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ST. PAUL BANCORP/ELM FINANCIAL MERGER APPROVED BY OTS

 CHICAGO, Jan. 22 /PRNewswire/ -- St. Paul Bancorp, Inc. (NASDAQ: SPBC) and Elm Financial Services, Inc. (NASDAQ: EFSI) announced today that the Office of Thrift Supervision has approved St. Paul's acquisition of Elm Financial. Under the terms of the acquisition, St. Paul Bancorp will acquire Elm Financial for an aggregate purchase price of $49.2 million, or $22.45 per share of outstanding Elm Financial common stock, to be paid in a combination of cash and stock of St. Paul Bancorp, subject to adjustment based upon the market value of St. Paul common stock.
 The acquisition is subject to expiration of a 30-day waiting period and approval by Elm Financial shareholders. St. Paul and Elm Financial anticipate both a special meeting of Elm Financial shareholders and closing of the acquisition in late February 1993.
 St. Paul Bancorp is the holding company for St. Paul Federal Bank for Savings, the largest independent thrift headquartered in Illinois. The bank operates 40 retail offices throughout metropolitan Chicago. At Dec. 31, 1992, St. Paul Bancorp reported total assets of $3.5 billion, deposits of $3.0 billion and stockholders' equity of $287.3 million.
 Elm Financial Services is the holding company for Elmhurst Federal Savings Bank, based in Elmhurst, Ill. Elmhurst Federal operates eight retail banking offices. At Dec. 31, 1992, Elm Financial had total assets of $382 million, deposits of $324.1 million and stockholders' equity of $50.2 million.
 -0- 1/22/93
 /CONTACT: Robert N. Parke, senior vice president, 312-804-2360, or William O. Wogstad, first vice president, 312-804-2238, both of St. Paul Bancorp, Inc.; or Charles H. Walsh, chairman of the board, 708-833-3500, or David G. Plummer, president and chief executive officer, 708-833-8000, both of Elm Financial Services, Inc./
 (SPBC EFSI)


CO: St. Paul Bancorp, Inc.; Elm Financial Services, Inc. ST: Illinois IN: FIN SU: TNM

LR-TS -- NY006 -- 7751 01/22/93 08:25 EST
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Publication:PR Newswire
Date:Jan 22, 1993
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