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HOLDING COMPANY FOR SECURITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF CHICAGO; FINANCIAL SECURITY CORP. COMPLETES STOCK REPURCHASE PROGRAM

 CHICAGO, May 25 /PRNewswire/ -- Financial Security Corp. (NASDAQ: FNSC), the holding company for Security Federal Savings, announced today it has completed its first stock repurchase program of 5 percent of shares outstanding, or 85,962 shares at an average price per share of $13.85.
 Financial Security Corp. completed its offering of common stock in connection with conversion of Security Federal Savings from a federally chartered mutual savings and loan to a federally chartered stock savings and loan on Dec. 29, 1992. Financial Security Corp. sold 1,719,250 shares at $10.00 per share raising $17,192,500 in gross proceeds.
 As of March 31, 1993, the stock was trading at $15.00 per share, approximately 69.9 percent of its tangible book value of $21.46 per share. Daniel K. Augustine, president and chief executive officer of Financial Security Corp., stated that "stock repurchase plans have the effect of increasing earnings and book value per share and are an excellent way of enhancing stockholder value."
 Financial Security Corp. is located in Chicago. The savings and loan deposits are insured by the Federal Deposit Insurance Corp.
 -0- 5/25/93
 /CONTACT: William Preissner, controller of Financial Security, 312-227-7020/
 (FNSC)


CO: Financial Security Corp. ST: Illinois IN: FIN SU:

TS -- NY083 -- 2263 05/25/93 15:16 EDT
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Publication:PR Newswire
Date:May 25, 1993
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