Stewardship Financial Boosts Cash Dividend

The parent of Atlantic Stewardship Bank will pay 24.4% more than in the first quarter of 2005.Stewardship Financial (Nasdaq OTC: SSFN) has declared an $0.08 per share cash dividend to shareholders of record as of January 13, 2006, to be payable February 1, 2006. As a result, the bank will pay about 24.4% more in cash dividends than in the first quarter of this year, after adjusting for a 3-for-2 stock dividend and a 5% stock dividend paid out this year. Stewardship stock jumped $0.24, or 1.68%, to $14.50 in early trading.

“The cash dividend is the first quarterly cash dividend to be paid in 2006, and is a result of continued record earnings,” says Chairman Arie Leegwater and CEO Paul Van Ostenbridge.

Stewardship Financial is the parent company of Midland Park-based Atlantic Stewardship Bank, which runs nine branches in Midland Park, Hawthorne, Ridgewood, Pequannock, Waldwick and Wayne. The New Jersey-focused subsidiary plans to open a 10th branch in Montville in February 2006.

Atlantic Stewardship Bank, a community bank, opened in 1985 and is known for tithing 10% of its pre-tax profits to Christian and local charities.