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CALUMET BANCORP, INC. TO REPURCHASE COMMON STOCK

 DOLTON, Ill., May 20 /PRNewswire/ -- Calumet Bancorp, Inc. (NASDAQ-NMS: CBCI), the holding company of Calumet Federal Savings and Loan Association of Chicago, said that it had received regulatory clearance to repurchase up to 106,382 shares of its common stock.
 Thaddeus Walczak, chairman and chief executive officer of Calumet Bancorp, Inc., said that the company has been authorized by its board of directors to repurchase up to five percent of the company's 2,127,644 outstanding shares during the next six months.
 Walczak commented, ``We believe that the repurchase will enhance shareholder value by having the effect of increasing the earnings per share and book value of the remaining shares outstanding. With the stock currently trading at approximately 69.5 percent of its tangible book value of $34.90 per share (as of May 19, 1993), the repurchase of our shares represents an excellent long-term investment.'' The repurchase will be made in open-market transactions subject to the availability of the stock.
 Calumet Bancorp, Inc. is the holding company of Calumet Federal Savings and Loan Association of Chicago, which operates five financial services offices in the Chicago area -- in Dolton, Lansing, Sauk Village, and two in southeastern Chicago. The association's deposits are insured by the Federal Deposit Insurance Corp.
 -0- 5/20/93
 /CONTACT: John Garlanger, senior vice president of Calumet Bancorp, 708-841-9010/
 (CBCI)


CO: Calumet Bancorp, Inc. ST: Illinois IN: FIN SU:

KD -- NY106 -- 0911 05/20/93 16:17 EDT
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Publication:PR Newswire
Date:May 20, 1993
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