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JEFFERSON SAVINGS BANCORP ANNOUNCES STOCK REPURCHASE PROGRAM

 BALLWIN, Mo., June 30 /PRNewswire/ -- Jefferson Savings Bancorp Inc. (NASDAQ: JSBA) announced today that it is commencing a stock repurchase program to acquire up to 223,500 shares of the company's common stock, which represents approximately 5 percent of the outstanding common stock. The repurchased shares will be held as treasury stock and will be available for issuance upon the exercise of outstanding stock options and for other corporate purposes. The repurchase program will be dependent upon market conditions and the availability of shares and there is no guarantee as to the exact number of shares to be repurchased by the company.
 David V. McCay, president and chief executive officer of Jefferson Savings Bancorp, explained that by issuing shares of treasury stock upon the exercise of stock options granted under the company's 1993 Stock Option and Incentive Plan, the company hopes to avoid future dilution of stockholders' value. McCay stated that the board of directors also believes that the company's common stock provides an attractive investment, and that the repurchases will improve liquidity in the market for the company's common stock. In addition, the repurchases are expected to increase per share earnings and book value.
 According to McCay, the repurchases generally would be effected through open market purchases, although he did not rule out the possibility of unsolicited negotiated transactions or other types of repurchases.
 -0- 6/30/93
 /CONTACT: Paul J. Milano of Jefferson Savings Bancorp, 314-227-3000/
 (JSBA)


CO: Jefferson Savings Bancorp Inc. ST: Missouri IN: FIN SU:

MC -- DV004 -- 7285 06/30/93 15:30 EDT
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Publication:PR Newswire
Date:Jun 30, 1993
Words:258
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