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Section 1: 8-K (8-K)

Document


 
 
 
 
 
 
UNITED STATES 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): APRIL 18, 2018
 
 
 
 
 
 
Stewardship Financial Corporation
(Exact Name of Registrant as Specified in Charter)
 
 
 
 
New Jersey
(State or other jurisdiction of
incorporation)
1-33377
(Commission File Number)
22-3351447
(I.R.S. Employer Identification No.)
 
 
 
630 Godwin Avenue
Midland Park, NJ
(Address of principal executive offices)
 
07432
(Zip Code)
 
 
 
Registrant’s telephone number, including area code: (201) 444-7100

Not Applicable
(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:
 
 
 
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
 
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 
 
 
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
 
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
 
 
Emerging growth company [ ]
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
 
 






Item 8.01. Other Events

On April 18, 2018, Stewardship Financial Corporation issued a press release announcing a $0.03 per share cash dividend to common stockholders of record on May 1, 2018, payable May 15, 2018. A copy of the press release is attached hereto as Exhibit 99.1.

In addition, on April 18, 2018, Stewardship Financial Corporation issued a press release announcing the election of Michael A. Westra as Chairman of the Board of Directors. A copy of the press release is attached hereto as Exhibit 99.2.


Item 9.01. Financial Statements and Exhibits

(d) The following exhibits are furnished pursuant to Item 8.01.
 
Exhibit No.  
 
Description
 
 
 
 
 
 
Press Release-Dividend dated April 18, 2018
 
 
Press Release-Chairman Election dated April 18, 2018





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.

 
STEWARDSHIP FINANCIAL CORPORATION
 
 
 
 
Date:  April 19, 2018
 
 
 
 
 
 
 
 
By:
 /s/ Claire M. Chadwick
 
 
Name:
Claire M. Chadwick
 
 
Title:
Executive Vice President and Chief Financial Officer
 
 
 
 
 
 





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Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit


Exhibit 99.1

393090663_sfc1a17.jpg


For Immediate Release
 
Contact:
Mary Beth Steiginga
 
 
 
630 Godwin Avenue
 
 
 
Midland Park, NJ 07432
 
 
 
201.444.7100
                        
STEWARDSHIP FINANCIAL CORPORATION
DECLARES CASH DIVIDEND


Midland Park, NJ - April 18, 2018 - The Board of Directors of Stewardship Financial Corporation (NASDAQ: SSFN), parent company of Atlantic Stewardship Bank, has declared a $0.03 per share cash dividend. Common stockholders of record as of May 1, 2018, will be paid the dividend on May 15, 2018. This dividend represents the eighty second consecutive quarterly dividend since 1998. The dividend amount per share remains unchanged as compared to the prior quarterly cash dividend. This dividend should not be used as an indicator of future dividends to common stockholders.
Stewardship Financial Corporation’s subsidiary, Atlantic Stewardship Bank (ASB) is a full-service community bank serving both individuals and businesses. ASB is known for tithing, or sharing, 10% of its taxable income with nonprofit, educational, charitable and/or evangelical religious organizations.  To date, ASB’s total tithing donations total over $10.1 million.  ASB maintains 12 banking locations in Hawthorne, Midland Park, Montville, Morristown, North Haledon, Pequannock, Ridgewood, Waldwick, Westwood, Wyckoff and two offices in Wayne.  ASB invites you to visit their website at www.asbnow.com for additional information and to learn more.

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Section 3: EX-99.2 (EXHIBIT 99.2)

Exhibit


Exhibit 99.2

393090663_sfc1a17.jpg


For Immediate Release
 
Contact:
Mary Beth Steiginga
 
 
 
630 Godwin Avenue
 
 
 
Midland Park, NJ 07432
 
 
 
201.444.7100


PRESS RELEASE

Stewardship Financial Corporation and Atlantic Stewardship Bank
Announce the Election of
Michael A. Westra as Chairman of the Board of Directors


Midland Park, NJ - April 18, 2018 - Stewardship Financial Corporation (Nasdaq: SSFN), and its subsidiary Atlantic Stewardship Bank announced the election of Michael A. Westra as Chairman of the Board of Directors for the Corporation and the Bank.
 
Michael A. Westra is President and General Manager of Wayne Tile Corporation, which engages in the import and wholesale and retail sale of tile and stone. Prior to joining Wayne Tile Corporation, Mr. Westra, as a certified public accountant, gained experience auditing national corporations. Mr. Westra brings to the Board of Directors in-depth knowledge of generally accepted accounting principles and auditing standards as well as insight into the local market area. He is a graduate of Calvin College, Grand Rapids, Michigan. Mr. Westra has been a director of the Corporation and the Bank since 2005 and has served as both Vice Chairman and Corporate Secretary of both the Corporation and the Bank at various times. Mr. Westra currently serves on the Audit Committee and the Nominating and Corporate Governance Committee.






President and Chief Executive Officer, Paul Van Ostenbridge stated, “Stewardship Financial Corporation and Atlantic Stewardship Bank welcome Michael A. Westra as Chairman. The Bank is entering its thirty-third year of providing superior financial services to the community under the committed leadership of the Board of Directors. As we transition to our new Chairman, we sincerely express gratitude to the outstanding contributions and foresight provided by Richard W. Culp who held the position of Chairman. We are fortunate to still have Director Culp serve on the Boards of the Corporation and the Bank as well as several Board Committees.”

About Stewardship Financial Corporation
Stewardship Financial Corporation’s subsidiary, the Atlantic Stewardship Bank, has 12 banking offices in Midland Park, Hawthorne, Montville, Morristown, North Haledon, Pequannock, Ridgewood, Waldwick, Wayne (2), Westwood and Wyckoff, New Jersey. Established in 1985, ASB is a full-service commercial bank serving both individuals and businesses. The Bank is known for tithing 10% of its pre-tax profits to Christian and local charities. To date, the Bank’s tithe donations total over $10.1 million.
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