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AMFED FINANCIAL DECLARES $.05 PER SHARE DIVIDEND; PAYOUT UP 10 PERCENT FROM INCREASED SHARES OUTSTANDING

 RENO, Nev., Sept. 29 /PRNewswire/ -- AMFED Financial Inc. (NASDAQ: AMFF), the holding company for American Federal Savings Bank, announced that yesterday its Board of Directors declared a cash dividend of $.05 per share payable Oct. 29, 1993, to all shareholders of record on Oct. 11, 1993. By maintaining the $.05 per share dividend following its recent stock dividend, AMFED is now paying out 10 percent more in total cash dividends than in the preceeding quarter.
 "This has been a good year for the company, and the board feels it is important to share our success with stockholders," stated E.R. Houston, chairman and chief executive officer. AMFED paid its first cash dividend of $.05 per share on July 23, 1993, and increased its number of shares outstanding to 4.6 million from 4.2 million by paying a 10 percent stock dividend on Sept. 10, 1993.
 "We earned $4.8 million in the first half of the year including a one-time benefit of $787,000 from a change in accounting principle relating to income taxes," Houston added. Statement of Financial Accounting Standards No. 109, which changed the method of accounting for income taxes, was implemented in the first quarter this year.
 AMFED Financial is the holding company for American Federal Savings Bank, which operates 26 full-service offices throughout Nevada. Twenty of the offices are in Northern Nevada, which includes the Reno/Sparks/Lake Tahoe region and six are in Southern Nevada (Las Vegas). AMFED closed its initial public offering of common stock on Nov. 20, 1992. Yesterday, the company's stock closed the trading day at $25.25 per share.
 -0- 9/29/93
 /CONTACT: E.R. Houston, chairman and chief executive officer of AMFED Financial, 702-785-8500/
 (AMFF)


CO: AMFED Financial Inc. ST: Nevada IN: FIN SU: DIV

JB-IC -- LA015 -- 6781 09/29/93 11:33 EDT
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Publication:PR Newswire
Date:Sep 29, 1993
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