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ST. PAUL BANCORP ANNOUNCES THREE-FOR-TWO STOCK SPLIT AND INCREASED QUARTERLY CASH DIVIDEND RATE

 CHICAGO, Dec. 6 /PRNewswire/ -- The Board of Directors of St. Paul Bancorp, Inc. (NASDAQ: SPBC), the holding company for Chicago-based St. Paul Federal Bank For Savings, today announced a three-for-two stock split of its outstanding shares of common stock. The shares to be issued as a result of the stock split will be distributed on Jan. 4, 1994 to shareholders of record as of the close of business on Dec. 20, 1993. The stock split is the first for St. Paul Bancorp since going public in 1987.
 In conjunction with the stock split and subject to the Company's fourth quarter 1993 financial performance, the Board also announced its intention to increase the Company's regular quarterly cash dividend to $0.075 per common share as adjusted for the stock split, which is equivalent to $0.1125 per common share on a pre-split basis. The new dividend rate represents a 12.5 percent increase over the previous quarterly cash dividend rate of $0.10 per share and is anticipated to become effective upon the declaration of the Company's next quarterly dividend in mid-January 1994.
 Joseph C. Scully, Chairman of the Board and Chief Executive Officer, said, "The three-for-two stock split will further enhance the liquidity of St. Paul Bancorp stock, as well as stimulate affordability of the stock, at a lower price, to individual retail investors. The adjustment in the cash dividend rate reflects our confidence in St. Paul Bancorp's performance."
 St. Paul Bancorp, Inc. is the holding company for St. Paul Federal Bank For Savings, the largest independent thrift in Illinois. The Bank has assets of $3.7 billion and operates 50 retail banking offices throughout metropolitan Chicago. Discount brokerage, insurance, annuity and real estate development services are offered through other subsidiaries.
 -0- 12/6/93
 /CONTACT: Robert N. Parke, 312-804-2360, or Susan H. Fisher, 312-804-2284, both for St. Paul Bancorp/
 (SPBC)


CO: St. Paul Bancorp, Inc. ST: Illinois IN: FIN SU: DIV

MP-SH -- NY019 -- 0645 12/06/93 09:18 EST
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Publication:PR Newswire
Date:Dec 6, 1993
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