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CITIZENS FIRST ANNOUNCES REINSTATEMENT OF PREFERRED STOCK DIVIDEND

 GLEN ROCK, N.J., Jan. 19 /PRNewswire -- Allan D. Nichols, chairman of the board and chief executive officer of Citizens First Bancorp, Inc. (AMEX: CFB) announced to day that the company has reinstated dividend payments on its preferred stock, Series A $2.50 cumulative convertible. The board of directors has declared a dividend in the amount of $6.25 per share on the preferred stock, payable on Feb. 1, 1993 to shareholders of record on Jan. 28, 1993.
 Nichols said that the preferred stock payment represents the Feb. 1, 1993 quarterly dividend in addition to the nine quarterly dividends which have been in arrears since Nov. 1, 1990. The company had been prohibited from paying dividends without prior regulatory approval as a result of a written agreement which Citizens entered into with the Federal Reserve Bank of New York. The Federal Reserve approved Citizens' recent request to pay preferred stock dividends as a result of the dramatic improvement in the condition of the company in 1992.
 During 1992 Citizens obtained $71 million in new capital through a successful rights offering, earnings tripled over 1991 results, nonperforming assets declined by 22 percent and the management was strengthened significantly. In addition, on Dec. 14, 1992 the Office of the Comptroller of the Currency terminated a cease and desist order relating to the company's principal subsidiary, Citizens First National Bank of New Jersey, which was issued in October, 1990.
 In announcing the preferred stock dividend, Nichols said: "The approval of the payment of these dividends is recognition by the Federal Reserve of the significant progress made by the company in 1992. This is one more sign that the rebuilding process is in full swing and moving forward at Citizens."
 -0- 01/19/93
 /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

AH -- NY090 -- 6554 01/19/93 16:35 EST
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Publication:PR Newswire
Date:Jan 19, 1993
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