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CITFED BANCORP, INC. OFFERS $40.25 MILLION IN SUBORDINATED DEBT

 DAYTON, Aug. 12 /PR Newswire/- CitFed Bancorp, Inc. (NASDAQ-NMS: CTZN), holding company for Citizens Federal Bank, F.S.B (Federal Savings Bank), announced today that it has offered $40.25 million in 8.25 percent Subordinated Notes due Sept. 1, 2003. The offering has been underwritten by McDonald & Company Securities, Inc. and The Chicago Corporation. The total includes the exercise of the underwriters' over-allotment option.
 Interest on the Notes is payable monthly. There is a minimum purchase of $5,000. The notes can be called by the corporation anytime after Sept. 1, 1996, at par value.
 As previously announced, the corporation intends to use a portion of the proceeds to further enhance the capital position of its subsidiary, Citizens Federal Bank, and the remainder of the offering for general corporate purposes.
 CitFed Bancorp, Inc. had assets of $1.8 billion at June 30, 1993. Citizens Federal is the largest financial institution headquarted in Dayton and operate 21 retail offices in a five-county area. CitFed Mortgage Corporation of America, a wholly owned subsidiary of Citizens Federal, operate six mortgage origination offices in Dayton, Cincinnati and Columbus, Ohio.
 This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 8/12/93
 /CONTACT: Diana Schoenberger of CitFed Bancorp, Inc., 513-229-8319/
 (CTZN)


CO: CitFed Bancorp, Inc. ST: Ohio IN: FIN SU: OFR

AR -- CL017 -- 2264 08/12/93 16:31 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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