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ST. PAUL BANCORP COMPLETES SALE OF $30 MILLION IN SUBORDINATED NOTES

 CHICAGO, Jan. 27 /PRNewswire/ -- St. Paul Bancorp, Inc. (NASDAQ: SPBC) today announced the completion of its sale of $30 million of 8-1/4 percent subordinated capital notes due in the year 2000 priced at par.
 The issue was increased from $25 million to $30 million and the notes are redeemable after Jan. 31, 1996 at the company's option. The company indicated that the proceeds from the issue will be used for general corporate purposes.
 The co-managing underwriters for the public offering of the notes were the Chicago Corporation and Kemper Securities, Inc.
 With assets of $3.5 billion, St. Paul Bancorp, Inc. is the holding company for St. Paul Federal Bank for Savings, the largest independent thrift institution headquartered in Illinois. St. Paul operates 40 retail banking offices throughout metropolitan Chicago. The company anticipates the addition of eight retail banking offices upon consummation in late February 1993 of its merger with Elm Financial Services, Inc. (NASDAQ: ELMF). St. Paul Federal provides discount brokerage, insurance and real estate development services through its subsidiaries.
 -0- 1/27/93
 /CONTACT: Robert N. Parke, 312-804-2360, or Susan H. Fisher, 312-804-2284, both of St. Paul Bancorp/
 (SPBC)


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

GK-SM -- NY028 -- 9489 01/27/93 09:35 EST
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Publication:PR Newswire
Date:Jan 27, 1993
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