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Clifton Savings Bancorp, Inc. was organized as a federal corporation
at the direction of Clifton Savings Bank, S.L.A. in connection with the mutual
holding company reorganization of Clifton Savings. The reorganization was
completed on March 3, 2004. In the reorganization, Clifton Savings Bancorp sold
45% of its outstanding shares of common stock to the public and issued 55% of
its outstanding shares of common stock to Clifton MHC, the mutual holding
company parent of Clifton Savings. So long as Clifton MHC exists, it will own at
least a majority of Clifton Savings Bancorp's common stock. Clifton Savings
Bancorp's business activity is the ownership of the outstanding capital stock of
Clifton Savings and management of the investment of offering proceeds retained
from the reorganization.
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