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Clifton Savings Bancorp, Inc.
Clifton Savings Bancorp, Inc. Announces Results of Its Annual Meeting
CLIFTON, N.J., Aug. 15, 2008 (PRIME NEWSWIRE) -- Clifton Savings Bancorp, Inc. (Nasdaq:CSBK) announced the results of its annual meeting that was held on August 14, 2008. According to Walter Celuch, President of the Company, the results of the voting compiled by Clifton Savings Bancorp's independent inspector of election confirmed that John A. Celentano, Jr. and Thomas A. Miller have been re-elected to the Board of Directors of the Company to serve three-year terms, which will expire in 2011. According to the inspector's report, of the votes cast at the annual meeting, 97.6% voted in favor of Mr. Celentano and 97.5% voted in favor of Mr. Miller. In addition, 99.2% of the votes cast voted in favor of the ratification of the appointment of Beard Miller Company, LLP as independent auditors for the Company for the fiscal year ending March 31, 2009. Mr. Celuch stated that, as has been previously disclosed, the Bank, which is celebrating its 80th anniversary, doubled its income in the last quarter compared to the same 2007 period. He also stated that the Company will pay its 18th consecutive dividend since becoming a public company in March 2004, and is currently in the process of repurchasing stock as part of its 7th buyback program. In addition, only one of 2,300 loans is in foreclosure and there has been no subprime lending or charge-offs of loans.