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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) OCTOBER 23, 1997
HAVEN BANCORP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation or organization)
000-21628
(Commission File Number)
11-3153802
(I.R.S. Employer Identification No.)
93-22 JAMAICA AVENUE, WOODHAVEN, NEW YORK 11421
(Address of principal executive offices) (Zip Code)
(718) 847-7041
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year,
if changed since last report)
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ITEM 5. OTHER EVENTS
On October 23, 1997, the Board of Directors of Haven Bancorp,
Inc. (the "Company") declared a stock split in the form of a 100%
stock dividend. Stockholders of record as of the close of
business on October 31, 1997 will receive one additional share of
the Company's common stock for each share they own on that date.
The new shares will be distributed on November 28, 1997.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
(a) Financial Statements of the Business Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
99.1 Press Release, dated October 23, 1997.
SIGNATURE
Pursuant to the requirements of The Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
HAVEN BANCORP INC.
(Registrant)
Date: October 28, 1997 By: /s/ Catherine Califano
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Catherine Califano
Senior Vice President and
Chief Financial Officer
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE: October 23, 1997
CONTACT: Cathy Califano, S.V.P./C.F.O., Haven Bancorp, tel.
(718) 850-1203
Hal Levine, The Levine Group, tel. (212) 682-8875
HAVEN BANCORP ANNOUNCES 100% STOCK DIVIDEND
Woodhaven, NY--Haven Bancorp, Inc. (Nasdaq: HAVN), the holding
company for Columbia Federal Savings Bank, today announced that
its Board of Directors has declared a stock split in the form of
a 100% stock dividend. Shareholders of record on the close of
business October 31, 1997, will receive one additional share of
Haven Bancorp common stock for each share they own as of that
date. The new shares will be distributed on November 28, 1997.
As a result of the split, the total number of shares outstanding
will increase to approximately 8,772,104 shares compared to
4,386,052 shares outstanding as of September 30, 1997. The
annual cash dividend per common share will be adjusted to $0.30
per share, or $0.075 per share quarterly, which is unchanged from
the present level.
Earlier today, the Company announced third quarter earnings per
share of $0.53. Adjusting for the stock split, earnings per
share for the third quarter are $0.27 per share compared to $0.01
per share for the year-earlier period. For the first nine months
of 1997, post-split earnings per share equaled $0.89 per share
versus $0.68 for the comparable year-earlier period.
The Company also announced that it has changed the name of its
subsidiary bank from Columbia Federal Savings Bank to CFS Bank.
Headquartered in Woodhaven, 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 a full range of financial services including discount
brokerage, mutual funds and annuities through eight full-service
branches branches and twenty-five supermarket branches located in
Queens, Brooklyn, Manhattan, Nassau, Suffolk and Rockland
Counties. At September 30, 1997, Haven Bancorp had assets of
$1.83 billion. The Bank's deposits are insured by the FDIC.
