Ridgewood Financial, Inc. Announces Cash Dividend, Regulatory Approvals of Boiling Springs Merger, and Date of Annual Meeting of Stockholders

Apr 26, 2001, 01:00 ET from Ridgewood Financial, Inc.

    RIDGEWOOD, N.J., April 26 /PRNewswire/ --
 Ridgewood Financial, Inc. (Nasdaq:   RSBI) (the "Company") the parent company of
 Ridgewood Savings Bank of New Jersey, Ridgewood, New Jersey ("Ridgewood
 Savings") announced that the Board of Directors has declared its regular
 quarterly cash dividend of $.04 per share to stockholders of record as of
 May 14, 2001 and payable on or about June 1, 2001. This is the sixth
 consecutive quarterly cash dividend paid by the Company since Ridgewood
 Savings converted from mutual to stock form as part of a mutual holding
 company reorganization in January 1999.
     In regard to the pending merger transaction with Boiling Springs Bancorp
 ("Boiling Springs"), the Company is pleased to report that Boiling Springs has
 received regulatory approval regarding the pending regulatory applications
 filed with the banking regulators. On March 30, 2001, the pending applications
 with the Federal Reserve Board and the Federal Deposit Insurance Corporation
 were approved and on April 23, 2001, the pending application filed with the
 New Jersey Department of Banking and Insurance was approved. It is anticipated
 that the Boiling Springs merger will close by the end of the second quarter of
 year 2001.
     Additionally, the Company announced that the annual meeting of
 stockholders is scheduled to be held at its corporate headquarters, 1124 East
 Ridgewood Avenue, Ridgewood, New Jersey at 4:00 p.m. on Wednesday,
 June 6, 2001. Shareholders of record at the close of business on May 3, 2001,
 will be eligible to vote on the merger proposal with Boiling Springs, the
 election of three members of the board of directors, and the ratification of
 the appointment of the independent accountants.
     Ridgewood Savings is a New Jersey-chartered stock savings bank
 headquartered in Ridgewood, New Jersey, and primarily serves northwestern
 Bergen County, New Jersey. The bank is wholly-owned by the Company, which has
 the majority of its stock held by a state mutual savings bank holding company,
 Ridgewood Financial, MHC. Ridgewood Savings is a community and customer
 oriented financial institution providing a full range of financial services to
 local individuals, families, professionals and businesses. The bank's deposits
 are federally insured by the Federal Deposit Insurance Deposit Corporation.
     The foregoing materials may contain forward-looking statements. The
 Company cautions that such statements may be subject to uncertainties and
 actual results could differ materially and, therefore, investors should not
 place undue reliance on any forward-looking statements. The Company
 specifically disclaims any obligation to publicly release the results of any
 revisions that may be made to any forward-looking statements to reflect the
 occurrence of any events or circumstances after the date of such statements.
     The Company has filed a preliminary proxy statement and other relevant
 documents with the Securities and Exchange Commission ("SEC"). SHAREHOLDERS
 ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED
 WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors will be
 able to obtain copies of these documents free of charge at the SEC's website,
 http://www.sec.gov. Copies of these documents will also be available free of
 charge from Ridgewood Financial, Inc., Attn: Corporate Secretary, 1124 East
 Ridgewood Avenue, Ridgewood, New Jersey 07450.
     The Company and its directors and executive officers may be deemed to be
 participants in the solicitation of proxies in connection with the upcoming
 annual meeting of stockholders. INFORMATION ABOUT THE PARTICIPANTS MAY BE
 OBTAINED THROUGH THE SEC'S WEBSITE FROM THE PRELIMINARY PROXY MATERIALS FILED
 BY THE COMPANY WITH THE SEC ON APRIL 2, 2001.
 
     Ridgewood Financial, Inc.'s common stock is traded on the NASDAQ National
 Market under the symbol "RSBI."
 
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SOURCE Ridgewood Financial, Inc.
    RIDGEWOOD, N.J., April 26 /PRNewswire/ --
 Ridgewood Financial, Inc. (Nasdaq:   RSBI) (the "Company") the parent company of
 Ridgewood Savings Bank of New Jersey, Ridgewood, New Jersey ("Ridgewood
 Savings") announced that the Board of Directors has declared its regular
 quarterly cash dividend of $.04 per share to stockholders of record as of
 May 14, 2001 and payable on or about June 1, 2001. This is the sixth
 consecutive quarterly cash dividend paid by the Company since Ridgewood
 Savings converted from mutual to stock form as part of a mutual holding
 company reorganization in January 1999.
     In regard to the pending merger transaction with Boiling Springs Bancorp
 ("Boiling Springs"), the Company is pleased to report that Boiling Springs has
 received regulatory approval regarding the pending regulatory applications
 filed with the banking regulators. On March 30, 2001, the pending applications
 with the Federal Reserve Board and the Federal Deposit Insurance Corporation
 were approved and on April 23, 2001, the pending application filed with the
 New Jersey Department of Banking and Insurance was approved. It is anticipated
 that the Boiling Springs merger will close by the end of the second quarter of
 year 2001.
     Additionally, the Company announced that the annual meeting of
 stockholders is scheduled to be held at its corporate headquarters, 1124 East
 Ridgewood Avenue, Ridgewood, New Jersey at 4:00 p.m. on Wednesday,
 June 6, 2001. Shareholders of record at the close of business on May 3, 2001,
 will be eligible to vote on the merger proposal with Boiling Springs, the
 election of three members of the board of directors, and the ratification of
 the appointment of the independent accountants.
     Ridgewood Savings is a New Jersey-chartered stock savings bank
 headquartered in Ridgewood, New Jersey, and primarily serves northwestern
 Bergen County, New Jersey. The bank is wholly-owned by the Company, which has
 the majority of its stock held by a state mutual savings bank holding company,
 Ridgewood Financial, MHC. Ridgewood Savings is a community and customer
 oriented financial institution providing a full range of financial services to
 local individuals, families, professionals and businesses. The bank's deposits
 are federally insured by the Federal Deposit Insurance Deposit Corporation.
     The foregoing materials may contain forward-looking statements. The
 Company cautions that such statements may be subject to uncertainties and
 actual results could differ materially and, therefore, investors should not
 place undue reliance on any forward-looking statements. The Company
 specifically disclaims any obligation to publicly release the results of any
 revisions that may be made to any forward-looking statements to reflect the
 occurrence of any events or circumstances after the date of such statements.
     The Company has filed a preliminary proxy statement and other relevant
 documents with the Securities and Exchange Commission ("SEC"). SHAREHOLDERS
 ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED
 WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors will be
 able to obtain copies of these documents free of charge at the SEC's website,
 http://www.sec.gov. Copies of these documents will also be available free of
 charge from Ridgewood Financial, Inc., Attn: Corporate Secretary, 1124 East
 Ridgewood Avenue, Ridgewood, New Jersey 07450.
     The Company and its directors and executive officers may be deemed to be
 participants in the solicitation of proxies in connection with the upcoming
 annual meeting of stockholders. INFORMATION ABOUT THE PARTICIPANTS MAY BE
 OBTAINED THROUGH THE SEC'S WEBSITE FROM THE PRELIMINARY PROXY MATERIALS FILED
 BY THE COMPANY WITH THE SEC ON APRIL 2, 2001.
 
     Ridgewood Financial, Inc.'s common stock is traded on the NASDAQ National
 Market under the symbol "RSBI."
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X28227273
 
 SOURCE  Ridgewood Financial, Inc.