SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934
(Amendment No. )
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Haven Bancorp, Inc.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other
than the Registrant)
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FOR IMMEDIATE RELEASE: March 24, 2000
CONTACTS: Catherine Califano, S.V.P. /C.F.O., Haven Bancorp
Tel. (516) 683-4483
Annette Esposito, F.V.P./Communications Director, Haven
Bancorp
Tel. (516) 683-4231
HAVEN BANCORP RETAINS LEHMAN BROTHERS TO EXPLORE STRATEGIC
ALTERNATIVES; FORMS INDEPENDENT BOARD COMMITTEE;
ADOPTS PLAN TO REDUCE OPERATING EXPENSES
Westbury, NY--Haven Bancorp, Inc. (Nasdaq: HAVN), the holding
Company for CFS Bank, today announced that it has retained the
investment banking firm of Lehman Brothers, Inc. to advise the
Board of Directors on strategic alternatives for the Company.
In addition, Haven has formed a three-person committee of outside
Board members to work with Lehman Brothers in these efforts.
Chaired by Michael A. McManus, Jr., the committee includes Hanif
(Wally) Dahya, and Robert M. Sprotte.
The Company had previously announced that it had engaged Lehman
Brothers to assist in evaluating options with respect to the
Company"s residential mortgage origination division. The Company
expects a resolution regarding its residential mortgage division in
the near future, which will result in the Company recording a
restructuring charge, the amount of which cannot be determined at
this time.
In addition, the Board approved a plan to reduce operating expenses
through a reduction in the Company"s workforce and elimination of
certain other expenses across all departments and divisions. The
Company expects to realize approximately $7 million in annualized
savings as a result of these measures.
Implementation of these initiatives will begin immediately.
"We have spent the past few years establishing CFS Bank as a true
pioneer in supermarket banking in the Northeast," said Philip S.
Messina, Chairman and Chief Executive Officer of Haven Bancorp/CFS
Bank. "As the next step in the continuing execution of our plan, we
are adopting these measures, which we believe will result in
increased shareholder value," concluded Messina.
In addition to its eight full-service traditional banking offices,
CFS Bank has 62 branches conveniently located inside leading
supermarket chains throughout the tri-state region. These
supermarket-based branches provide unparalleled convenience and
customer service, while offering a full range of CFS Bank financial
services.
Headquartered in Westbury, New York, Haven Bancorp, Inc. is the
holding company for CFS Bank, a community-oriented institution
offering deposit products, residential and commercial real estate
loans and a full range of financial services including discount
brokerage, mutual funds, annuities and insurance products through
eight full-service banking offices and 62 supermarket branches
located in New York City, Nassau, Suffolk, Rockland and Westchester
counties, New Jersey and Connecticut. Haven provides auto,
homeowners and business lines of insurance through its subsidiary,
CFS Insurance Agency, Inc. The Bank's deposits are insured by the
FDIC.
Statements made herein that are forward-looking in nature within
the meaning of the Private Securities Litigation Reform Act of
1995, are subject to risks and uncertainties that could cause
actual results to differ materially. Such risks and uncertainties
include, but are not limited to, those related to overall business
conditions, particularly in the consumer financial services,
mortgage and insurance markets in which Haven operates, fiscal and
monetary policy, competitive products and pricing, credit risk
management, Haven's ability to undertake a suitable transaction
with respect to its residential mortgage lending division, changes
in regulations affecting financial institutions and other risks and
uncertainties discussed in Haven's SEC filings, including its 1998
Form 10-K and Form 10-Qs for the first three quarters of 1999.
Haven disclaims any obligation to publicly announce future events
or developments, which may affect the forward-looking statements
contained herein.
Haven's Board of Directors and executive officers may be deemed
"participants" in Haven's proxy solicitation. Information regarding
these individuals may be found in Haven's preliminary proxy
materials that have been filed with the Securities and Exchange
Commission. A free copy of these materials, as well as other
publicly-filed documents of Haven, may be obtained at the SEC's
website at www.sec.gov. Stockholders are advised to read Haven"s
preliminary proxy statement filed with the SEC and the definitive
proxy statement (when it becomes available), because these
documents contain, or will contain, important information.