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CRAGIN FINANCIAL APPROVES AN ADDITIONAL 5 PERCENT STOCK REPURCHASE

 CRAGIN FINANCIAL APPROVES AN ADDITIONAL 5 PERCENT STOCK REPURCHASE
 CHICAGO, April 27 /PRNewswire/ -- The board of directors of Cragin Financial Corp. (NASDAQ-NMS: CRGN) has approved a plan to repurchase up to 5 percent, or 495,702 shares, of its own outstanding common stock, according to Adam A. Jahns, chairman and chief executive officer.
 This action follows the company's initial stock buyback program, announced in November 1991, in which 5 percent, or 521,792 shares, of the company's stock was repurchased. "We feel that our stock is an excellent value at current prices," Jahns said today.
 Cragin Financial Corp. is filing the necessary regulatory notification to repurchase up to 5 percent of its outstanding common stock between May 8, 1992, and Nov. 8, 1992. Repurchases through the open market will be effected as management deems prudent.
 Cragin Financial Corp., a holding company organized in June 1991, presently has 9,914,058 shares outstanding. It has one wholly owned subsidiary, Cragin Federal Bank for Savings.
 -0- 4/27/92
 /CONTACT: Adam A. Jahns, chairman and CEO, 312-889-1000, or Fredric G. Novy, president and COO, 312-889-1000, both of Cragin/
 (CRGN) CO: Cragin Financial Corp. ST: Illinois IN: FIN SU:


GK -- NY089 -- 3227 04/27/92 13:39 EDT
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Publication:PR Newswire
Date:Apr 27, 1992
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