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 December 31, 2007. The dividend will be payable on March 7, 2008 to shareholders of record, other than Clifton MHC, on February 22, 2008.

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

Clifton Savings Bank is a community-oriented financial institution which operates ten full-service banking offices in Bergen and Passaic Counties in New Jersey.

Contact: Bart D’Ambra

(973) 473-2200

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