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INDIANA FEDERAL CORPORATION DECLARES QUARTERLY DIVIDEND

 VALPARAISO, Ind., July 23 /PRNewswire/ -- The board of directors of Indiana Federal Corporation (NASDAQ: IFSL) declared a quarterly dividend of 20 cents per share to be paid Aug. 31, 1993, to shareholders of record as of Aug. 16, 1993. The dividend amount is unchanged from the previous quarter.
 In addition, the corporation announced that it received a favorable resolution on IRS refund claims regarding the tax treatment of bad debt deductions from prior years. As a result Indiana Federal Corporation will record approximately $750,000 in additional non-recurring income in the third quarter of 1993.
 Indiana Federal Corporation's wholly owned subsidiary, Indiana Federal Bank for Savings maintains a network of nine full service offices in Northwest Indiana and loan production offices in Valparaiso, Highland and South Bend, Ind.
 -0- 7/23/93
 /CONTACT: Peter R. Candela, president and CEO of Indiana Federal Corporation, 219-465-6607/
 (IFSL)


CO: Indiana Federal Corporation ST: Indiana IN: FIN SU: DIV

TM -- NY092 -- 5344 07/23/93 17:30 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
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