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ST. PAUL BANCORP ANNOUNCES ESOP STOCK PURCHASE PROGRAM

 CHICAGO, April 29 /PRNewswire/ -- St. Paul Bancorp, Inc. (NASDAQ: SPBC) announced today that its Employee Stock Ownership Plan (the ESOP) currently intends to purchase up to an additional $5 million of the company's outstanding common stock from time to time over the next three moths in open market transactions. These purchases will be funded by the ESOP's line of credit facility from another financial institution.
 Joseph C. Scully, chairman and chief executive officer, stated that "The trustees of the ESOP consider St. Paul Bancorp's stock to be an attractive investment at this time. The objective of the ESOP in authorizing the purchase program is to increase the company's ownership by its employees."
 St. Paul Bancorp, Inc. is the holding company for St. Paul Federal Bank for Savings, Chicago's largest independent thrift institution. St. Paul Federal operates 48 retail banking offices throughout metropolitan Chicago and, through its subsidiaries, offers discount brokerage, annuity, insurance and real estate development services.
 -0- 4/29/93
 /CONTACT: Robert N. Parke, 312-804-2360, or Susan H. Fisher, 312-804-2284, both of St. Paul Bancorp, Inc./
 (SPBC)


CO: St. Paul Bancorp, Inc. ST: Illinois IN: FIN SU:

AH-TS -- NY117 -- 2897 04/29/93 17:17 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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