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DEERBANK AND NORTHERN FEDERAL SAVINGS MERGER

 DEERBANK AND NORTHERN FEDERAL SAVINGS MERGER
 DEERFIELD, Ill., June 1 /PRNewswire/ -- Deerbank Corporation


(NASDAQ-NMS: DEER) and Northern Federal Savings Bank jointly announced receipt of regulatory approvals, subject to certain conditions, for Northern Federal to convert from a mutual to stock institution and simultaneously be acquired by Deerbank through merger with and into Deerfield Federal Savings and Loan Association, wholly owned subsidiary of Deerbank Corporation. "The boards of directors of the two organizations agree that a business combination is appropriate and fitting. The two financial institutions exceed their regulatory capital requirements and are compatible in terms of a community oriented, conservative business focus and commitment to personalized customer service," according to Wayne Ecklund, president and chief executive officer of Deerbank Corporation. James Murphy, president and chief executive officer of Northern Federal Savings Bank stated, "Our customers will continue to be served in the same offices with the same staff and management, and Northern Federal will retain its name, operating as a division of Deerfield Federal. A benefit of joining Deerbank Corporation will be the broader range of products and services that we will be able to provide customers." In connection with the Merger Conversion, Deerbank Corporation is now offering up to $3.45 million of its common stock in a subscription offering and concurrent community offering. The shares are offered in the subscription offering on a priority basis to Deerbank Corporation employee benefit plans, Northern Federal's "eligible account holders" and certain Northern Federal "members".
 The shares not subscribed for in the Subscription Offering will be offered in a concurrent community offering with first preference given to subscriptions placed by Deerbank stockholders as of May 8, 1992, and a second preference to persons residing in McHenry County, Illinois.
 The price per share at which stock will be sold will be determined at the conclusion of the subscription and community offering, based on recent trading prices of Deerbank Corporation common stock, as described in the subscription and community offering prospectus. The subscription and community offering is being managed by Community Capital Group, a division of Ryan, Beck & Co., Inc., a registered broker dealer.
 The subscription and community offering is being made only by means of the subscription and community offering prospectus, and is expected to conclude at 5 p.m. Chicago time on July 1, 1992. Net proceeds of the subscription and community offering will be contributed to Deerfield Federal to support the combined entity's lending and investment activities and for general corporate purposes.
 Financial information about Northern Federal, Deerbank Corporation and Deerfield Federal and details about the common stock offering are presented in the subscription and community offering prospectus. Prospectuses have been mailed to those eligible to subscribe for stock in the subscription offering. Deerbank stockholders and the general public may obtain prospectuses by calling the Stock Information Center, 815-455-0316, or 708-948-9283, Monday through Friday, 9 a.m.-7 p.m. Chicago time.
 This announcement is neither an offer to sell nor a solicitation of an offer to buy securities. The offer is made only by the Subscription and Community Offering Prospectus.
 -0- 6/1/92
 /CONTACT: Wayne V. Ecklund, president and CEO of Deerbank, 708-945-2550/
 (DEER) CO: Deerbank Corporation; Northern Federal Savings Bank ST: Illinois IN: FIN SU: TNM


SH -- NY061 -- 5784 06/01/92 14:20 EDT
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Publication:PR Newswire
Date:Jun 1, 1992
Words:547
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