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CFSB BANCORP, INC. REPORTS SIGNIFICANT TAX REFUND

 LANSING, Mich., May 13 /PRNewswire/ -- CFSB Bancorp, Inc. (NASDAQ-NMS: CFSB), holding company for Community First Bank, announced that it received a tax refund this week which includes approximately $1 million, pre-tax, of interest which will be recognized during the second quarter of 1993 as non-recurring other income. The impact on earnings as a result of this refund will be approximately $700,000 or 25 cents per share.
 The refund stems from a 1981 mortgage loan swap transaction in which the corporation sustained a tax loss which was disallowed by the Internal Revenue Service. A recent court decision (FNMA vs. Commissioner) resulted in a decision favorable to CFSB Bancorp, clearing the way for this refund.
 Community First Bank specializes in residential mortgage lending and retail banking services. Headquartered in Lansing, the bank serves mid- Michigan from 19 full-service branch locations.
 -0- 5/13/93
 /CONTACT: Robert H. Becker, president and CEO, 517-374-3588, or John W. Abbott, executive vice president and COO, 517-483-4871, both of CFSB Bancorp, Inc./
 (CFSB)


CO: CFSB Bancorp, Inc. ST: Michigan IN: FIN SU:

SM -- DE037 -- 8190 05/13/93 14:31 EDT
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Publication:PR Newswire
Date:May 13, 1993
Words:185
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