Rejected by the Office of Thrift Supervision in its bid to become a 100% stock-owned company, a New Jersey mutual holding company is taking its chances with its new regulator, the Office of the Comptroller of the Currency.
Clifton Savings Bancorp Inc. announced in November that it planned to pursue a second-step offering, but postponed its plans three months later after the OTS gave it a "needs to improve" rating on its latest Community Reinvestment Act examination.
Unable to move forward until the rating us upgraded to "satisfactory," the parent of the $1.1 billion-asset Clifton Savings Bank said late Wednesday that it has withdrawn its application with the OTS and that it will re-file it sometime after the OTS is merged into the OCC. The merger is expected to be completed on July 21.
"The company remains committed to the completion of its conversion and offering," Clifton said in a news release.
