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CSF HOLDINGS' BANK SELLS $34.5 MILLION OF 8.75 PERCENT PREFERRED STOCK; PROCEEDS WILL REDEEM PREVIOUS PREFERRED PAYING 11.34 PERCENT DIVIDENDS

 MIAMI, Aug. 2 /PRNewswire/ -- Citizens Federal Bank, an interstate federal savings bank which is the principal subsidiary of CSF Holdings, Inc. (NASDAQ-NMS: CSFC), has sold 1,380,000 shares of 8.75 percent Series 1993A Noncumulative Preferred Stock at $25.00 per share.
 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.
 Proceeds of the new issue will be used to redeem on a pro rata basis shares of Citizens Federal's previously issued Series A to E preferred stocks which have a weighted average dividend rate of 11.34 percent.
 Charles B. Stuzin, chairman and president of CSF Holdings, stated, "We achieved more than a $2 million annual savings in the bank's preferred stock dividends earlier this month by redeeming $38.7 million of older preferred stock. We will utilize the proceeds from this new issue to further reduce the level of higher cost stock."
 Citizens Federal Bank has $4.6 billion in assets and meets the regulatory definitions of "well capitalized."
 The 1993A Noncumulative Preferred Stock is listed on the NASDAQ National Market System under the symbol CFBKP. The 1,380,000 shares just issued will carry a temporary NASDAQ NMS symbol of CFBKO until payment of the first dividend on Sept. 1, 1993.
 The preferred stock's underwriting group was led by Smith Barney, Harris Upham & Co. Incorporated and Raymond James & Associates, Inc.
 CSF Holdings is a publicly owned financial institution traded on the NASDAQ National Market System under the symbol CSFC.
 -0- 8/2/93
 /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 -- FL006 -- 8313 08/02/93 11:11 EDT
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Publication:PR Newswire
Date:Aug 2, 1993
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