CFS Bank, Formerly Columbia Federal Savings Bank, Unveils New Name Concurrent With Greatest Expansion in Its History.WOODHAVEN, N.Y.--(BUSINESS WIRE)--Nov. 4, 1997--The board of directors of Haven Bancorp (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). :HAVN HAVN Haven (postal suffix) ) has voted to adopt a new name for its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Columbia Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks . The community oriented federally chartered stock savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. will operate under the name CFS CFS abbr. chronic fatigue syndrome CFS, n.pr See syndrome, chronic fatigue. CFS Chronic fatigue syndrome, see there Bank. CFS Bank will remain a subsidiary of Haven Bancorp and retain its headquarters in Woodhaven, Queens Woodhaven once known as Woodville, is home to a wealthy mix of middle to upper-class residents, mostly a middle-income neighborhood in the New York City borough of Queens. This neighborhood traditionally preserves its suburban looks. . The name change comes as Haven Bancorp posts net income for the third quarter of $2.5 million. Commenting on the results, Philip S. Messina, president and chief executive officer of Haven Bancorp, stated, "We were once again pleased with Haven's financial performance in this period amid the ever-changing landscape resulting from the supermarket banking program. "We have opened 25 supermarket branches, including our first Manhattan location at Pike Slip," Messina said. "Last quarter we stated that branch openings are proceeding as planned from a financial and profit standpoint and this remains the case. "As we look forward to our future branch network, we believed it was critical to have a unique identity throughout the Tri-state region," Messina continued. "Consequently, we have changed the name of Columbia Federal Savings Bank to CFS Bank. We're using the new signage at our newest Pathmark in-store branch in Baldwin, Long Island, which opened this week," Messina added. "We continue to be encouraged by the overall results of the in-store banking program." The name change, Messina explained, is "reflective of our impressive and unprecedented expansion program." CFS Bank will open additional supermarket-based branches in Westchester and Rockland counties, New Jersey and Connecticut. CFS Bank is a wholly owned subsidiary of Haven Bancorp and has assets of $1.8 billion. For more information on CFS Bank, call 718/850-2226. Information is also available through CFS Bank's Web site: http://www.cfsb.com. CONTACT: CFS Bank Anthony Cambria, 718/850-2226 (VP, Director of Marketing) |
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