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COLUMBIA FEDERAL SAVINGS BANK RECEIVES APPROVAL TO CONVERT TO PUBLIC OWNERSHIP

 WOODHAVEN, N.Y., Aug. 6 /PRNewswire/ -- Columbia Federal Savings Bank has received approval from the Office of Thrift Supervision to convert from a federally chartered mutual savings bank to a federally chartered stock savings bank.
 Haven Bancorp, Inc., the holding company the bank has formed as part of its conversion plan, will offer for sale 4,312,500 shares of common stock in the range of $7.50 to $10.00 per share through a subscription offering to employee benefit plans, eligible depositors and borrowers, and in a community offering to members of the general public.
 The subscription and community offerings will begin shortly with a mailing of conversion materials to depositors and borrowers, and will continue through Sept. 10, 1993. Any shares remaining unsold after completion of the subscription and community offering will be sold in a syndicated community offering. Adams Cohen Securities Inc. of Great Neck, N.Y. is managing the subscription and community offering as well as the syndicated community offering.
 The bank's plan of conversion is also subject to the approval of the bank's members. A special meeting of members has been scheduled for Sept. 10, 1993, to vote on the plan of conversion.
 Headquartered in Woodhaven, Columbia Federal Savings Bank had assets of $1.1 billion, deposits of $992.7 million and retained earnings of $54.2 million as of June 30, 1993. The bank services its customers through nine full-service banking facilities, eight of which are located in the New York City Borough of Queens and one in Suffolk County, N.Y. The bank's deposits are insured by the Federal Deposit Insurance Corporation.
 The shares of common stock offered in the conversion are not savings accounts or deposits and are not insured by the Federal Deposit Insurance Corporation, the Bank Insurance Fund, the Savings Association Insurance Fund, or any other government agency.
 -0- 8/6/93
 /NOTE TO EDITORS: This is neither an offer to sell nor a solicitation of an offer to buy the common stock. The offering is made only by a prospectus of Haven Bancorp, Inc./
 /CONTACT: Philip S. Messina, executive vice president, 718-847-7041 ext. 2140, or Catherine Califano, controller-vice president, 718-849-0330, both of Columbia Federal Savings Bank, or Jim O'Meara of Adams Cohen Securities, Inc., 516-829-3410/


CO: Columbia Federal Savings Bank ST: New York IN: FIN SU:

TS-MG -- NY034 -- 0322 08/06/93 12:50 EDT
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Publication:PR Newswire
Date:Aug 6, 1993
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