Clifton Savings Bancorp
Encyclopedia
Clifton Savings Bancorp, Inc., d/b/a
Clifton Savings Bank, is a publicly traded American retail savings bank located in Clifton
, New Jersey
, USA. The bank operates twelve branches in northern New Jersey
.
The bank's first branch office was opened in the Richfield section of Clifton in 1954, and is located on the portion of Clifton Avenue designated NJ 161. Fourteen years later Clifton Savings added a third branch in Clifton's Athenia section, in a storefront located on Van Houten Avenue. Two more branches opened in 1970 and 1971, on Lakeview Avenue and Valley Road in the Lakeview and Albion sections of town.
In 1975 Clifton Savings expanded their operations to outside of their base, opening a branch on Palisade Avenue in neighboring Garfield
. Two years later a second Garfield branch opened on Lanza Avenue.
In 1981, Clifton Savings opened two new locations. Both were located on Van Houten Avenue; one was a replacement for the old Athenia storefront branch and the other was a large branch in the Maple Valley section of the city which served as both a bank and the headquarters for Clifton Savings' mortgage lending department. In 1998, during a massive remodeling, the Maple Valley branch became the bank's base of operations, as well as becoming the first branch to install an ATM
; an ATM has since been installed at all but three branches. The Maple Valley branch was also the last new, non-replacement branch to be built for over twenty years.
Clifton Savings opened six new branches in the 2000s. Of the six, three were built to replace existing banks; those locations were in the Athenia section of Clifton and Garfield (as both of the bank's branches were replaced). The other three branches are located in Wallington, Wayne, and Fair Lawn, New Jersey; the former two branches opened in 2003 and the latter in 2009. Clifton Savings' most recent openings are in Lyndhurst, New Jersey
, at the site of a former TD Banknorth
branch, and in Woodland Park, New Jersey, at the site of a former Capital One Bank branch. Both of these branches were opened in 2010. Clifton Savings' last three openings have been in locations that formerly housed other financial institutions; the Fair Lawn branch was a former Washington Mutual
branch that JPMorgan Chase elected not to convert to a Chase branch.
At Clifton Savings' twelve branches, there are ten ATMs and eight drive-up windows. The Lakeview, Wayne, and Woodland Park branches do not offer drive-through banking, and the Richfield branch does not have an ATM. The Albion branch does not offer either option because the bank is in a very small strip mall that does not have enough room and also has several businesses that offer ATMs.
stock market. The bank became a federal savings bank in 2007.
Doing business as
The phrase "doing business as" is a legal term used in the United States, meaning that the trade name, or fictitious business name, under which the business or operation is conducted and presented to the world is not the legal name of the legal person who actually own it and are responsible for it...
Clifton Savings Bank, is a publicly traded American retail savings bank located in Clifton
Clifton, New Jersey
Clifton is a city in Passaic County, New Jersey, United States. As of the 2010 United States Census, the city had a total population of 84,136. The 2010 population represented an increase of 5,464 residents from its population of 78,672 in the 2000 Census, making it the state's 11th largest...
, New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
, USA. The bank operates twelve branches in northern New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
.
History
Clifton Savings Bancorp was founded as Botany Building and Loan Association in 1928 in Clifton's Botany Village section of town. The bank became known as East Clifton Building and Loan two years later and assumed the name Clifton Savings and Loan Association in 1954, all while remaining in the Botany section of Clifton; the bank served as the company's headquarters until 1998, changed addresses three times, and closed in July 2010.The bank's first branch office was opened in the Richfield section of Clifton in 1954, and is located on the portion of Clifton Avenue designated NJ 161. Fourteen years later Clifton Savings added a third branch in Clifton's Athenia section, in a storefront located on Van Houten Avenue. Two more branches opened in 1970 and 1971, on Lakeview Avenue and Valley Road in the Lakeview and Albion sections of town.
In 1975 Clifton Savings expanded their operations to outside of their base, opening a branch on Palisade Avenue in neighboring Garfield
Garfield, New Jersey
Garfield is a city in Bergen County, New Jersey, United States. As of the 2010 United States Census, the city population was 30,487.When the area that is now Garfield was first developed in 1873, it was known as East Passaic. In 1881, the community's name was changed to Garfield in honor of...
. Two years later a second Garfield branch opened on Lanza Avenue.
In 1981, Clifton Savings opened two new locations. Both were located on Van Houten Avenue; one was a replacement for the old Athenia storefront branch and the other was a large branch in the Maple Valley section of the city which served as both a bank and the headquarters for Clifton Savings' mortgage lending department. In 1998, during a massive remodeling, the Maple Valley branch became the bank's base of operations, as well as becoming the first branch to install an ATM
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
; an ATM has since been installed at all but three branches. The Maple Valley branch was also the last new, non-replacement branch to be built for over twenty years.
Clifton Savings opened six new branches in the 2000s. Of the six, three were built to replace existing banks; those locations were in the Athenia section of Clifton and Garfield (as both of the bank's branches were replaced). The other three branches are located in Wallington, Wayne, and Fair Lawn, New Jersey; the former two branches opened in 2003 and the latter in 2009. Clifton Savings' most recent openings are in Lyndhurst, New Jersey
Lyndhurst, New Jersey
Lyndhurst is a township in Bergen County, New Jersey, United States. As of the 2010 United States Census, the township population was 20,554.Lyndhurst was originally formed as Union Township on February 19, 1852 from portions of Harrison Township...
, at the site of a former TD Banknorth
TD Banknorth
TD Banknorth, formerly just Banknorth, was a wholly owned subsidiary of the Toronto-Dominion Bank which conducted banking and insurance activities, primarily serving the northeastern area of the United States, headquartered in Portland, Maine...
branch, and in Woodland Park, New Jersey, at the site of a former Capital One Bank branch. Both of these branches were opened in 2010. Clifton Savings' last three openings have been in locations that formerly housed other financial institutions; the Fair Lawn branch was a former Washington Mutual
Washington Mutual
Washington Mutual, Inc. , abbreviated to WaMu, was a savings bank holding company and the former owner of Washington Mutual Bank, which was the United States' largest savings and loan association until its collapse in 2008....
branch that JPMorgan Chase elected not to convert to a Chase branch.
At Clifton Savings' twelve branches, there are ten ATMs and eight drive-up windows. The Lakeview, Wayne, and Woodland Park branches do not offer drive-through banking, and the Richfield branch does not have an ATM. The Albion branch does not offer either option because the bank is in a very small strip mall that does not have enough room and also has several businesses that offer ATMs.
Going public
In 2004, as part of a reorganization, Clifton Savings Bank was reincorporated as a federal mutual holding company and took its current name. Later that year, using the ticker symbol CSBK, the company became a publicly traded company on the NASDAQNASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
stock market. The bank became a federal savings bank in 2007.