SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 17, 2012
Stewardship Financial Corporation
(Exact Name of Registrant as Specified in its Charter)
| New Jersey | 1-33377 | 22-3351447 |
| (State or Other Jurisdiction of | (Commission | (IRS Employer |
| Incorporation) | File Number) | Identification No.) |
| 630 Godwin Avenue, Midland Park, NJ | 07432 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code (201) 444-7100
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):
| o | Written communications pursuant to Rule 425 under the Securities Act (17CFR230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c)) |
| 1 |
| Item 8.01. | Other Events |
On October 17, 2012, Stewardship Financial Corporation issued a press release announcing a $0.02 per share cash dividend to common stockholders of record on November 1, 2012, payable November 15, 2012. A copy of the press release is attached hereto as Exhibit 99.1.
| Item 9.01. | Financial Statements and Exhibits |
| (d) | The following exhibit is furnished pursuant to Item 8.01. |
| Exhibit No. | Description | |
| Exhibit 99.1 | Press Release dated October 17, 2012 |
| 2 |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: | October 18, 2012 | Stewardship Financial Corporation | |
| /s/ Claire M. Chadwick | |||
| Claire M. Chadwick | |||
| Senior Vice President and | |||
| Chief Financial Officer |
| 3 |
PRESS RELEASE
STEWARDSHIP FINANCIAL CORPORATION
DECLARES CASH DIVIDEND
Midland Park, NJ – October 17, 2012 – The Board of Directors of Stewardship Financial Corporation (NASDAQ: SSFN), parent company of Atlantic Stewardship Bank, has declared a $0.02 per share cash dividend. Common stockholders of record as of November 1, 2012 will be paid the dividend on November 15, 2012. The Corporation has paid cash dividends for 24 consecutive years.
In announcing the dividend, Chairman William C. Hanse stated, “The Board of Directors has made the prudent decision to reduce the fourth quarter 2012 cash dividend on common shares to $0.02 per share from the prior quarterly dividend of $0.04. The Board of Directors remains dedicated to our shareholders as well as the bank’s unique tithing mission.”
Paul Van Ostenbridge, President and Chief Executive Officer continued, “While we recognize our commitment to provide value to our shareholders, we are also cognizant of maintaining a strong capital position. Our management team has been diligent at addressing the workout of problem loans and is making solid progress, but this improvement has come at a cost to the bank. This dividend level allows the Corporation to retain the earnings thus supporting the Corporation’s ability to continue to exceed the regulatory requirements for a well-capitalized institution.”
Stewardship Financial Corporation’s subsidiary, the Atlantic Stewardship Bank, has 13 banking offices in Midland Park, Hawthorne (2), Montville, North Haledon, Pequannock, Ridgewood, Waldwick, Wayne (3), Westwood and Wyckoff, New Jersey. The bank is known for tithing 10% of its pre-tax profits to Christian and local charities. To date, the Bank’s total tithe donations total $7.7 million.
We invite you to visit our website at www.asbnow.com for additional information.
| 4 |