CONTACT:  ROBERT H. BECKER
                                        PRESIDENT & CEO
                                        517-374-3588
                              OR:       JOHN W. ABBOTT
                                        EXECUTIVE VICE
                                        PRESIDENT & COO
                                        517-483-4871



FOR IMMEDIATE RELEASE -- MAY 18, 1999
- -------------------------------------


            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 14, 1999 to stockholders of record on May
28, 1999.  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 28, 1999.  Management
anticipates the Corporation's next regular quarterly cash
dividend will be paid on July 8, 1999 and expects the current
dividend rate of $0.13 per share will be adjusted, to reflect
the stock dividend, to approximately $0.12 per share for both
the current and new shares.

On February 24, 1999, the Corporation entered into a definitive
agreement (the Agreement) providing for the merger of CFSB
Bancorp, Inc. into Old Kent Financial Corporation.  The
Agreement calls for an exchange of 0.6222 shares of Old Kent
Financial Corporation stock for each share of CFSB Bancorp, Inc.
stock.  The merger is subject to, among other things,
stockholder approval and certain regulatory and governmental
approvals.  It is intended that the merger will be structured as
a "pooling-of-interests" for accounting and financial reporting
purposes.  The merger is to be voted on by the Corporation's
stockholders at a special meeting of stockholders expected to be
held on June 8, 1999 and is anticipated to be consummated in the
third quarter of 1999.  In connection with the 10 percent stock
dividend, it is expected that the exchange ratio will be
adjusted to 0.5656 to reflect the impact of the 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 16 Banking Centers. 
Total assets of CFSB Bancorp at March 31, 1999 were $889 million
and stockholders' equity was $71 million.

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