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AMERIFED ANNOUNCES SPECIAL DIVIDEND AND STOCK REPURCHASE PLAN

 JOLIET, Ill., March 17 /PRNewswire/ -- AmeriFed Financial Corp. (NASDAQ-NMS: AFFC), the holding company of AmeriFed Federal Savings Bank, today announced that the board of directors has approved the repurchase of up to five percent of its outstanding common stock. It also declared a special dividend of $1.00 per common share outstanding to be paid on April 14, 1993 to stockholders of record on April 2, 1993.
 Robert B. Breidert, president and chief executive officer, commented on the actions saying, "Over the last six months we have updated our long-term strategic plan and capital policy. As a result, the board determined that the company's level of capital should be reduced via a repurchase program and a one-time, special dividend. These actions have the effect of eliminating some of the excess capital received in our initial public offering. The company continues to have sufficient capital to allow for asset growth, business expansion and to take advantage of acquisition opportunities in its market area."
 AmeriFed Financial Corp. has filed the necessary regulatory notification to repurchase up to 5 percent of its stock over the next six months. The repurchase program will be implemented as management deems prudent.
 Additionally, the company declared its regular quarterly cash dividend of $0.15 per share to be paid on April 14, 1993 to stockholders of record on April 2, 1993. Annualized, the regular cash dividend amounts to 60 cents per common share.
 The consolidated capital of the company at Dec. 31, 1992 was $87.6 million (9.85 percent of total assets) or $27.20 per share. Consolidated tangible capital represents 9.22 percent of total assets or $25.46 per share.
 AmeriFed Federal Savings Bank, which converted to a stock company in October 1991, has ten branches in and around Will County, one of the suburban collar counties adjacent to Chicago. AmeriFed Financial Corp. has 3.22 million shares outstanding and is quoted on the NASDAQ National Market System under the symbol AFFC.
 To receive the latest information about AmeriFed Financial Corporation via FAX, at no cost, dial 1-800-PRO-INFO, code 013.
 -0- 3/17/93
 /CONTACT: Investors, Joan Shain of AmeriFed Financial Corp., 815-727-0370, or Nick Farina or Gary Strong of Financial Relations Board, 312-266-7800/
 (AFFC)


CO: AmeriFed Financial Corp. ST: Illinois IN: FIN SU: DIV

SM -- NY090 -- 7193 03/17/93 17:26 EST
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Publication:PR Newswire
Date:Mar 17, 1993
Words:390
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