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CITIZENS FEDERAL BANK REDEEMS $38.7 MILLION OF PREFERRED STOCK; EXPENSES WILL BE REDUCED BY MORE THAN $2 MILLION PER YEAR

 MIAMI, July 12 /PRNewswire/ -- Citizens Federal Bank, an interstate federal savings bank which is the principal subsidiary of CSF Holdings, Inc. (NASDAQ-NMS: CSFC), has redeemed $38.7 million of its preferred stock on a pro rata basis.
 The redemption covered 1,546,698 shares of previously outstanding preferred stock which carried an average dividend rate of 11.34 percent.
 Funds for the redemption came from the net proceeds of the bank's sale of $25 million of Series 1993A, 8 3/4 percent preferred stock last month, and a $13.7 million capital contribution by the bank's parent company...CSF Holdings, Inc.
 Morton Trilling, executive vice president of CSF Holdings, stated, "We are pleased to be able to lower our cost of capital and enhance earnings per share. These redemptions will lower our preferred stock dividend costs by more than $2 million per year."
 Citizens Federal Bank has $4.5 billion in assets and meets the regulatory definitions of "well capitalized."
 CSF Holdings is a publicly owned financial institution traded on the NASDAQ National Market System under the symbol CSFC.
 -0- 7/12/93
 /CONTACT: Morton Trilling, executive vice president of CSF Holdings, 305-978-5454; or John K. Schulte of Schulte Ross & Aguilar, 305-856-1442, for CSF Holdings, Inc./
 (CSFC)


CO: CSF Holdings, Inc.; Citizens Federal Bank ST: Florida IN: FIN SU:

AW-RC -- FL007 -- 0334 07/12/93 10:34 EDT
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Publication:PR Newswire
Date:Jul 12, 1993
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