offering Results
March 19 2014 - 4:00PM
Business Wire
Clifton Savings Bancorp, Inc., a federal corporation (the
“Company”) (NasdaqGS:CSBK), announced today that Clifton Bancorp
Inc., a Maryland corporation (“Clifton Bancorp”), has completed the
subscription offering being conducted in connection with Clifton
Savings Bank’s proposed conversion from the mutual holding company
to the stock holding company form of organization. Based on
preliminary figures, Clifton Bancorp received orders for
approximately $170.6 million of common stock, which is above the
minimum of the offering range of $165.8 million.
Based on the results of the subscription offering, Clifton
Bancorp will not conduct a community offering, syndicated offering
or firm commitment public offering. The completion of the
conversion and offering remains subject to the approval of the
members of Clifton MHC and shareholders of the Company at their
respective special meetings to be held on March 25, 2014, as well
as customary regulatory approvals. Subject to receipt of those
approvals, the Company anticipates closing the conversion and
offering in early April 2014.
The Company is the holding company of the Bank, a federally
chartered savings bank headquartered in Clifton, New Jersey. The
Bank operates a total of 12 full-service banking offices in
northeast New Jersey. At December 31, 2013, the Company had
consolidated total assets of $1.1 billion, gross loans of $578.8
million, total deposits of $774.5 million and total shareholders’
equity of $191.5 million.
This release is neither an offer to sell nor a solicitation of
an offer to buy common stock. The offer is made only by the
prospectus when accompanied by a stock order form. The shares of
common stock of the Company are not savings accounts or savings
deposits, may lose value and are not insured by the Federal Deposit
Insurance Corporation or any other government agency.
Clifton Bancorp has filed a proxy statement/prospectus
concerning the conversion with the Securities and Exchange
Commission. Shareholders of the Company are urged to read the proxy
statement/prospectus because it contains important information.
Investors are able to obtain all documents filed with the
Securities and Exchange Commission by Clifton Bancorp free of
charge at the Securities and Exchange Commission’s website,
www.sec.gov. In addition, documents filed with the Securities and
Exchange Commission by Clifton Bancorp are available free of charge
from the Corporate Secretary of Clifton Bancorp at 1433 Van Houten
Avenue, Clifton, New Jersey 07013. The directors, executive
officers, and certain other members of management and employees of
Clifton Bancorp will participate in the solicitation of proxies in
favor of the conversion from the shareholders of the Company.
Information about the directors and executive officers of Clifton
Bancorp is included in the proxy statement/prospectus filed with
the Securities and Exchange Commission.
This press release contains certain forward-looking statements
about the conversion and reorganization. Forward-looking statements
include statements regarding anticipated future events and can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include words such as
“believe,” “expect,” “anticipate,” “estimate,” and “intend” or
future or conditional verbs such as “will,” “would,” “should,”
“could,” or “may.” Forward-looking statements, by their nature, are
subject to risks and uncertainties. Certain factors that could
cause actual results to differ materially from expected results
include delays in consummation of the conversion, difficulties in
selling the conversion stock or in selling the conversion stock
within the expected time frame, increased competitive pressures,
changes in the interest rate environment, general economic
conditions or conditions within the securities markets, and
legislative and regulatory changes that could adversely affect the
business in which the Company is engaged.
Clifton Savings Bancorp, Inc.Bart D’Ambra, 973-473-2200
Clifton Bancorp Inc. (MM) (NASDAQ:CSBK)
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