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CSF HOLDINGS' BANK COMPLETES SALES OF 18 ILLINOIS BRANCHES; RESULTS IN NET PROFIT AFTER TAXES OF APPROXIMATELY $12 MILLION

 MIAMI, Aug. 26 /PRNewswire/ -- Citizens Federal Bank, the principal subsidiary of CSF Holdings, Inc. (NASDAQ-NMS: CSFC), has completed the sales of all of its Illinois banking offices and their deposits. The net profit after taxes for CSF Holdings will be approximately $12 million.
 Citizens Federal Bank today closed on the sale of 14 branches, with combined deposits of approximately $496 million, to two Illinois affiliates of First of America Bank Corporation of Kalamazoo, Mich. The offices are located in Albion, Arthur, Champaign (2), Danville, DuQuoin, Hillsboro, Jacksonville, Mt. Vernon, Springfield (4), and Sumner.
 Last week, Citizens Federal Bank closed on the sale of four branches, with combined deposits of approximately $266 million, to First Financial Bank of Stevens Point, Wis. These offices are located in Quincy (2), Pittsfield and Rushville.
 The sales included only branch deposits and fixed assets, and thus did not materially change the size of Citizens Federal Bank. It is an interstate federal savings bank with $4.6 billion in assets, and remaining banking offices located in Florida, Ohio, California and Virginia.
 Citizens Federal Bank recently opened two additional branches in Florida where it now serves customers from 34 locations in 13 counties. The new facilities are in Clearwater on the west coast and Boca Raton on the east coast. The bank previously announced an expansion program to increase its market share in the areas of Florida where it has been a major factor for many years.
 Citizens Federal Bank is a "well capitalized" savings bank under current regulatory definitions. As of June 30, 1993, tangible capital of $268 million equaled 5.8 percent vs. 1.5 percent required, core capital of $314 million equaled 6.8 percent vs. 3 percent required, and risk-based capital of $352 million equaled 15 percent vs. 8 percent required.
 CSF Holdings is a publicly owned financial institution with its common stock (CSFC) traded on the Nasdaq National Market System.
 -0- 8/26/93
 /CONTACT: Morton Trilling, executive vice president of CSF Holdings, Inc., 305-978-5454/
 (CSFC)


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

RC-PC -- FL007 -- 6085 08/26/93 11:04 EDT
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Publication:PR Newswire
Date:Aug 26, 1993
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