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GERMANTOWN FEDERAL SAVINGS BANK COMPLETES CONVERSION TO STOCK CHARTER

 GERMANTOWN, Ohio, Sept. 17 /PRNewswire/ -- Germantown Federal Savings Bank announced today the completion of the Savings Bank's conversion from a mutual savings bank to a stock savings bank and the concurrent reorganization into a savings and loan holding company subsidiary of GF Bancorp, Inc. (the "Holding Company").
 A total of 308,376 shares of common stock of the Holding Company were sold in the Subscription and Community Offering. All shares were sold at a price of $10 per share, raising $3,083,760.
 John T. Baker, president of Germantown Federal, expressed his appreciation to the more than 224 individuals who have become charter stockholders of the Holding Company. Baker was delighted by the support and confidence demonstrated by Germantown Federal's customers and members of the local community. As a result of the stock sale, Germantown Federal substantially increased its already strong capital base and is better positioned to serve the needs of its community.
 Germantown Federal's deposits are insured up to applicable limits by the FDIC. At June 30, 1993, without giving effect to the net proceeds from the conversion, Germantown Federal had total assets of $47.2 million, deposits of $43.6 million and retained earnings of $3.1 million.
 -0- 9/17/93
 /CONTACT: John T. Baker, president of Germantown Federal Savings Bank, 513-855-4125/


CO: Germantown Federal Savings Bank ST: Ohio IN: FIN SU: RCN

KL-SM -- CL008 -- 3160 09/17/93 14:56 EDT
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Publication:PR Newswire
Date:Sep 17, 1993
Words:236
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