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CITIZENS FEDERAL STOCK CONVERSION OFFICIALLY APPROVED

 CITIZENS FEDERAL STOCK CONVERSION OFFICIALLY APPROVED
 DAYTON, Ohio, Dec. 9 /PRNewswire/ -- Citizens Federal's plan to


convert from the mutual to the stock form of ownership has been overwhelmingly approved at its special meeting of members, president Jerry L. Kirby announced today.
 "The vote to adopt our plan of conversion really is the final step in the approval process," said Kirby. "We are extremely pleased with the response we have received from our customers and the communities we serve, as Citizens Federal takes this exciting step."
 The board of directors at Citizens Federal unanimously ratified the plan last January to become a federal stock savings bank, pursuant to the rules and regulations of the Office of Thrift Supervision. Government approval of the plan was received in early November, and CitFed Bancorp, Inc., holding company for Citizens Federal, has begun offering for sale shares of its common stock to customers of the bank and to the general public in a subscription and community offering. This phase of the offering is currently scheduled to close on Jan. 10, 1992, with a publicly underwritten offering to follow. Information regarding the offering can be obtained by calling the Stock Sale Center, 513-229-8300 or 800-837-5500.
 The shares of common stock offered in the conversion are not savings accounts or deposits and are not insured by the Federal Deposit Insurance Corporation, the Bank Insurance Fund, the Savings Association Insurance Fund or any other government agency. This is not an offer to sell or a solicitation of an offer to buy stock.
 -0- 12/9/91
 /CONTACT: Diana L. Schoenberger, vice president of marketing communications for Citizens Federal, 513-229-8319/ CO: Citizens Federal ST: Ohio IN: FIN SU:


KK -- CL010 -- 0639 12/09/91 14:49 EST
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Publication:PR Newswire
Date:Dec 9, 1991
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