Exhibit 99
| OLD KENT | |
| News Release | |
| Old Kent Financial Corporation | |
| 111 Lyon Street NW | |
| Grand Rapids, MI 49503-2406 |
| NYSE: | OK |
| FOR RELEASE: | IMMEDIATE |
| DATE: | July 9, 1999 |
| CONTACTS: | Old Kent Financial Corporation |
| Albert T. Potas (Analyst) 616-771-1931 | |
| Tanya Berg (Media) 616-771-4364 |
Grand Rapids, Michigan - David J. Wagner, Chairman, President and CEO of Old Kent
Financial Corporation, announced that effective today, Old Kent completed its acquisition of
CFSB Bancorp, Inc.
CFSB Bancorp Inc., ("CFSB") was the parent of Community First Bank, headquartered
in Lansing, Michigan. At June 30, 1999, CFSB had assets of $0.9 billion and deposits of
$0.6 billion. CFSB served the greater Lansing area through 16 offices in Ingham, Clinton, Eaton,
and Ionia Counties.
The acquisition makes Old Kent #1 in Lansing deposit market share and residential
mortgage lending. Wagner added, "We look forward to continuing CFSB's tradition of quality
customer service and to providing an even broader array of products and services."
CFSB shareholders received .5939 of a share of Old Kent stock for each outstanding share
of CFSB Bancorp Inc. common stock, for a total of approximately 5.6 million shares.
Old Kent also noted that its recently announced 3 million share buy-back program would
be unaffected by the acquisition. Under this program, shares intended for anticipated future stock
dividends are reacquired ratably on a quarterly basis. Also, shares intended for reissue in
needed to maintain shares reserved for those purposes at a level consistent with anticipated
permissible needs.
Old Kent Financial Corporation is a financial services company headquartered in Grand
Rapids, Michigan, with a 40 year history of consecutive increases in annual per share earnings. It
operates more than 240 full service offices in Michigan, Illinois and Indiana, and more than 160
mortgage lending sites throughout the United States. Effective with the acquisition, Old Kent has
total assets of nearly $17 billion.
