SOURCE: Stewardship Financial Corporation

September 20, 2006 14:30 ET

Stewardship Financial Corporation Declares Cash and Stock Dividends

MIDLAND PARK, NJ -- (MARKET WIRE) -- September 20, 2006 --The Board of Directors of Stewardship Financial Corporation (OTCBB: SSFN), parent company of Atlantic Stewardship Bank, has declared a $0.08 per share cash dividend to shareholders of record date October 13, 2006, payable November 1, 2006. This represents a 20.0 percent increase over the fourth quarter cash dividend paid in 2005, as adjusted for the 5 percent stock dividend paid in November 2005.

The Board also declared a 5 percent stock dividend to shareholders of record date October 13, 2006, payable November 15, 2006.

In announcing the two dividends, Chairman Arie Leegwater and President and Chief Executive Officer Paul Van Ostenbridge stated, "The cash dividend is our fourth quarterly cash dividend to be paid in 2006. Cash dividends have been paid annually since 1990. The stock dividend represents the ninth annual stock dividend paid by Stewardship Financial Corporation since 1998, and is a result of continued strong earnings."

Stewardship Financial Corporation's subsidiary, Atlantic Stewardship Bank, has banking offices in Midland Park, Hawthorne (2 offices), Ridgewood, Montville, Pequannock, Waldwick and Wayne (3 offices), New Jersey. The eleventh branch is planned to open in Wyckoff, New Jersey during the first quarter of 2007. Atlantic Stewardship Bank, opened in 1985, is a community bank serving individuals and businesses, and is well known for tithing 10 percent of its pre-tax profits to Christian and local charitable organizations. Please visit our website at www.asbnow.com or call 201-444-7100 for information regarding our products and services.

Contact Information

  • Contact:
    Mary Beth Steiginga
    630 Godwin Avenue
    Midland Park, NJ 07432
    201-444-7100