1240581--6/14/2006--CLIFTON_SAVINGS_BANCORP

related topics

{stock, price, share}

{investment, property, distribution}

{provision, law, control}

{competitive, industry, competition}

{regulation, government, change}

{tax, income, asset}

{cost, contract, operation}

AN INVESTMENT IN SHARES OF OUR COMMON STOCK INVOLVES VARIOUS RISKS. RISING INTEREST RATES MAY HURT OUR PROFITS AND ASSET VALUE. STRONG COMPETITION WITHIN OUR MARKET AREA COULD HURT OUR PROFITS AND SLOW GROWTH. A DECLINE IN OUR RETURN ON EQUITY AS A RESULT OF THE CAPITAL WE RAISED IN OUR MARCH 2004 STOCK OFFERING MAY NEGATIVELY IMPACT OUR STOCK PRICE. ADDITIONAL EXPENSES FROM OUR STOCK-BASED BENEFIT PLANS WILL ADVERSELY AFFECT OUR PROFITABILITY. CLIFTON MHC'S MAJORITY CONTROL OF OUR COMMON STOCK ENABLES IT TO EXERCISE VOTING CONTROL OVER MOST MATTERS PUT TO A VOTE OF STOCKHOLDERS, INCLUDING PREVENTING SALE OR MERGER TRANSACTIONS YOU MAY LIKE OR A SECOND-STEP CONVERSION BY CLIFTON MHC. THE OFFICE OF THRIFT SUPERVISION'S POLICY ON REMUTUALIZATION TRANSACTIONS COULD PROHIBIT THE MERGER OR AN ACQUISITION OF US, WHICH MAY LOWER OUR STOCK PRICE. WE OPERATE IN A HIGHLY REGULATED ENVIRONMENT AND WE MAY BE ADVERSELY AFFECTED BY CHANGES IN LAWS AND REGULATIONS.

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1240581--6/14/2006--CLIFTON_SAVINGS_BANCORP_INC