EXHIBIT 99.4 March 17, 1999 Dear Participant: As of March 3, 1999, the trust ("ESOP Trust") established for the Columbia Federal Savings Bank (now known as CFS Bank, the "Bank") Employee Stock Ownership Plan ("ESOP") held 664,116 shares of common stock of Haven Bancorp, Inc. (the "Company"), the parent holding company for the Bank, for the benefit of participants in the ESOP. As of the Record Date, March 3, 1999, 358,306 shares of Common Stock in the ESOP had been allocated to participating employees. As a participant in the ESOP, you may direct the voting of the shares of the Company's common stock held by the ESOP Trust allocated to your account. Chase Manhattan Bank has been appointed as the corporate trustee for the ESOP Trust (the "ESOP Trustee"). We, the Board of Directors, are forwarding to you the attached Vote Authorization Form, provided for the purpose of conveying your voting instructions to the ESOP Trustee. The ESOP Trustee will vote those shares of the Company's common stock held in the ESOP Trust allocated to participants in accordance with instructions of the participants. All unallocated shares held in the ESOP Trust, and allocated shares with respect to which no written instructions are received, will be voted by the Trustee in the same proportion as those allocated shares for which voting instructions are received, so long as such vote is in accordance with the provisions of the Employment Retirement Income Security Act of 1974, as amended. At this time to direct the voting of shares allocated to your account under the ESOP, you must complete and sign the enclosed Vote Authorization Form and return it in the accompanying envelope to ChaseMellon Shareholders Services L.L.C. ("ChaseMellon"). Your vote will not be revealed, directly or indirectly, to any director, officer or other employee of the Company or the Bank. Your shares will be tallied by ChaseMellon and then the ESOP Trustee will vote the shares in the ESOP Trust based on the voting instructions it has received from participants, as described above. Sincerely, The Board of Directors HAVEN BANCORP, INC. ANNUAL MEETING OF STOCKHOLDERS April 21, 1999 VOTE AUTHORIZATION FORM I, having signed this card, understand that the ESOP Trustee is the holder of record and custodian of all shares of Haven Bancorp, Inc. (the "Company") common stock allocated to me under the Columbia Federal Savings Bank Employee Stock Ownership Plan and Trust ("ESOP Trust"). Further, I understand that my voting instructions are solicited on behalf of the Company's Board of Directors for the Annual Meeting of Stockholders on April 21, 1999, and any adjournments thereof. Accordingly, you are instructed to vote all shares allocated to me and held by the ESOP Trust as set forth on the reverse side. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Fold and Detach Here Please mark your votes as indicated X in this example --- THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" EACH OF THE LISTED PROPOSALS. 1. The Election as directors of all nominees listed: (Except as marked to the contrary below) George S. Worgul, Michael J. Levine FOR VOTE WITHHOLD ------- ------ Instructions: To withhold your vote for any individual nominee, write that nominee's name on the space provided below: ------------------------------------- 2. The ratification of KPMG LLP as independent auditors of Haven Bancorp, Inc. for the fiscal year ending December 31, 1999. FOR AGAINST ABSTAIN ----- ----- ----- I acknowledge that I have received from the Company prior to the execution of this proxy a Notice of Annual Meeting of Stockholders, a Proxy Statement dated March 17, 1999, the Annual Report to Stockholders and a letter dated March 17, 1999 from the Board of Directors. I understand that my voting instructions are solicited by the Board of Directors on behalf of the ESOP Trustee for the Annual Stockholders Meeting to be held on April 21, 1999, and any adjournments thereof. The ESOP Trustee is hereby authorized to vote the shares allocated to me, in its trust capacity, as indicated above. ------------------------- Signature ------------------------- Date Please sign, date and return this form in the enclosed business reply envelope. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - FOLD AND DETACH HERE