SCHEDULE 14A
                                 (Rule 14A-101)
                     INFORMATION REQUIRED IN PROXY STATEMENT
                            SCHEDULE 14A INFORMATION
                Proxy Statement Pursuant to Section 14 (a) of the
                         Securities Exchange Act of 1934
                                (Amendment No. )

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Check the appropriate box:
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Definitive Proxy Statement [ ]
Definitive Additional Materials [  ]
Soliciting Material Pursuant to Rule 14a-11 (c) or Rule 14a-12

                               KANKAKEE BANCORP, INC.
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                (Name of Registrant as Specified In Its Charter)

                     COMMITTEE TO PRESERVE SHAREHOLDER VALUE
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(Name of Person (s) filing Proxy Statement, if other than the Registrant)

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                               KANKAKEE BANCORP, INC.
                                ________________

                         ANNUAL MEETING OF STOCKHOLDERS
                                 April 26, 2002
                               ___________________

        PRELIMINARY PROXY STATEMENT OF THE KANKAKEE BANCORP, INC. COMMITTEE
                 TO PRESERVE SHAREHOLDER VALUE (THE "COMMITTEE")
                              [OPPOSES THE BOARD OF
                        DIRECTORS OF KANKAKEE BANCORP, INC.]

This Proxy  Statement and WHITE proxy card are being furnished to holders of the
common stock (the "Stockholders"), par value $.01 per share (the "Common Stock")
of Kankakee Bancorp, Inc. (the "Company") a Delaware Corporation,  in connection
with the  solicitation  of proxies  (the "Proxy  Solicitation")  by the Kankakee
Bancorp,  Inc. Committee to Preserve  Shareholder Value (the  "Committee").  The
Annual Meeting of Stockholders is to be held on April 26, 2002.  Please refer to
the  Company's  proxy  statement  for the time and location of this meeting (the
"Annual  Meeting").  Stockholders who own the Common Stock on March 4, 2002 will
be entitled to vote ("Annual  Meeting  Record  Date").  The Company's  principal
executive  offices are located at 310 S.  Schuyler  Avenue,  Kankakee,  Illinois
60901.

At the Annual  Meeting,  the  Company  will be seeking  (i) the  election of two
Directors  for a term of three years or until a successor  has been  elected and
qualified and (ii)  ratification of the appointment of McGladrey & Pullen,  LLP,
independent auditors.

The Committee members own  approximately  70,850 shares (5.80%) of the Company's
outstanding  Common Stock and are soliciting the votes of other  Stockholders to
elect two Directors at this year's Annual  Meeting.  The Committee is soliciting
your proxy in support of the election of Lawrence Seidman ("Seidman") and Robert
Williamson ("Williamson"),  (the "Committee Nominees") to the Company's Board of
Directors.

The Committee consists of Seidman and Associates,  L.L.C.  ("SAL"), a New Jersey
Limited Liability Company; Seidman Investment Partnership,  L.P.; ("SIP"), a New
Jersey Limited Partnership; Seidman Investment Partnership II, L.P.("SIP II"), a
New Jersey Limited  Partnership;  Kerrimatt,  L.P.  ("Kerrimatt"),  a New Jersey
Limited  Partnership;  Federal  Holdings,  LLC  ("Federal"),  a New York Limited
Liability  Company;  Pollack  Investment  Partnership,  LP ("PIP"), a New Jersey
Limited  Partnership,  Dennis Pollack ("Pollack"), Williamson and Seidman.  This
Proxy  Statement  and WHITE proxy card are being first  mailed or  furnished  to
Stockholders on or about March --, 2002.

The Committee's goal is to preserve  shareholder  value and it is the opinion of
the Committee  that one of the best ways to accomplish  this goal is through the
representation  of significant  shareholders on the Board of Directors.  Through
representation on the Board of Directors, the Committee Nominees will attempt to
persuade  the  Board  of  Directors  to:  (i)  accelerate  the  Company's  share
repurchase  program;  and (ii)retain an investment banker to determine the value
of the Company in a sale versus remaining independent.

Remember,  your last  dated  proxy is the only one which  counts,  so return the
WHITE card even if you  delivered a prior  proxy.  We urge you not to return any
proxy card sent to you by the Company.

Your vote is  important,  no matter how many or how few shares you hold. If your
shares are held in the name of a brokerage firm, bank, or nominee, only they can
vote  your  shares  and  only  upon  receipt  of  your  specific   instructions.
Accordingly, please return the WHITE proxy card in the envelope provided by your
Bank or Broker or  contact  the person  responsible  for your  account  and give
instructions for such shares to be voted for the Committee Nominees.

If your shares are registered in more than one name, the WHITE proxy card should
be  signed  by all such  persons  to ensure  that all  shares  are voted for the
Committee's Nominees.

Please  refer  to  the  Company's  proxy  statement  for a full  description  of
management's proposals,  the securities ownership of the Company, the share vote
required to ratify each proposal,  information about the Company's  Officers and
Directors,  including  compensation,  information  about the ratification of the
appointment of McGladrey & Pullen, LLP, as independent  auditors and the date by
which  Stockholders  must  submit  proposals  for  inclusion  in the next Annual
Meeting.
 

Holders of record of shares of Common  Stock on the Annual  Meeting  Record Date
are urged to submit a proxy even if such  shares have been sold after that date.
The number of shares of Common Stock outstanding as of the Annual Meeting Record
Date is  1,216,358. Each share of Common  Stock is  entitled to one vote at the
Annual Meeting.

If you have any questions or need assistance in voting your shares, please call:

                                D. F. King & Co.
                             Att: Richard Grubaugh
                                 77 Water Street
                            New York, New York 10005
                         (Call Toll Free (800) 628-8509)


                              THE COMMITTEE'S GOAL:

                        OUR GOAL IS TO MAXIMIZE THE VALUE
                         OF THE COMPANY'S STOCK FOR ALL
                                  SHAREHOLDERS

The Committee  believes its fellow  Shareholders have the same goal: to maximize
the value of the Company's stock they purchased. The Committee believes that the
Company should  immediately retain an investment banker to explore a sale of the
Company at a premium.  Concurrently,  the investment banker should also evaluate
whether  the  Company  can  make  in-market   acquisitions  that  are  accretive
(acquisitions  that will add to the earnings per share of the Company within one
year).  The Committee does not believe that the value of the Company's stock can
be maximized solely through internal growth.

If the Company cannot grow through accretive acquisitions,  the goal to maximize
value can be  accomplished  most  effectively by selling or merging the Company.
The only way the Committee can be assured that its proposals receive appropriate
consideration  is  through  Board   representation.   The  Committee  has  urged
management to pursue acquisition/merger  discussions with potentially interested
banks  so the  Company  could  properly  compare  the  economic  benefits  of an
acquisition of other financial institutions to a sale of the Company.

No guarantee,  or assurance,  can be given that the  Committee's  proposals will
result in a maximization  of shareholder  value. It is simply,  and solely,  the
Committee's  opinion that these proposals are likely to produce positive results
for all shareholders.

                  SEIDMAN'S AND WILLIAMSON'S FEBRUARY 19, 2002
                           MEETING WITH LARRY HUFFMAN

On February 19, 2002 Messrs.  Seidman and Williamson met with Mr.  Huffman,  the
the President and Chief Executive Officer of the Company and primary  subsidiary
Kankakee  Federal Savings Bank (the  "Association")  and two investment  bankers
representing the Company at the Company's main executive office in Kankakee.

Mr.  Seidman  requested  that the  Board be  enlarged  by two seats and that Mr.
Williamson and he be added to the Board.  This suggestion  would not require any
present Board Member to be removed.  On Friday,  February 22, 2002,  Mr. Seidman
received a phone call from one of the  investment  bankers who informed him that
his proposal was rejected by the Board.

           THE PRICE RECEIVED BY ALL ILLINOIS COMMERCIAL BANKS SOLD
                  IN THE LAST THREE CALENDAR YEARS COMPARED TO
                         THE COMPANY'S FINANCIAL RESULTS

The  Company's  stock,  based upon its closing  price of $36.15 on February  22,
2002,  is trading at 1.07 times its December  31, 2001 $33.86  stated book value
and 13.79 times its twelve month December 31, 2001 diluted earnings per share of
$2.62.  In the opinion of the Committee,  unless the Company can do an accretive
acquisition, a sale of the Company at this time will be more beneficial than the
Company  remaining  an  independent  financial  institution.   These  facts  are
supported by the following  chart,  which  reflects the mean and median price to
book value,  deposit premium and price to last twelve months  earnings  multiple
paid for Illinois  banks and thrifts  acquired in 1999 (15 banks and 4 thrifts),
2000 (10 banks and 2 thrifts), 2001 (14 banks and 4 thrifts):

                       ILLINOIS MERGER ACTIVITY 1999-2001

1999                     PRICE/BOOK(%)       PRICE/EPS(x)      Deposit Premium
-------------------------------------------------------------------------------
BANK        Mean          195.05                22.79                 11.95
RATIO       Median        204.65                19.35                 11.51
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
THRIFT      Mean          161.81                36.49                 11.44
RATIO       Median        140.66                38.15                  6.51
-------------------------------------------------------------------------------

2000
-------------------------------------------------------------------------------
BANK        Mean          156.11                19.22                  6.11
RATIO       Median        157.11                17.36                  6.82
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
THRIFT      Mean          150.57                33.60                  3.72
RATIO       Median        150.57                33.60                  3.72
-------------------------------------------------------------------------------

2001
-------------------------------------------------------------------------------
BANK        Mean          157.10                19.26                  7.23
RATIO       Median        151.26                18.13                  6.24
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
THRIFT      Mean          139.24                16.22                  9.11
RATIO       Median        147.96                15.73                  8.72
-------------------------------------------------------------------------------

Based upon the 2001 mean and median  valuations  shown above,  the Company based
upon a $33.86 stated book value,  415,467 of deposits and 2.62 diluted  earnings
per share for the Calendar Year 2001, is worth the following per share amount:


               Book Value          Deposit Premium          LTM Earning
-------------------------------------------------------------------------------
Mean           $47.14               $64.78                    $42.50
Median         $50.09               $63.47                    $41.21
-------------------------------------------------------------------------------


There can be no assurance or guarantee  that the Company  would  receive a price
equal to or greater than the mean of median ratio stated above.


                            THEREFORE A VOTE FOR THE
                          COMMITTEE NOMINEES IS A VOTE
                             TO START THE PROCESS TO
                         ACCELERATE THE SHARE REPURCHASE
                            PROGRAM, ATTEMPT TO DO AN
                            ACCRETIVE ACQUISITION AND
                              IF NOT POSSIBLE SELL
                            THE COMPANY FOR A PREMIUM
                          PRICE WHICH IS OPPOSED BY THE
                          PRESENT BOARD AND MANAGEMENT

Each Shareholder  should be aware that the present election is only to elect two
Directors  to the Board of  Directors  of the Company and has nothing to do with
the  election  of  Directors  to  the  Association,  the  wholly  owned  banking
subsidiary of the Company. The present Directors of the Company, even if the two
(2)  Committee  Nominees  win this  election,  will still be able to appoint the
Board of Directors of the Association,  including the Company Nominees,  even if
they lose the election.

If a sale of the Company is not possible at a satisfactory  price, the Committee
Nominees, if elected, will work to increase the Company's earnings, earnings per
share,  earning assets and deposits and will strongly recommend that the Company
aggressively  pursue its stock repurchase  program.  In addition,  the Committee
Nominees   will   attempt  to  persuade  the  Company  to  pursue  an  accretive
acquisition.  The Board of  Directors  of the Company  would have to determine a
satisfactory  price which could be either all cash or a combination  of cash and
stock. (The Board would have to make the same  determination with respect to the
consideration  to be  received in  connection  with a sale of the  Company.)  To
accomplish  the  Committee's  goal,  the  Nominees,  if  elected,  will need the
cooperation  of two of the other  Directors.  Furthermore,  the Nominees'  plans
could change subject to the fiduciary duty they will owe to all shareholders, if
elected.

The Committee  bases its position that the Board of Directors and  Management of
the Company  oppose a sale of the Company upon a statement by Mr. Huffman to Mr.
Seidman  during a phone call  prior to the  February  19,  2002  meeting,  which
statement  was restated  during the February  19th  meeting.  Specifically,  Mr.
Huffman  stated that at the present time the Board is not interested in pursuing
a sale of the Company and would prefer remaining independent.

Shareholders  will  not be  afforded  a  separate  opportunity  to  vote  on the
implementation of a stock repurchase  program.  Shareholders will be required to
vote on a sale or a  merger;  except  an  acquisition  for cash may not  require
shareholder approval.


                  MR. SEIDMAN'S PAST HISTORY OF PROMOTING THE
                        MAXIMIZATION OF SHAREHOLDER VALUE

Seidman and Pollack have been involved in proxy contests in connection  with the
following  seven separate  companies  since 1995,  IBS Financial  Corp.("IBSF"),
Wayne Bancorp,  Inc.  ("WYNE"),  South Jersey  Financial Corp.,  Inc.  ("SJFC"),
Citizens First Financial Corp. ("CFSB"), Yonkers Financial Corp. ("YFCB"), First
Federal Savings and Loan Association of East Hartford ("FFES")and Vista Bancorp,
Inc.  ("Vista")  seeking to maximize  shareholder  value by either an  accretive
acquisition or sale of the respective  companies.  IBSF,  WYNE, FFES, VBNJ, YFCB
and SJFC were sold at significant premiums to their book value and earnings,  as
shown by the following chart:

                                 Multiples [X]              Director
Seller     Buyer                 Book Value %  LTM EPS [X]  Nominees
--------------------------------------------------------------------------------
Wyne  Valley National Bancorp      2.00           31.7      Seidman-Pollack
IBSF  Hudson United Bancorp.       1.76           30.0      Seidman-Pollack
SJFC  Richmond Cty. Fin. Corp.     1.14           24.1      Seidman
FFES  Connecticut Bancshares,Inc.  1.37           13.5      Seidman-Williamson*
VBNJ  United National Bankcorp     2.52           19.5      Pollack
YFCB  Atlantic Bank of New York    1.52           16.20     Seidman-Pollack
--------------------------------------------------------------------------------
*Separate proxy contest - Mr. Williamson was not Mr. Seidman's Board Nominee.

Pollack was a member of the Board of WYNE.  Seidman was a member of the Board of
SJFC and FFES, and Williamson was a member of the Board of FFES.

Seidman  was not  successful  in his proxy  contest  with  CFSB,  VBNJ and YFCB.
However,  Seidman was  successful in having CFSB conduct a Dutch Auction for 15%
of its  outstanding  shares.  Seidman had proposed this Dutch Auction and, in an
agreement with CFSB,  agreed to tender the shares he controlled into the auction
and to execute a standstill agreement. Thus, the Dutch Auction resulted in large
measure from proposals made by, and actions undertaken, by Seidman. With respect
to YFCB  Seidman  continually  pushed YFCB to sell.  On  November  14, 2001 YFCB
announced  a sale to Atlantic  Bank of New York at $29.00 cash per share,  based
upon the above ratios.

The Board of Directors of CNYF and AHCI, each agreed  voluntarily to increase by
one (1) the size of the Board and  Seidman was added to each  respective  Board.
CNYF was sold to Niagara Bancorp, Inc. at a premium price of 1.30 times book and
27.57 times its last twelve (12) month  earnings.  AHCI was sold to Hudson River
Bancorp,  Inc.  at a premium  price of 1.25 times book and 25.60  times its last
twelve (12) months earnings.

In  addition,  Seidman  filed a  Schedule  13D  disclosing  a plan  to  maximize
shareholder  value  through  an  accretive  acquisition  or sale  of 1st  Bergen
Bancorp,  Inc.  ("FBER"),  Eagle  BancGroup,  Inc.  ("EGLB"),  and Jade Finacial
Corporation  ("IGAF").  All  three  institutions  were  sold  shortly  after the
respective  announcements.  FBER was sold to Kearney  Savings  Bank for 146 % of
book value and 34.4 times  earnings.  EGLB was sold to First  Busey  Corporation
("FBC") for 1.36% of book value and 33 times earnings. (EGLB and FBC are located
in the same  geographic  part of Illinois as the Company.)  IGAF was sold to PSB
Bancorp,  Inc. for 92% of book value and 26.06 times earnings.  Except for IGAF,
these  companies  were sold at a significant  premium to book value and earnings
and its prevailing stock price.

All of the above institutions,  except Vista Bancorp,  Inc. (VBNJ) were thrifts.
Commercial banks normally receive multiples greater than thrifts.

There is no  guarantee  that the Company  can be sold for a premium  equal to or
greater than the premium paid for the commercial banks and thrifts  mentioned in
this proxy statement.

            RETURN ON AVERAGE EQUITY AND CHANGE OF CONTROL AGREEMENTS

The following chart reflects the Company's return on average equity for the past
six calendar years:

                         1996                6.72%
                         1997                7.98%
                         1998                5.86%
                         1999                4.07%
                         2000                6.93%
                         2001                8.2%

Therefore,  in six years the average return on equity has increased 1.48% or 1/4
of 1% per year. In the Committee"s  opinion,  the historically average return on
equity is anemic.  A return on average  equity in excess of 14% is  required  to
create a maximization of shareholder  value in the opinion of the Committee.  It
does not appear  based on their  historic  results  that the  present  Board and
management are capable of achieving such a return on equity.


Unfortunately,  the Board rewarded  management for its sub-par  performance with
Change of Control Agreements for Gerald C. Chantome,Carol S. Hoekstra,  Larry D.
Huffman,  Michael A. Stanfa and Ronald J. Walters. Each of these agreements have
identical terms,  which generally provide that if the executive is terminated by
the  Company  within  either  six  months  before or one year  after a change of
control of the Company,  as defined in the  agreements,  then the executive will
receive a  severance  equal to three  times  the sum of his or her base  salary,
average   performance  bonus  (2  year  average)  and  average  retirement  plan
contributions (2 year average).  Additionally, the Company entered into a Change
of Control  Agreement  with Terry L.  Ralston,  which is  identical to the other
agreements,  with the exception  that Mr. Ralston will receive one times the sum
of his base salary,  average  performance  bonuses and average  retirement  plan
contributions.

In the Committee's opinion the issuance of these Change of Control Agreements to
so many executives with a three times multiple is excessive and demonstrates the
Board's  lack of  commitment  to  maximizing  the value of the  Company  for the
Shareholders.  The  Committee  is not  opposed to  reasonable  Change of Control
Agreements.  The  Committee can only  estimate the cost to the  Shareholders  of
these Agreements because no disclosure to date has been provided.  The Committee
estimates the cost at not less than $1,300,000 or $1.07 per share.

                        ELECTION OF COMMITTEE NOMINEES

When you return the  Committee's  proxy card you are only voting for Seidman and
Williamson.  Each of these candidates has consented to being named in this Proxy
Statement and has agreed to serve as a Director, if elected.

Robert  Williamson,  age 43, is a private  investor  whose  principal  office is
located at 25 Greenview Dr., Apt. 29, Manchester,  NH 03102. Williamson has sole
investment  discretion and voting authority with respect to all of the Company's
securities he owns.

Lawrence  Seidman,  age 54,  is a private  investor  whose  principal  office is
located at 100 Misty Lane, Parsippany, NJ 07054. Mr. Seidman has sole investment
discretion and voting  authority for SAL, SIP, SIPII,  Kerrimatt and Federal and
shared  investment  discretion and voting authority for PIP. Mr. Seidman,  since
March 10, 1999, has been the President,  General Counsel and a Director of Menlo
Acquisition  Corporation.  Mr.  Seidman is also Manager of Seidman & Associates,
LLC,  Co-General  Partner of Pollack Investment  Partnership,  L.P. President of
Veteri Place Corp., the sole General Partner of Seidman Investment  Partnership,
LP, Seidman Investment  Partnership II, LP, Manager of Federal Holdings,  L.L.C.
and business consultant to certain partnerships and individuals,  including, but
not limited to, Kerrimatt, LP.

The members of the Committee have agreed to act in concert;  however,  they have
expressly reserved the right to terminate their agreement to act in concert.

During  the last ten (10)  years:  (i) none of the  Committee  members  has been
convicted in a criminal  proceeding  (excluding  traffic  violations  or similar
misdemeanors);  (ii) none of the Committee members,  has been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such  proceeding was or is subject to a judgment,  decree,  or final
order  enjoining  future  violations of, or prohibiting  activities  subject to,
federal or state  securities laws, or finding any violation with respect to such
laws; (iii) the Committee members,  other than SIPII,  Williamson,  Pollack, PIP
and Kerrimatt,  were parties to a civil  proceeding  which  ultimately  mandated
activities that were subject to federal securities laws.  Specifically,  a civil
action was filed by IBSF,  during a proxy  contest with  certain  members of the
Committee,  in the U.S. District Court. This litigation named the members of the
Committee, as Defendants; except, SIPII, Pollack, PIP, Williamson and Kerrimatt.
The claim was made that three  members on the  Committee did not make all of the
disclosures  required by the Securities Exchange Act of 1934. The District Court
entered a Judgment  dismissing  the claims made by IBSF. The Third Circuit Court
of Appeals  reversed in part, and remanded the matter,  determining that two (2)
additional  disclosures  should have been made.  Pending the remand,  an Amended
Schedule  13D was filed  making  additional  disclosures  with regard to Seidcal
Associates  and  Kevin  Moore   concerning  the  background,   biographical  and
employment,  information  on Brant Cali of Seidcal  and Kevin  Moore of Federal.
Thereafter,  the District  Court entered a Judgment  After Remand which directed
the inclusion of these disclosures in the Schedule 13D.

None of the  Committee  members is, or was within the past year,  a party to any
contract,  arrangements  or  understandings  with any person with respect to any
securities of the registrant, including, but not limited to joint ventures, loan
or option arrangements,  puts or calls, guarantees against loss or guarantees of
profit,  division of losses or profits, or the giving or withholding of proxies.
In addition  none of the  Committee  members or any  associates of the Committee
members have any arrangement or  understanding  with any person (a) with respect
to any future  employment by the Company or its affiliates;  or (b) with respect
to any future transactions to which the Company or any of its affiliates will or
may be a party.

Mr. Seidman is the manager of SAL,  Co-General  Partner with Pollack in PIP, and
is the  President  of the  Corporate  General  Partner  of SIP and SIPII and the
investment manager for Kerrimatt and Federal; and, in that capacity, Mr. Seidman
has the  authority to cause those  entities to acquire,  hold,  trade,  and vote
these  securities and with respect to PIP,  Seidman shares these  functions with
Pollack.  SAL,  SIP,  SIPII,  Kerrimatt,  PIP and  Federal  were all  created to
acquire, hold, and sell publicly-traded  securities.  None of these entities was
formed to solely acquire, hold, and sell the Company's securities. Each of these
entities owns securities issued by one or more companies other than the Company.
The members and limited partners in SIP, SIPII, SAL, Kerrimatt,  PIP and Federal
are all passive  investors,  who do not - and cannot - directly,  or indirectly,
participate in the management of these entities,  including  without  limitation
proxy contests. Seidman's total compensation is dependent upon the profitability
of the  operations  of these  entities,  but no provision is made to  compensate
Seidman  solely  based upon the profits  resulting  from  transactions  from the
Company's  securities.  In SAL,  Seidman receives a $300,000 annual salary and a
percentage  of the  profits,  after  the  Members  receive  a  return  on  their
investment.  In SIP,  Federal and PIP,  Seidman receives an annual fee, which is
payable  quarterly,  based upon a  valuation  of the  assets,  and he receives a
percentage of the profits.  In Kerrimatt,  Seidman receives an annual fee, which
is payable  quarterly based upon a valuation of the assets with a stated maximum
fee  payable,  and he receives a  percentage  of the  profits  after a return to
limited partners.  In SIPII, Seidman receives a percentage of the profits and no
annual fee.

On November  8, 1995,  the acting  Director of the Office of Thrift  Supervision
("OTS") issued a Cease and Desist Order against Seidman ("C & D"), after finding
that Seidman  recklessly engaged in unsafe and unsound practices in the business
of an  insured  institution.  The C & D  actions  complained  of were  Seidman's
allegedly  obstructing an OTS investigation.  The C & D ordered him to cease and
desist  from  (i)  any  attempts  to  hinder  the  OTS in the  discharge  of its
regulatory  responsibilities,  including the conduct of any OTS  examination  or
investigation;  and (ii) any attempts to induce any person to withhold  material
information   from  the  OTS  related  to  the  performance  of  its  regulatory
responsibilities.  The  Order  also  provides  that for a period of no less than
three  (3)  years if  Seidman  becomes  an  institution-affiliated  party of any
insured  depository  institution  subject to the jurisdiction of the OTS, to the
extent  that his  responsibilities  include  the  preparation  or  review of any
reports,  documents, or other information that would be submitted or reviewed by
the  OTS in the  discharge  of  its  regulatory  functions,  all  such  reports,
documents, and other information shall, prior to submission to, or review by the
OTS, be  independently  reviewed by the Board of Directors  or a duly  appointed
committee  of the Board to ensure that all material  information  and facts have
been fully and adequately  disclosed.  In addition, a civil money penalty in the
amount of $20,812 was assessed.

The  voting  power  over  the  Company's   securities  is  not  subject  to  any
contingencies  beyond  standard  provisions  for entities of this nature  (i.e.,
limited   partnerships  and  limited  liability   companies)  which  govern  the
replacement of a manager or a general partner.  Specifically, the shares held by
each of the named entities are voted in the manner that Seidman  elects,  in his
non-reviewable discretion; except for PIP, where the voting discretion is shared
with Pollack.

Additional Information concerning the Committee is set forth in Appendices A and
B hereto.  Each of the  individuals  listed on  Appendix A attached  hereto is a
citizen  of  the  United  States.

                                    AUDITORS
The  Committee  has no  objection  to the  ratification  of the  appointment  of
McGladrey & Pullen,  LLP,  as  independent  accountants  for the Company for the
fiscal year ending December 31, 2002.

                             SOLICITATION; EXPENSES

Proxies may be solicited by the  Committee  by mail,  advertisement,  telephone,
facsimile,  telegraph,  and personal  solicitation.  Phone calls will be made to
individual shareholders by Seidman, Williamson and employees of D. F. King & Co.
Seidman and Williamson  will be principally  responsible to solicit  proxies for
the Committee and certain of Seidman's  employees will perform  secretarial work
in  connection  with the  solicitation  of  proxies,  for  which  no  additional
compensation  will be paid.  Banks,  brokerage  houses,  and  other  custodians,
nominees,   and  fiduciaries  will  be  requested  to  forward  the  Committee's
solicitation  material  to their  customers  for whom they hold  shares  and the
Committee will reimburse them for their reasonable  out-of-pocket  expenses. The
Committee has retained D. F. King & Co. to assist in the solicitation of proxies
and for related services. The Committee will pay D. F. King & Co. a fee of up to
$25,000  and  has  agreed  to  reimburse  it for  its  reasonable  out-of-pocket
expenses.  In addition,  the Committee has also agreed to indemnify D. F. King &
Co. against certain liabilities and expenses, including liabilities and expenses
under the federal securities laws. The Securities and Exchange  Commission deems
such an  indemnification  to be against  public policy.  Approximately  ten (10)
persons will be used by D. F. King & Co.in its solicitation efforts.

The entire expense of preparing,  assembling,  printing,  and mailing this Proxy
Statement and related materials and the cost of soliciting proxies will be borne
by Seidman,  Williamson,  SAL,  SIP,  PIP,  Federal,  Kerrimatt  and SIP II. The
Committee does not intend to solicit proxies via the Internet.

Although no precise  estimate  can be made at the present  time,  the  Committee
currently   estimates  that  the  total  expenditures   relating  to  the  Proxy
Solicitation  incurred by the Committee will be  approximately  $40,000 of which
$7,500 has been incurred to date.  The Committee  intends to seek  reimbursement
from  the  Company  for  those  expenses  incurred  by  the  Committee,  if  the
Committee's  Nominees are elected, but does not intend to submit the question of
such reimbursement to a vote of the Shareholders.

For the proxy solicited  hereby to be voted,  the enclosed WHITE proxy card must
be signed,  dated, and returned to the Committee,  c/o D. F. King & Co. Inc., in
the enclosed envelope in time to be voted at the Annual Meeting.  If you wish to
vote for the Committee  Nominees,  you must submit the enclosed WHITE proxy card
and must NOT submit the Company's  proxy card. If you have already  returned the
Company's  proxy card, you have the right to revoke it as to all matters covered
thereby and may do so by subsequently signing,  dating, and mailing the enclosed
WHITE proxy card. ONLY YOUR LATEST DATED PROXY WILL COUNT AT THE ANNUAL MEETING.
Execution  of a WHITE proxy card will not affect your right to attend the Annual
Meeting  and to vote in  person.  Any proxy  may be  revoked  as to all  matters
covered thereby at any time prior to the time a vote is taken by (i) filing with
the Secretary of the Company a later dated written revocation; (ii) submitting a
duly executed  proxy bearing a later date to the Committee;  or (iii)  attending
and voting at the Annual  Meeting in person.  Attendance  at the Annual  Meeting
will not in and of itself constitute a revocation.

Shares of Common Stock  represented by a valid,  unrevoked WHITE proxy card will
be voted as  specified.  You may vote for the  Committee's  Nominees or withhold
authority to vote for the Committee's  Nominees by marking the proper box on the
WHITE  proxy  card.   Shares   represented  by  a  WHITE  proxy  card  where  no
specification  has been made will be voted for the Committee's  Nominees and for
McGladrey & Pullen, LLP.

Except as set forth in this Proxy  Statement,  the Committee is not aware of any
other  matter to be  considered  at the Annual  Meeting.  The  persons  named as
proxies on the  enclosed  WHITE  proxy card will,  however,  have  discretionary
voting authority as such proxies  regarding any other business that may properly
come before the Annual Meeting.

If your shares are held in the name of a brokerage firm, bank, or nominee,  only
they can vote such shares and only upon receipt of your  specific  instructions.
Accordingly,  please return the proxy in the envelope provided to you or contact
the person  responsible  for your account and instruct that person to execute on
your behalf the WHITE proxy card.

Only holders of record of Common Stock on the Annual Meeting Record Date will be
entitled to vote at the Annual  Meeting.  If you are a Shareholder  of record on
the Annual  Meeting Record Date, you will retain the voting rights in connection
with the Annual  Meeting even if you sell such shares  after the Annual  Meeting
Record Date.  Accordingly,  it is  important  that you vote the shares of Common
Stock held by you on the Annual  Meeting  Record Date,  or grant a proxy to vote
such  shares on the WHITE proxy  card,  even if you sell such shares  after such
date.

The Committee believes that it is in your best interest to elect the Committee's
Nominees as Directors at the Annual Meeting. THE COMMITTEE STRONGLY RECOMMENDS A
VOTE FOR THE COMMITTEE NOMINEES AND FOR THE PROPOSED AUDITORS.

           KANKAKEE BANCORP, INC.COMMITTEE TO PRESERVE SHAREHOLDER VALUE.


                              I M P O R T A N T !!!

If your shares are held in "Street  Name" only your bank or broker can vote your
shares and only upon receipt of your  specific  instructions.  Please return the
proxy  provided to you or contact the person  responsible  for your  account and
instruct them to vote for the Committee's Nominees on the WHITE proxy card.

If you have any  questions,  or need further  assistance,  please call  Lawrence
Seidman at 973-560-1400,  Extension 108, or, our proxy  solicitor:  D. F. King &
Co., Att:  Richard  Grubaugh,  77 Water  Street,  New York,  New York 10005,  at
800-628-8509.


                                   APPENDIX A

                      THE COMMITTEE TO PRESERVE SHAREHOLDER
                             VALUE AND ITS NOMINEES

The participants who comprise the Committee own in the aggregate  70,850 shares
of Common Stock, representing  approximately 5.80% of the shares outstanding and
are as follows:

Seidman  and  Associates,  L.L.C.  ("SAL"),  is a New Jersey  limited  liability
company,  organized  to invest in  securities,  whose  principal  and  executive
offices  are  located at 19 Veteri  Place,  Wayne,  New Jersey  07470.  Lawrence
Seidman is the  Manager  of SAL and has sole  investment  discretion  and voting
authority with respect to such securities.

Seidman  Investment   Partnership,   L.P.  ("SIP"),  is  a  New  Jersey  limited
partnership,  whose  principal  and  executive  offices are located at 19 Veteri
Place,  Wayne, NJ 07470. Veteri Place Corporation is the sole General Partner of
SIP and Lawrence Seidman is the only shareholder  director and officer of Veteri
Place Corporation.  Seidman has sole investment  discretion and voting authority
with respect to such securities.

Seidman  Investment  Partnership  II, L.P.  ("SIPII"),  is a New Jersey  limited
partnership,  whose  principal  and  executive  offices are located at 19 Veteri
Place,  Wayne, NJ 07470. Veteri Place Corporation is the sole General Partner of
SIPII and  Lawrence  Seidman is the only  shareholder  director  and  officer of
Veteri Place  Corporation.  Seidman has sole  investment  discretion  and voting
authority with respect to such securities.

Kerrimatt,  LP (Kerrimatt),  is a limited partnership formed, in part, to invest
in stock of public  companies whose principal and executive  offices are located
at 80 Main Street, West Orange, New Jersey 07052.  Lawrence Seidman has the sole
investment discretion and voting authority with respect to such securities until
September 27, 2003

Federal Holdings L.L.C.  ("Federal"),  is a New York limited liability  company,
organized to invest in  securities,  whose  principal and executive  offices are
located at One Rockefeller  Plaza,  31st Floor, New York, NY 10020.  Lawrence B.
Seidman is the Manager of Federal and has sole investment  discretion and voting
authority with respect to such securities.

Pollack Investment Partnership ("PIP") is a New Jersey limited partnership whose
principal and  executive  offices are located at 47 Blueberry  Drive,  Woodcliff
Lakes, New Jersey 07677.  Pollack and Seidman are co-general partners of PIP and
share the  investment  discretion  and  voting  authority  with  respect to such
securities.

Lawrence  Seidman is a private  investor,  with  discretion  over certain client
accounts  and is the  Manager  of  Federal  and SAL,  and the  President  of the
Corporate General Partner of SIP and SIP II,  co-general  partner of PIP and the
investment  manager  of  Kerrimatt.  See  Footnote  No. 1 below for  information
concerning regulatory action.

Dennis  Pollack is the  co-general  partner of PIP and  shares  discretion  with
Seidman  with  respect  to  this  entity,  and is a  businessman  and a  private
investor. In addition,  Mr. Pollack is the President and Chief Executive Officer
of Pegasus Funding Group, Inc. and a Vice President of Valley National Bank.

Robert Williamson is a private investor.




The following sets forth the name, business address, and the number of shares of
Common Stock of the KNK  beneficially  Owned as of February 22, 2001, by each of
the Committee  Members [The actual stock purchase  transactions are set forth on
Exhibit B.]
                                                     Number of Shares
                                                     of Common Stock
                                  Beneficially
          Name                                       Owned & Owned    Percent
         Class             Business Address          in Record Name    of
------------------------------------------------------------------------------
1. Seidman and Associates   Lanidex Center,            13,685       1.125
   L.L.C.(SAL)              100 Misty Lane
                            Parsippany, NJ 07054
2. Seidman Investment       19 Veteri Place             9,063        .745
   Partnership, L.P.(SIP)   Wayne, NJ 07470
3. Seidman Investment       19 Veteri Place             8,054        .662
   Partnership II, L.P.(SIPII) Wayne, NJ 07470
4. Lawrence Seidman and     19 Veteri Place            58,900       4.84
   discretionary clients    Wayne, NJ 07470
    (1) (2)
5. Federal Holdings, LLC    One Rockefeller Plaza       8,798        .723
   (Federal)                New York, NY 10020
6. Kerrimatt, LP            80 Main St.                 8,798        .723
   (Kerrimatt)              West Orange, NJ 07052
7. Pollack Investment       47 Blueberry Drive          5,115        .420
   Partnership, L.P. (PIP)  Woodcliff Lake, NJ 07677
8. Dennis Pollack (2)       47 Blueberry Drive          6,215        .510
   (Pollack)                Woodcliff Lake, NJ 07677
9. Robert Williamson        25 Greenview Dr., Apt. 29, 10,850        .892
   (Williamson)             Manchester, NH 03102
------------------
(1)    Includes all shares owed by SAL, SIP, SIPII, Federal, Kerrimatt, and PIP.
(2)    Includes shares owned by PIP.
Seidman  may be deemed to have sole  voting  power and  dispositive  power as to
53,785 shares  beneficially owned by SIP, SIP II, SAL, Kerrimatt and Federal and
his  discretionary  clients and shared voting power and dispositive  power as to
the 5,115  shares  owned by PIP.  Pollack  and  Williamson  have the sole voting
authority and depositive power for all the shares they own. On November 8, 1995,
the acting director of the Office of Thrift Supervision (OTS) issued a Cease and
Desist Order  against  Seidman ("C & D") after  finding that Seidman  recklessly
engaged  in  unsafe  and  unsound  practices  in  the  business  of  an  insured
institution.   The  C  &  D  actions  complained  of  were  Seidman's  allegedly
obstructing an OTS investigation. The C & D ordered him to cease and desist from
(i)  any  attempts  to  hinder  the  OTS in  the  discharge  of  its  regulatory
responsibilities, including the conduct of any OTS examination or investigation;
and (ii) any attempts to induce any person to withhold material information from
the OTS related to the performance of its regulatory responsibilities. The Order
also  provides  that for a period  of no less than  three  (3) years if  Seidman
becomes an  institution-affiliated  party of any insured depository  institution
subject to the jurisdiction of the OTS, to the extent that his  responsibilities
include  the  preparation  or  review  of  any  reports,   documents,  or  other
information  that would be submitted or reviewed by the OTS in the  discharge of
its regulatory  functions,  all such reports,  documents,  and other information
shall,  prior to submission to, or review by the OTS, be independently  reviewed
by the Board of Directors or a duly  appointed  committee of the Board to ensure
that  all  material  information  and  facts  have  been  fully  and  adequately
disclosed.  In  addition,  a civil  money  penalty in the amount of $20,812  was
assessed.

 


EXHIBIT B

Entity                   Date       Cost Per Share        Proceed  No. of Shares
Seidman & Assoc         6/1/00         19.6125             3,628.31         185
Seidman & Assoc         6/1/00         19.6125           182,690.44       9,315
Seidman & Assoc         6/1/00         19.6125             9,806.25        5000
Seidman & Assoc         6/7/00         20.3000            60,900.00       3,000
Seidman & Assoc        6/26/00         20.9250            37,665.00       1,800
Seidman & Assoc        6/30/00         20.8000             4,160.00         200
Seidman & Assoc        1/17/01         23.9490         (223,086.79)      (9,315)
Seidman & Assoc         1/7/02         28.2900           240,507.50       8,500
Seidman & Assoc         2/1/02         23.9490          (11,974.60)        (500)
Subtotal                                                 316,270.71      13,685

SIP                     6/1/00         19.6125            78,450.00       4,000
SIP                     6/7/00         20.3000            60,900.00       3,000
SIP                    6/20/00         20.9250            42,122.03       2,013
SIP                    6/20/00         20.9250            18,560.48         887
SIP                    7/27/00         21.1050            37,989.00       1,800
SIP                     8/2/00         21.1750            21,175.00       1,000
SIP                    1/17/01         23.9490          (95,796.80)      (4,000)
SIP                    1/17/01         23.9490          (71,847.60)      (3,000)
SIP                    1/17/01         23.9490          (21,242.94)        (887)
SIP                     1/7/02         28.2900           120,253.75       4,250
Subtotal                                                 190,562.92       9,063

SIP II                  6/1/00         19.6125            78,450.00       4,000
SIP II                  6/7/00         20.3000            48,801.20       2,404
SIPII                   6/7/00         20.3000            12,098.80         596
SIP II                 8/10/00         21.1750             8,470.00         400
SIP II                 1/17/01         23.9490          (95,796.80)      (4,000)
SIP II                 1/17/01         23.9490          (14,273.72)        (596)
SIP II                 9/28/01         25.0500            12,525.00         500
SIP II                 10/2/01         25.2500            12,625.00         500
SIP II                  1/7/02         28.2900           120,253.75       4,250
Subtotal                                                 183,153.23       8,054

Federal Holdings        6/1/00         19.6125            78,450.00       4,000
Federal Holdings        6/7/00         20.3000            60,900.00       3,000
Federal Holdings       7/12/00         21.2250            96,531.30       4,548
Federal Holdings       7/12/00         21.2250             9,593.70         452
Federal Holdings       1/17/01         23.9490          (95,796.80)      (4,000)
Federal Holdings       1/17/01         23.9490          (71,847.60)      (3,000)
Federal Holdings       1/17/01         23.9490          (10,825.04)        (452)
Federal Holdings        1/7/02         28.2900           120,253.75       4,250
Subtotal                                                 187,259.31       8,798

`                       6/7/00         20.3000           142,100.00       7,000
Kerri-Matt             7/12/00         21.2250            11,631.30         548
                       7/12/00         21.2250             9,593.70         452
Kerri-Matt             7/25/00         21.0500            16,840.00         800
Kerri-Matt             7/27/00         21.1050            67,536.00       3,200
Kerri-Matt             1/17/01         23.9490         (167,644.39)      (7,000)
Kerri-Matt             1/17/01         23.9490          (10,825.04)        (452)
Kerri-Matt              1/7/02         28.2900           120,253.75       4,250
Subtotal                                                 189,485.32       8,798

Pollack Invest Prtshp  12/19/00        21.0500             5,578.25         265
Pollack Invest Prtshp  12/19/00        21.0500             9,156.75         435
Pollack Invest Prtshp  1/17/01         23.9490          (10,417.90)        (435)
Pollack Invest Prtshp  9/25/01         25.3000            12,650.00         500
Pollack Invest Prtshp   1/7/02         28.2900           123,083.25       4,350
Subtotal                                                 140,050.35       5,115

Lawrence Seidman &     6/1/00         19.6125            22,299.41        1,137
 Clients               6/1/00         19.6125            36,538.09        1,863
                       1/17/01        23.9490          (44,617.35)       (1,863)
                       1/7/02         28.2950           120,253.75        4,250
Subtotal                                                134,473.90        5,387

Pollack                1/26/01         23.7500             4,775.00         200
Pollack                1/26/01         23.9300            21,661.50         900
Subtotal                                                  26,436.50       1,100








Williamson              6/7/00         24.2500            12,145.00         500
Williamson             6/13/01         25.2500            12,645.00         500
Williamson             6/14/01         25.6000           (2,539.91)        (100)
Williamson             6/15/01         25.6000           (5,099.82)        (200)
Williamson             6/19/01         25.1500            20,120.00         800
Williamson             6/19/01         25.1500            30,183.95       1,200
Williamson             6/22/01         25.0000            12,520.00         500
Williamson             6/22/01         25.1600            12,580.00         500
Williamson             6/26/01         24.9000             5,000.00         200
Williamson              7/9/01         25.1600            12,580.00         500
Williamson             7/10/01         25.0000            12,520.00         500
Williamson              8/1/01         25.7000            12,870.00         500
Williamson              8/3/01         26.1600            13,080.00         500
Williamson              8/3/01         26.1600            13,080.00         500
Williamson              8/7/01         26.1100            13,054.00         500
Williamson              8/8/01         25.9900            19,488.95         750
Williamson             8/13/01         25.9100            12,953.95         500
Williamson             8/13/01         26.1600            13,080.00         500
Williamson             9/21/01         26.0000            13,020.00         500
Williamson             9/21/01         26.1600            13,078.95         500
Williamson             12/4/01         27.1100            13,554.00         500
Williamson              1/7/02         29.0800            14,540.00         500
Williamson              1/7/02         29.0200            29,020.00       1,000
Williamson              1/3/02         28.7300          (22,987.50)        (800)
Subtotal                                                 280,486.57      10,850
Total                                                  1,648,178.81      70,850





                                    P R O X Y

THIS PROXY IS  SOLICITED  IN  OPPOSITION  TO THE BOARD OF  DIRECTORS OF KANKAKEE
BANCORP, INC.BY THE COMMITTEE TO PRESERVE SHAREHOLDER VALUE.

                         ANNUAL MEETING OF SHAREHOLDERS

The undersigned hereby appoints Robert Williamson and Lawrence Seidman with full
power of substitution as proxy for the undersigned, to vote all shares of common
stock,  par value $.01 per share of Kankakee  Bancorp,  Inc.,  (the  "Company"),
which the  undersigned is entitled to vote at the Annual Meeting of Stockholders
to be held on April 26, 2002, or any adjournment(s) or  postponement(s)  thereof
(the "Meeting"), as follows:



1. ELECTION OF DIRECTORS - To elect ROBERT WILLIAMSON AND LAWRENCE SEIDMAN

             -- FOR                 -- WITHHOLD

To withhold authority to vote for the election of Robert Williamson and Lawrence
Seidman,  write the respective name in the following space or withhold authority
for Robert Williamson and Lawrence Seidman by placing an X next to Withhold.)

2.  APPOINTMENT OF McGLADREY & PULLEN, LLP, AS INDEPENDENT ACCOUNTANTS FOR THE
    FISCAL YEAR ENDING DECEMBER 31, 2002:

                    For ___ Against ___ Abstain __

 IMPORTANT:  PLEASE SIGN AND DATE ON THE REVERSE SIDE.


This proxy, when properly executed,  will be voted in the manner directed herein
by the undersigned Shareholder.  Unless otherwise specified,  this proxy will be
voted "FOR" the election of the Committee's Nominees as a Director and "FOR" the
appointment of McGladrey & Pullen, LLP, the independent accountants.  This proxy
revokes all prior proxies given by the undersigned.

In his  discretion,  the proxy is authorized to vote upon such other business as
may  properly  come before the meeting,  or any  adjournments  or  postponements
thereof, as provided in the proxy statement provided herewith.

Please  sign  exactly  as  your  name  appears  hereon  or on your  proxy  cards
previously sent to you. When shares are held by joint tenants, both should sign.
When  signing as an attorney,  executor,  administrator,  trustee,  or guardian,
please  give  full  title  as  such.  If a  corporation,  please  sign  in  full
corporation  name by the  President  or  other  duly  authorized  officer.  If a
partnership,  please sign in partnership name by authorized  person.  This proxy
card votes all shares held in all capacities.

                                       Dated:___________________________________

                                       _________________________________________
                                                                     (Signature)
                                       _________________________________________
                                                    (Signature, if jointly held)

                                     Title: ____________________________________


 PLEASE SIGN, DATE, AND MAIL THIS PROXY CARD TODAY.