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LEADER FINANCIAL CORPORATION COMPLETES PUBLIC OFFERING RAISES $107.5 MILLION

 MEMPHIS, Tenn., Sept. 30 /PRNewswire/ -- Leader Financial Corporation today announced the completion of the conversion of its subsidiary, Leader Federal Bank for Savings from a federally chartered mutual savings bank to a federally chartered stock savings bank.
 As part of the conversion, 10,752,500 shares of Leader Financial Corporation common stock were issued at a price of $10.00 per share. Shortly after receiving approval from the appropriate regulatory agencies and closing of the transaction, trading in Leader Financial Corporation's stock is expected to begin trading on the NASDAQ under the symbol "LFCT".
 Leader Federal Bank for Savings is headquartered in Memphis, Tenn. The bank operates through 21 retail branch offices, of which 14 are located in the Memphis area, four are located in the Nashville area, and three are located in Upper East Tennessee. In addition, Leader Federal Mortgage operates seven lending offices in Tennessee and Nebraska. Based on total assets at March 31, 1993, Leader Federal is the largest thrift institution headquartered in Tennessee and the fifth largest depository institution headquartered in Tennessee.
 At June 30, 1993, the bank had $1.82 billion in assets and following the conversion its consolidated stockholders' equity will amount to approximately $175.0 million.
 -0- 9/30/93
 /CONTACT: Ronald Stimpson of Leader Financial, 901-578-4300/


CO: Leader Financial Corporation; Leader Federal Bank for Savings ST: Tennessee IN: FIN SU: OFR

00:00 -- CH003 -- 7331 09/30/93 13:37 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
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