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CITIZENS FIRST BANCORP DECLARES DIVIDEND

 GLEN ROCK, N.J., March 22 /PRNewswire/ -- Allan D. Nichols, chairman of the board and chief executive officer of Citizens First Bancorp, Inc. (AMEX: CFB) announced that the company's board of directors has declared the payment of the regular quarterly dividend on the company's preferred stock, series A $2.50 cumulative convertible. The dividend, in the amount of $.625 per share, will be payable on May 1, 1993 to shareholders of record on April 16, 1993.
 On Feb. 1, 1993 the company paid a total of ten quarterly preferred stock dividends, nine of which had been in arrears dating back to November, 1990.
 Nichols also announced that the company had executed an amendment to its written agreement with the Federal Reserve Bank of New York permitting the company to declare and pay regular quarterly dividends on the preferred stock without being required to obtain prior written approval from the Federal Reserve. In December, 1992 the Office of the Comptroller of the Currency terminated a cease and desist order with respect to Citizen First National Bank of New Jersey, which had been in effect since October, 1990, in favor of an informal Memorandum of Understanding. "The amendment of the written agreement with the Federal Reserve is yet further recognition by our regulators of the significant progress made by Citizens during the past fifteen months," Nichols said.
 -0- 3/22/93
 /CONTACT: Allan D. Nichols, chairman of the board of Citizens First Bancorp, Inc., 201-670-2202/
 (CFB)


CO: Citizens First Bancorp, Inc. ST: New Jersey IN: FIN SU: DIV

LD -- NY089 -- 8358 03/22/93 16:38 EST
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Publication:PR Newswire
Date:Mar 22, 1993
Words:265
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