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MANAGEMENT OF CSF HOLDINGS PREDICTS STRONG 1993 NET EARNINGS

 MIAMI, April 29 /PRNewswire/ -- Stockholders of CSF Holdings, Inc., (NASDAQ-NMS: CSFCB) parent company of Citizens Federal Bank, heard good news regarding the bank's net earnings at their annual meeting of stockholders.
 Citizens Federal Bank is a $4.5 billion federal savings bank with operations in Florida, Illinois, Ohio, California and Virginia.
 Charles B. Stuzin, chairman and president of CSF Holdings, stated, "Our 1993 first quarter net interest income reached a record high of $33 million. Our operating expenses and provision for loan losses were both down. All in all, it was a great first quarter and I hope that fact will not be lost in the comparison with last year when our bottom line was augmented by a one-time accounting change gain."
 Executive vice president Morton Trilling said, "Based upon present economic conditions and the interest rate environment, and looking down the road as best we can, I believe this year's net earnings will be the second best in the company's history, second only to last year's record high of $48.7 million.
 "Last week we reported the pending sale of all of the bank's Illinois branch offices and deposits in a transaction which, if consummated, will result in a net profit after taxes of approximately $12 million. We cited several reasons in our announcement, and we believe it is a very beneficial move for your company."
 Stuzin concluded, "Speaking of beneficial moves, our stockholders were the beneficiaries of one of 1992's most pronounced upward movements. In Forbes Magazine's April 26 issue covering the largest public companies in the nation, they wrote, 'Of the 774 stocks in this survey, 23 have more than doubled in the past 12 months. Leading the pack is CSF Holdings, a Florida-based thrift with a fourfold increase.'"
 The company's stockholders re-elected Charles B. Stuzin, James M. Stuzin, Ruth E. Stuzin, J.W. Barfield, Charles Hertzoff, Harvey Miller and Morton Trilling to the board of directors.
 -0- 4/29/93
 /CONTACT: Morton Trilling, executive vice president of CSF Holdings, Inc., 305-978-5454; or John K. Schulte of Schulte Ross & Aguilar, 305-856-1442, for CSF Holdings/
 (CSFCB)


CO: CSF Holdings, Inc. ST: Florida IN: FIN SU: ERP

SS-JB -- FL004 -- 2509 04/29/93 09:53 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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