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CITIZENS FEDERAL BANK REDEEMS $44.5 MILLION OF PREFERRED STOCK; DIVIDEND COSTS WILL BE REDUCED BY MORE THAN $2 MILLION PER YEAR

 MIAMI, Sept. 15 /PRNewswire/ -- Citizens Federal Bank, an interstate federal savings bank which is the principal subsidiary of CSF Holdings, Inc. (NASDAQ-NMS: CSFC), has redeemed $44.5 million of its preferred stock on a pro rata basis.
 The redemption covers 1,780,000 shares of previously outstanding Series A to E preferred stock which carried an average dividend rate of 11.34 percent.
 Funds for the redemption came from the proceeds of the bank's sale of $34.5 million of Series 1993A, 8.75 percent preferred stock last month, and a $10 million capital contribution by the bank's parent company...CSF Holdings, Inc.
 This is the bank's second major redemption of preferred stock in the last two months. On July 12, Citizens Federal redeemed $38.7 million of its previously outstanding Series A to E stock. The funds for that redemption came from the bank's sale of $25 million of Series 1993A, 8.75 percent preferred stock and a $13.7 million capital contribution by its parent company.
 After today' redemption, Citizens Federal Bank now has $79.5 million of outstanding preferred shares, based on the liquidation value, consisting of $59.5 million of 1993A, 8.75 percent stock and $20 million of Series A to E stock which have a weighted average dividend rate of 11.34 percent.
 Charles B. Stuzin, chairman and president of CSF Holdings, stated, "We will achieve an annual savings of more than $2 million in the bank's preferred stock dividends through today's redemption. Combined with our July redemption, our total annual savings in preferred stock dividends will exceed $4.2 million."
 Citizens Federal Bank has $4.6 billion in assets and meets the regulatory definitions of "well capitalized."
 The 1993A Citizens Federal Bank preferred stock is listed on the NASDAQ National Market System under the symbol CFBKP.
 CSF Holdings is a publicly owned financial institution traded on the NASDAQ National Market System under the symbol CSFC.
 -0- 9/15/93
 /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/
 (CSFC)


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

AW-RC -- FL002 -- 2203 09/15/93 11:41 EDT
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Publication:PR Newswire
Date:Sep 15, 1993
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