Elgin Financial Savings Bank Changes Name to EFS Bank.

Business Editors

ELGIN, Ill.--(BUSINESS WIRE)--Nov. 4, 2002

Elgin Financial Savings Bank is shortening its name, to an easier-to-remember EFS Bank. The new name is expected to be fully phased in by November 30.

"The new name," noted Bank President Barrett J. O'Connor, "is a logical step that reflects both the institution's accelerating growth into additional Northwest suburban communities and new Bank services.

"We offer many more services at EFS Bank than we did just a few years ago," O'Connor says. "We've changed as our customers' financial needs have changed and as the marketplace has changed.

Now, with new locations well into the planning stage, we thought it was time to modernize our name."

The new EFS Bank name and logo are an integral part of the institution's continuing growth strategy in the Northwest suburbs. EFS Bank opened its eighth office in Carpentersville in August, but O'Connor noted that the $748 million asset community bank already has its eyes on additional locations.

"We expect to be in Crystal Lake and St. Charles next, but we're also looking at communities the big banks have ignored," he says.

Although much of EFS Bank's recent expansion has been outside its Elgin home - the bank opened a large branch in Huntley in 1999 and in 2000 EFS Bank became the only bank in East Dundee - EFS Bank is strengthening its presence in Elgin as well. EFS Bank is nearly ready to unveil a new office in downtown Elgin, where it will share quarters with Centro de Informacion, a United Way agency that serves Elgin's growing Hispanic community.

"We've served the Northwest suburbs for more than 75 years," O'Connor says. "We know the communities, the families and the businesses that make this region such a vibrant place. EFS Bank plans to be a major part of the area's future." O'Connor has especially good news for current Bank customers, who, he promises, "won't face any of the hassles that new names have meant at other banks." Account numbers will stay the same at EFS Bank; checking account customers can use their current checks until they reorder, and the Bank's ATM and check cards can be used until they are replaced on a normal cycle.

EFS Bank is the wholly owned subsidiary of EFC Bancorp, Inc. (the "Company"), a publicity traded corporation regulated by the Office of Thrift Supervision. The Company's common stock is traded on the American Stock Exchange (Amex: EFC). Statements contained in this news release which are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risk and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Note to editors: A pdf of the new EFS Bank logo is available from Jim Kendall at [e-mail].