Clifton in New Jersey Has Raised $171M from Conversion

Clifton Savings Bancorp (CSBK) in Clifton, N.J., received orders for more than $170 million of common stock in a subscription offering tied to its second-step conversion.

The $1.1 billion-asset company said it expects to complete the offering and its conversion to a stock company in early April. Based on the offering's results, Clifton said it will not conduct community, syndicated or firm commitment public offerings.

Clifton's plan to reorganize was approved by the Federal Reserve Board in early February. The company hired Paul Aguggia as its chairman, president and chief executive in January.