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Clifton Savings Bancorp (CSBK) in New Jersey said Wednesday that it is making a concerted effort to increase its lending in low- and moderate-income neighborhoods so that it can improve its Community Reinvestment Act rating and follow through with its plan to become a 100% stock-owned company.
May 9 -
Conversion activity has declined in recent years, though some observers believe mutual thrifts could find market conditions more accommodating in coming months.
January 23 -
A judge in New Jersey limited Spencer Savings Bank's ability to control the process for director nominations.
March 21
Clifton Savings Bancorp (CSBK) in Clifton, N.J., has selected its next chairman, chief executive and president.
Paul Aguggia, 50, will take over as the $1 billion-asset company's chairman, CEO and president on Jan. 1. Aggugia, who will have the same roles at Clifton Savings Bank, is chairman of law firm Kilpatrick Townsend & Stockton. He has been Clifton's primary legal counsel for more than a decade.
Aguggia will succeed John Celentano as the company's chairman and CEO. He will also replace Walter Celuch as the company's president. Celentino and Celuch are retiring, the company said.
"We are deeply indebted to [Celentano and Celuch] for their service to Clifton Savings and to the communities that we support," Clifton's board said in a press release. "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 [Aggugia] 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."
Clifton's majority stockholder is Clifton MHC, a federally chartered mutual holding company. It first announced plans to pursue a second-step conversion in late 2010. In May 2012, it began
