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AMFED FINANCIAL DECLARES INITIAL CASH DIVIDEND OF 5 CENTS PER SHARE

 RENO, Nev., June 23 /PRNewswire/ -- AMFED Financial Inc. (NASDAQ: AMFF), the holding company for American Federal Savings Bank, announced today that AMFED's board of directors declared an initial cash dividend of 5 cents per share payable July 23 to shareholders of record on July 6.
 "As part of our commitment to building shareholder value, the board decided to initiate this dividend program less than one year following the bank's initial public offering," stated E.R. Houston, chairman and chief executive officer. In April, AMFED reported a highly successful first quarter as a publicly owned institution, generating an annualized return on average assets, excluding a one-time tax benefit, of 1.14 percent.
 "Last quarter's positive earnings results and our strong capital position enabled us to initiate the cash dividend this quarter. AMFED's board hopes to pay cash dividends on a regular quarterly basis and views this as one method of improving shareholder value," Houston noted.
 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 $20.125 per share.
 -0- 6/23/93
 /CONTACT: E.R. Houston, chairman and chief executive officer, of AMFED, 702-785-8500/
 (AMFF)


CO: AMFED Financial; American Federal Savings Bank ST: Nevada IN: FIN SU: DIV

JH -- SE001 -- 4826 06/23/93 07:30 EDT
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Publication:PR Newswire
Date:Jun 23, 1993
Words:261
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