Alaska Pacific Bancshares Announces Increase in Cash Dividend.

Business Editors

JUNEAU, Alaska--(BUSINESS WIRE)--April 17, 2003

Alaska Pacific Bancshares, Inc. (OTCBB:AKPB) announced that its Board of Directors declared a quarterly cash dividend of $.07 per share on the Company's outstanding common stock. The dividend represents a 17% increase over the $.06 per share paid in each of the previous four quarters. A cash dividend has been paid each quarter since the Company's initial public offering in mid-1999.

The cash dividend will be payable on May 16, 2003, to stockholders of record as of the close of business on May 5, 2003.

Alaska Pacific Bancshares, Inc. is the holding company for Alaska Pacific Bank, a federally-chartered savings bank headquartered in Juneau, Alaska, and is traded under the symbol AKPB.