CFSB BANCORP, INC.
                                      CONTACT:  Robert H. Becker
                                                President & CEO
                                                517-374-3588
                                           OR:  John W. Abbott
                                                Executive Vice
                                                President & COO
                                                517-483-4871
                      
FOR IMMEDIATE RELEASE -- MAY 20, 1997
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                   CFSB BANCORP, INC. DECLARES
                      10% STOCK DIVIDEND

Lansing, Michigan -- CFSB Bancorp, Inc., (NASDAQ-NMS: CFSB)
holding company for Community First Bank, announced today the
Corporation's Board of Directors declared a 10 percent stock
dividend payable June 16, 1997, to stockholders of record on May
30, 1997.  Stockholders will receive one share of common stock
for each 10 shares they hold on the record date.  Stockholders
entitled to receive fractional shares will receive cash based on
the stock's market price on May 30, 1997.  Management anticipates
the Corporation's next regular quarterly cash dividend will be
paid on July 11, 1997, and expects the current dividend rate of
$0.15 per share will remain in effect for both the current and
new shares.

As previously announced, the Corporation's Board of Directors, at
its April 15, 1997, meeting, approved a stock repurchase program
whereby by the Corporation may acquire up to 235,000 shares of
the Corporation's common stock, which represents approximately 5
percent of the outstanding common shares.  The repurchase program
was designed to offset the future dilution incurred in connection
with the administration of the Corporation's stock option plans
and the issuance of stock dividends.  To date, 47,900 shares have
been repurchased in open market transactions and the Corporation
intends to reissue these shares and 161,600 shares repurchased in
a prior program in conjunction with the 10 percent stock
dividend.

CFSB Bancorp, Inc. is the holding company for Community First
Bank which specializes in residential mortgage lending and retail
banking services.  With headquarters in Lansing, Michigan, the
Bank serves mid-Michigan from 17 office locations and six
additional off-site 24-Hour ATM Banking Centers.  Total assets of
CFSB Bancorp at March 31, 1997, were $834.3 million and
stockholders' equity, all tangible, was $63.6 million.
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