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CITIZENS FEDERAL BANK TO OFFER 1.2 MILLION SHARES OF SERIES 1993A NONCUMULATIVE 8.75 PERCENT PREFERRED STOCK

 MIAMI, July 20 /PRNewswire/ -- Citizens Federal Bank, an interstate federal savings bank which is the principal subsidiary of CSF Holdings, Inc. (NASDAQ-NMS: CSFC), plans to offer Preferred Stock, having a $30 million liquidation preference, through an underwriting group led by Smith Barney, Harris Upham & Co. Incorporated; Raymond James & Associates, Inc.; and Advest, Inc.
 The offering consists of 1.2 million shares of the bank's 8.75 percent Series 1993A Noncumulative Preferred Stock, and up to 180,000 additional shares that are subject to an overallotment option. These shares were registered under a shelf registration filed with the Office of Thrift Supervision. Citizens Federal sold the initial one million shares of this issue in June.
 Citizens Federal Bank has $4.5 billion in assets and is a "well- capitalized" institution under the regulatory guidelines. As of March 31, 1993, tangible capital was $264 million, or 5.9 percent of assets compared to the 1.5 percent minimum; core capital was $310 million, or 6.9 percent of assets compared to the 3 percent minimum; and risk-based capital was $348 million, or 14.9 percent of risk-weighted assets compared to the 8 percent minimum.
 Proceeds from the new issue will be used to redeem on a pro rata basis shares of Citizens Federal's previously issued Series A-E Non Cumulative Preferred Stock which carries an average dividend rate of 11.34 percent.
 The Series 1993A Non Cumulative Preferred Stock is listed on the NASDAQ National Market System under the symbol CFBKP. The pending issue of 1.2 million shares will carry a temporary NASDAQ-NMS symbol until the payment of the first dividend on Sept. 1, 1993.
 A prospectus covering the offering can be obtained from Smith Barney, Harris Upham & Co., Inc., 1345 Avenue of the Americas, New York, N.Y. 10105; Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Fla. 33716; or Advest, Inc., 12 East 49th Street, New York, N.Y. 10017.
 A registration statement relating to these securities has been filed with the Office of Thrift Supervision but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 7/20/93
 /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: OFR

RC-AW -- FL008 -- 6801 07/20/93 12:08 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
Words:468
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