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DEERFIELD FEDERAL AND NORTHERN FEDERAL AGREE TO MERGE

 DEERFIELD FEDERAL AND NORTHERN FEDERAL AGREE TO MERGE
 DEERFIELD, Ill., Dec. 21 /PRNewswire/ -- Deerfield Federal will grow


to three-quarter billion in assets when the merger with Northern Federal Savings Bank is completed.
 The acquisition agreement signed Dec. 21, 1991, designates that Northern Federal will operate as Northern Federal Savings Bank, a division of Deerfield Federal. The transaction is subject to, among other things, obtaining regulatory approvals.
 Northern Federal, a mutual association will be converted to a stock organization merging into Deerfield Federal a wholly owned subsidiary of Deerbank.
 "We can profit from the economies of scale without jeopardizing our position of strength," Ecklund said. "Northern Federal, under the leadership of its president, James Murphy and his board enjoy a fine reputation. We feel this will be a mutually advantageous merger. Their market demographics will complement ours, creating an effective balance," Ecklund explained.
 "Northern Federal's corporate philosophy, 'Your partner in community growth since 1925' is similar to Deerfield Federal's which was founded in 1927 and has grown with its home base and neighboring communities ever since," Murphy commented.
 The combined organization will have fourteen Illinois offices including: Algonquin, Cary, Chicago, Crystal Lake, Deerfield, Edgebrook, Fox River Grove, Glenview, Lake Forest, Marengo, McHenry, Park Ridge and two in Woodstock.
 -0- 12/21/91
 /CONTACT: David Mullins of Deerfield Federal, 708-945-2550, or Wayne V. Ecklund of Northern Federal, 708-945-2550/
 (DEER) CO: Deerfield Federal Savings & Loan Association;
 Northern Federal Savings Bank ST: Illinois IN: FIN SU: TNM


JT -- NYSU004 -- 4657 12/21/91 13:25 EST
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Publication:PR Newswire
Date:Dec 21, 1991
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