City Savings Financial Corporation Announces Declaration of Cash Dividend.

Business Editors

MICHIGAN CITY, Ind.--(BUSINESS WIRE)--June 15, 2004

City Savings Financial Corporation (the "Company") (OTCBB:CSFC), the holding company of City Savings Bank, announced that its Board of Directors declared a semi-annual cash dividend of $0.13 (Thirteen Cents) per share on the common stock of the Company. The dividend will be paid on July 6, 2004, to the shareholders of record at the close of business on June 23, 2004. Since its inception, the Company has declared dividends on an annual basis. However, the Board recently approved the declaration of dividends on a semi-annual basis, subject to the Company's operating results and financial condition and such other factors as the Board of Directors deems relevant. The Company last declared a dividend for shareholders of record at the close of business on December 23, 2003, which was paid on January 6, 2004, in the amount of $0.25 (Twenty-Five Cents) for each share of common stock of the Company.

City Savings Financial Corporation is the holding company of City Savings Bank, which conducts business from three full-service offices located in Rolling Prairie, Chesterton and Michigan City, Indiana with the main office located in Michigan City. The Bank also has a loan origination office in Crown Point, Indiana.

Statements contained in this news release that are forward-looking are subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe-harbor" provisions of Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. A variety of factors could cause actual results to differ materially from those anticipated in the Company's forward-looking statements. Further discussion is contained in the Company's Form 10-QSB.