Haven Bancorp Completes Acquisition of Century Insurance Agency, Provider of Auto, Home and Casualty Policies.

WESTBURY, N.Y.--(BUSINESS WIRE)--NOVEMBER 6, 1998--Haven Bancorp, Inc., the holding company for CFS Bank, announced today that it completed its acquisition of Century Insurance Agency (CIA). Headquartered in Centereach, New York, CIA generated approximately $6 million in premiums in 1997 through multiple locations on Long Island. CIA will operate as CFS Insurance, Inc., a subsidiary of Haven Bancorp.

With the acquisition of CIA Haven is now a complete financial service provider. The acquisition of CIA broadens Haven's product offerings to include automobile, homeowners and casualty insurance to individuals, as well as various lines of commercial insurance products to businesses. CIA represents more than a dozen insurance companies as an independent agency. CFS Bank currently offers a variety of life, health and disability insurance products through its subsidiary, CFS Investments, Inc. Haven plans to expand CIA's direct agency business as well as offer its insurance products to CFS Bank retail, residential and commercial real estate loan customers.

Headquartered in Westbury, New York, Haven Bancorp is the holding company for CFS Bank, a community-oriented institution offering deposit products, residential and commercial real estate loans and through CFS Investments, a full range of financial services including discount brokerage, mutual funds, annuities and insurance. CFS Bank operates eight full-service banking offices and 56 supermarket branches located in New York City, Nassau, Suffolk, Rockland and Westchester counties, New Jersey and Connecticut. The Bank provides residential mortgage banking services through its CFS InterCounty Mortgage division with offices in New York, New Jersey, Connecticut and Pennsylvania. The Bank is FDIC insured.

For additional information contact Anthony P. Cambria, VP, at [phone]. Information on insurance and all other services and products is available on CFS Bank's Web site: www.cfsb.com.

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, changes in regulations affecting financial institutions and other risks and uncertainties discussed in the Company's SEC filings. The Company disclaims any obligation to publicly announce future events or developments, which may affect the forward-looking statements herein.