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A Brief History of Clifton Savings Bank
- 1928
Botany Building & Loan Association chartered on April 9 by the State of New Jersey. The principal office is located at 215 Dayton Avenue, Clifton, NJ.
- 1930
The name of the association is changed to East Clifton Building & Loan Association.
- 1933
The association becomes a member of the Federal Home Loan Bank. The office is moved to 226 Dayton Avenue, Clifton.
- 1940
Insurance of accounts up to $5,000 by the Federal Savings & Loan Insurance Corporation is granted. [The association was one of the first to be approved by FSLIC, and one of the first to be given full insurance coverage.] The office is relocated to 260 Parker Avenue, Clifton, and is opened for business on a full time basis.
- 1941
The association merges with the American Building & Loan Association of Garfield, New Jersey.
- 1942
The association merges with the American Hungarian Building & Loan Association.
- 1954
The name of the association is changed to Clifton Savings & Loan Association.
- 1956
A branch office is opened at 1055 Clifton Avenue, Clifton.
- 1968
A branch office is opened at 595 Van Houten Avenue, Clifton (relocated in 1981 to 646 Van Houten Avenue).
- 1970
A branch office is opened at 325 Lakeview Avenue, Clifton (relocated in 1976 to 319 Lakeview Avenue).
- 1971
A branch office is opened at 246 Edison Street, Clifton (relocated in 1991 to 387 Valley Road).
- 1975
The first branch office outside of Clifton is opened at 255 Palisade Avenue, Garfield, NJ.
- 1977
A second branch office in Garfield is opened at 359 Lanza Avenue (relocated in 2000 to 369 Lanza Avenue).
- 1981
Another Clifton branch office is opened at 1433 Van Houten Avenue (this office becomes the association’s main office in 1998).
- 1989
The name of the
association is changed to Clifton Savings Bank, S.L.A. -
1998
The first drive-up automated
teller machine is installed,
at the main office.
The bank's web site
comes on-line. -
2001
The second drive-up
automated teller machine is
installed, at the Lanza
Avenue branch. -
2002
The Richfield office located
at 1055 Clifton Ave is
remodeled. -
2003
The Botany Village
office is remodeled. A branch office is
opened in Wallington, at
Maple Avenue & Union
Boulevard. A
branch office is opened in
Wayne, at 1158 Hamburg
Turnpike. The first
walk-up automated teller
machine is installed at the
Wayne branch.
-
2004
Clifton Savings Bank, S.L.A.
reorganized from a New
Jersey chartered mutual
savings and loan association
to a New Jersey chartered
stock savings and loan
association in the federal
mutual holding company
format. In connection with
the Plan of Reorganization
and Stock Issuance, Clifton
Savings Bank formed a new
federal mid-tier stock
holding company, Clifton
Savings Bancorp, Inc., and
sold a minority of the
common shares to the public
in a subscription and
community offering. A
majority of the mid-tier
stock holding company’s
common stock was issued to a
federal mutual holding
company, Clifton MHC.
On
March 4, 2004 Clifton
Savings Bancorp, Inc. began
trading on the NASDAQ
National Market under the
symbol “CSBK.”
A drive-up window and
Automated Teller Machine were installed in
the brand new office located
on Palisades Avenue in
Garfield. A drive-up
window and walk up Automated
Teller Machine were installed in
the brand new office located
in Wallington.
-
2005
The Lakeview Office branch
is remodeled and a walk-up
automated teller machine is
installed.
-
2007
On September 12, 2007
Clifton Savings Bank
converts to a federally
chartered savings bank.
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