Clifton Savings Bancorp

Clifton Savings Bancorp, Inc. Declares Quarterly Cash Dividend

The Board of Directors of Clifton Savings Bancorp, Inc., (Nasdaq Global Market: CSBK) the parent company of Clifton Savings Bank, today announced that the Company will pay a cash dividend of $.05 per share for the quarter ended March 31, 2008. The dividend will be payable on May 30, 2008 to shareholders of record, other than Clifton MHC, on May 16, 2008.

The quarterly cash dividend of $0.05 is the seventeenth cash dividend paid by Clifton Savings Bancorp, Inc. since becoming a capital stock organization in March 2004.

Clifton MHC, the Company’s mutual holding company, intends to file notice with the Office of Thrift Supervision of its intent to waive receipt of the dividend. The waiver is subject to the OTS not objecting to it.

Clifton Savings Bank is a community-oriented financial institution which operates ten full-service banking offices in Bergen and Passaic Counties in New Jersey. Additional information on Clifton Savings Bancorp, Inc. and Clifton Savings Bank can be found on the web site: www.cliftonsavings.com.

Contact: Bart D’Ambra

(973) 473-2200

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