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EXHIBIT 99.1
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CONTACT:
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C. XXXXXXX XXXXXXXXX
PRESIDENT & CHIEF EXECUTIVE OFFICER
CITIZENS SAVINGS BANK F.S.B.
(000) 000-0000
XXXXXX X. XXXXXXXX
PRESIDENT
STATE BANK OF GRAYMONT
(000) 000-0000
FOR IMMEDIATE RELEASE
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CITIZENS SAVINGS BANK AND STATE BANK OF GRAYMONT
ANNOUNCE BRANCH SALE AGREEMENT
August 27, 1997 -- Citizens Savings Bank F.S.B., Bloomington, Illinois
("Citizens") and the State Bank of Graymont, Graymont, Illinois ("Graymont")
today announced the signing of a definitive agreement for the sale by Citizens
to Graymont of certain assets and deposits of Citizens office at 000 Xxxxxxxxxx,
Xxxxxx, Xxxxxxxx. In addition to purchasing the building, Graymont has agreed to
pay a premium of 8.0% for the acquired deposits. As of July 31, 1997, the Chenoa
office had deposits of approximately $6.5 million. It is anticipated that if the
required regulatory approvals are received the transaction should be completed
in the fourth quarter of 1997.
C. Xxxxxxx Xxxxxxxxx, President and Chief Executive Officer of Citizens
stated, "After evaluation of our long-term marketing plans, it was decided that
a sale to the State Bank of Graymont would benefit both Citizens and the Chenoa
customers." Xx. Xxxxxxxxx emphasized that there are no plans for the sale of any
of the remaining six Citizens facilities.
Xxxxxx X. Xxxxxxxx, President of Graymont, stated "State Bank of Graymont
is excited about the impending transaction. We look foremost to serving the
customers of the Chenoa office while providing another location for our existing
customers. Over the years we have had an opportunity to work with many fine
people from the Chenoa area and look forward to becoming more involved with
their financial needs. The superb employees at the office will be very important
in providing current and future services to customers. The transaction is a
positive step for Graymont Bancorp, Inc. shareholders. Graymont Bancorp, Inc. is
the parent company of the State Bank of Graymont."
State Bank of Graymont is an Illinois banking corporation with its main
office in Graymont, Illinois. As of June 30, 1997, Graymont had total assets of
approximately $43.5 million and total deposits of approximately $37.3 million.
Citizens is a subsidiary of Citizens First Financial Corp. (AMEX: CBK). At
June 30, 1997 Citizens First Financial Corp. had total assets of $271 million
and total deposits of $198.0 million.
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