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FREDRIC G. NOVY ELECTED CHIEF EXECUTIVE OFFICER OF CRAGIN FEDERAL BANK

 CHICAGO, June 11 /PRNewswire/ -- Fredric G. Novy, president and chief operating officer of Cragin Federal Bank for Savings, has been elected president and chief executive officer of the bank, effective Aug. 1, 1993.
 Adam A. Jahns, current chairman of the board and chief executive officer, will continue as chairman of the board and will also serve as chairman of the bank's Executive Committee.
 "This appointment recognizes the outstanding job Ric Novy has done since joining the bank. He is well suited and fully prepared to serve as our chief executive officer. It also underscores the need for my responsibilities to focus more on strategic issues and long-range planning," stated Jahns.
 Novy, age 54, served as general counsel to the bank for 15 years. He was a partner in Garvey and Novy, Ltd., where he practiced savings and loan and banking law since 1965. He is a graduate of St. Mary's College in Winona, Minn. and holds a juris doctorate degree from Loyola University Law School in Chicago.
 Jahns, age 64, joined Cragin in 1956 as controller. He was appointed chief executive officer in 1971. Long active in banking industry leadership roles, Jahns is presently a member of the board of the Federal Home Loan Bank of Chicago and the FDIC Industry Advisory Committee. He is a graduate of Loyola University in Chicago.
 Cragin Federal Bank is a federally chartered federal savings bank with $2.8 billion in assets. The bank operates 27 offices in Chicago and the western and northwestern suburbs of Chicago, and is the principal subsidiary of Cragin Financial Corp. (NASDAQ-NMS: CRGN).
 -0- 6/11/93
 /CONTACT: Adam A. Jahns, chairman and CEO, 312-804-4500, or Fredric G. Novy, president and COO, 312-804-4501, or Donald R. Holton, vice president, 312-804-4570, all of Cragin Federal Bank for Savings/
 (CRGN)


CO: Cragin Federal Bank for Savings ST: Illinois IN: FIN SU: PER

TM -- NY071 -- 1281 06/11/93 18:19 EST
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Date:Jun 11, 1993
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