Clifton Bancorp, Inc.
| Company type | Public |
|---|---|
| Industry | Banking |
| Predecessor | Botany Building and Loan Association |
| Founded | 1928 |
| Defunct | 2018 |
| Fate | Merged with Kearny Bank |
| Successor | Kearny Bank |
| Headquarters | Clifton, New Jersey , United States |
Area served | Northern New Jersey |
| Products | Retail banking, savings institution |
| Owner | Public shareholders (prior to merger) |
| Website | cliftonsavings |
Clifton Bancorp, Inc., operating under the name Clifton Savings Bank (CSBK), previously known as Clifton Savings Bancorp, was a publicly held American retail savings institution headquartered in Clifton, New Jersey. The bank concentrated its services mainly within northern New Jersey, with the majority of its branches situated in its founding city.
History
Established in 1928 as the Botany Building and Loan Association in Clifton's Botany Village, the institution underwent a name change to East Clifton Building and Loan in 1930, followed by another renaming to Clifton Savings and Loan Association in 1954. Its headquarters remained in Botany until 1998.
The bank inaugurated its first branch in 1954 located in Clifton's Richfield neighborhood along NJ Route 161, notable for introducing the region’s first drive-up banking window. Subsequent branches were added: Athenia in 1968, and both Lakeview and Albion between 1970 and 1971. In 1975, the bank began extending beyond Clifton by opening a branch in Garfield, with a second Garfield location added two years later.
In 1981, two additional branches opened on Van Houten Avenue: one replaced the Athenia storefront, while the other in Maple Valley served dual purposes as a branch and mortgage lending hub. The Maple Valley location became the primary operations center following an extensive renovation in 1998 and was the first branch to feature an ATM; today, most locations are equipped with ATMs. This branch remained the last new establishment not replacing an existing one for over twenty years.
The institution adopted the name Clifton Savings Bank, SLA, in 1989.
During the decade of the 2000s, six branches were launched—three serving as replacements in Athenia and Garfield—and new outlets opened in Wallington (2003), Wayne (2003), and Fair Lawn (2009). In 2010, CSBK expanded further into Lyndhurst and Woodland Park by acquiring former TD Banknorth and Capital One Bank properties. After 82 years of operation, the historic Botany branch was closed with customer accounts transferred to Lakeview.
In 2015, CSBK announced plans to enter Hudson County by establishing a branch in Hoboken while simultaneously closing its Albion branch to consolidate accounts at its Maple Valley headquarters, which was renamed Montclair Heights. The following year saw a rebranding to CSBK and the opening of a Montclair branch. The Woodland Park location ceased operations on March 4, 2017, reducing the network to twelve branches.
Going public
In 2004, Clifton Savings Bank restructured as a federal mutual holding company and took on its present corporate name. Later that year, it commenced trading publicly on the NASDAQ stock exchange under the ticker symbol CSBK. The bank converted to a federal savings bank charter in 2007.
Merger
On April 2, 2018, CSBK merged with Kearny Bank of Fairfield, New Jersey, thereby enlarging Kearny’s branch footprint to fifty-four locations. Starting in fall 2018, all twelve former CSBK branches were rebranded under Kearny Bank.
Following the merger, Kearny Bank closed most of the former Clifton branches except for those at Richfield and the previous headquarters site. Additionally, it shuttered one Garfield location along with the Montclair branch and constructed a new facility replacing the Wallington branch.