NEWS RELEASE                                  For Information:

                                            Luther Deaton, Jr.
FOR IMMEDIATE RELEASE                          President & CEO
                                                (606) 253-6184


 CENTRAL BANCSHARES TO ACQUIRE PIONEER FINANCIAL OF WINCHESTER

Lexington --  In a joint release issued today, Carl C. Norton,
President of Pioneer Financial Corporation and Pioneer Federal
Savings Bank and Luther Deaton, Jr., President and CEO of Central
Bancshares, Inc. announced a definitive agreement for Central to
acquire Pioneer.  The agreement has been approved by the boards
of Pioneer and Central and is subject to approval by regulators
and the shareholders of Pioneer.  Under the terms of the
agreement, Central Bancshares will pay the shareholders of
Pioneer a total of $20,510,950, or $98.50 per share, for the
208,233 shares of Pioneer stock outstanding.  The transaction is
expected to be completed in the third quarter of 1998.

"We see this affiliation with Central as an excellent way to
offer a wider range of convenience and financial services while
keeping our focus on our local community," noted Norton. 
"Central Bank will make an excellent partner."

Central Bancshares's President & CEO Luther Deaton, Jr.
emphasized the combined human and financial resources of the two
organizations, stating, "The fine staff at Pioneer will be a key
link to the Winchester community.  Their experience in
residential mortgage lending will be a tremendous asset for
Central Bank, FSB."

Originally chartered in 1885, Pioneer is Winchester's third
largest financial institution, with total assets of $84 million
on December 31, 1997.  The bank operates two offices in Clark
County, the main office at 25 West Hickman and the branch at 1110
Pioneer Drive.  Pioneer will, in the future, assume the name of
Central Bank, FSB and continue to operate as a federal savings
bank.

Central Bancshares is the holder company for Central Bank & Trust
Co. in Lexington and Central Bank, FSB in Nashville.  Central is
the second largest financial institution in central Kentucky,
with total assets of $607 million on December 31, 1997.  It
operates 13 full service banking offices, a mortgage office and
an investment brokerage subsidiary.