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CITFED BANCORP, INC. DECLARES FIRST QUARTERLY CASH DIVIDEND

 DAYTON, Ohio, July 23 /PRNewswire/ -- CitFed Bancorp, Inc. (NASDAQ/NMS: CTZN) today announced its first quarterly cash dividend of five cents per share, to be paid on Aug. 31, 1993 to stockholders of record on Aug. 16, 1993. It will be the first dividend the corporation has paid to stockholders since becoming a public company in January 1992. The announcement was made by Jerry L. Kirby, CitFed's president, chairman and chief executive officer, at the corporation's annual meeting of stockholders held at the downtown headquarters.
 "We're very proud of our recent earnings trend, and I think our stockholders and board of directors are equally satisfied with the earnings direction of the corporation," Kirby said. "The board's declaration of a cash dividend reflects CitFed's financial performance and the establishment of a dividend policy designed with the intent to pay stockholders a portion of the corporation's earnings on a regular, quarterly basis."
 Kirby said net income for fiscal 1993 was $8.6 million, representing an increase of 40 percent over the previous year. He said first quarter earnings for fiscal 1994 (period ended June 30, 1993) are expected to exceed the preceding quarter ended March 31, which were $2.2 million, or 52 cents per share.
 "As we look to the future, we see tremendous opportunities for our locally focused marketing strategies, and we are positioning ourselves to be a full-service consumer bank with enhancements to our consumer, small business and residential mortgage credit products," Kirby said.
 In the only formal ballot item at today's annual meeting, directors Allen M. Hill, president and chief executive officer of the Dayton Power and Light Company, and Cheryl A. Craigie, vice president and general manager of WDTN-TV2, were re-elected to three-year terms on the nine- person board.
 CitFed Bancorp, Inc. which completed its stock offering in January 1992, is the holding company of Citizens Federal Bank, F.S.B. (Federal Savings Bank), the largest financial institution headquartered in Dayton with assets of $1.8 billion. Citizens Federal has 21 retail banking offices in a five-county area of greater Dayton. The bank's subsidiary, CitFed Mortgage Corporation of America, has six mortgage loan origination offices in Dayton, Cincinnati and Columbus, Ohio.
 -0- 7/23/93
 /CONTACT: Diana Schoenberger of CitFed Bancorp, Inc., 513-229-8319/
 (CTZN)


CO: CitFed Bancorp, Inc. ST: Ohio IN: FIN SU: DIV

BM -- CL010 -- 5252 07/23/93 15:21 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
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