For Immediate Release                      For Further Information:
Tuesday, April 15, 1997                    Jeff Francis, President and CEO
                                           Terri Liutkus, Treasurer and CFO
                                           330/726-3396 - telephone
                                           330/758-1356 - telecopier

              FFY Financial Corp. Reports 3rd Quarter Earnings,
                Regular Dividend and Stock Repurchase Program

      Youngstown, Ohio April 15, 1997 - FFY Financial Corp. (NASDAQ:  FFYF) 
announced net income of $1.9 million or $.47 per share for its 3rd fiscal 
quarter ended March 31, 1997.  Earnings for the current quarter compared to 
$1.6 million, or $.32 per share for the prior year quarter ended March 31, 
1996.

      Assets totaled $598.7 million at March 31, 1997, an increase of $16.4 
million, or 2.8% from $582.3 million at December 31, 1996. The growth in 
assets was largely the result of a $31.8 million increase in the securities 
portfolio, which totaled $115.3 million at March 31, 1997, principally due 
to the purchase of securities using $25 million in repurchase agreements, 
enabling the Company to further leverage its excess capital.  Net loans 
receivable increased $1.5 million and totaled $454.7 million at March 31, 
1997 with growth continuing to be predominantly in 1-4 family mortgages.  
Deposits totaled $447.8 million at March 31, 1997, a decline of $12.9 
million, or 2.8% from $460.7 million at December 31, 1996 due primarily to 
the maturity of brokered certificates of deposit during the quarter.       

      Nonperforming indirect auto loans totaled $812,000 at March 31, 1997, 
a 26% decline from $1.1 million at December 31, 1996. The provision for loan 
losses totaled $208,000 for the current quarter, bringing the allowance for 
losses on this portfolio to 86% of nonperforming loans at March 31, 1997, 
compared to 45% at December 31, 1996.  At March 31, 1997, after an analysis 
of the returns generated by the existing portfolio and potential returns 
from such a line of business, the Bank exited the indirect auto loan 
business.

      At its meeting of April 15, 1997 the Company's board of directors 
approved its regular quarterly dividend of 17.5 cents per share.  The 
dividend will be paid on May 15, 1997 to shareholders of record on April 30, 
1997.

      The Company also announced its intention to repurchase 5% of its 
outstanding shares, or 215,943 shares, in open market transactions beginning 
April 21, 1997.  The board of directors approved the repurchase program in 
view of current economic and market factors, alternate investment strategies 
and the strong capital position of the Company and its subsidiary, First 
Federal Savings Bank of Youngstown.  The repurchased shares will become 
treasury shares available for general corporate purposes.  The Company 
believes that the repurchase of its shares represents an attractive 
investment opportunity which will benefit the Company and its stockholders.  
Since completing its conversion to a publicly owned stock company on June 
28, 1993, the Company has repurchased 2.6 million shares at an average price 
of $20.80 per share, including 808,000 shares at $26.00 per share 
repurchased in a tender offer which was completed in December 1996.

      Except for the historical information contained herein, the matters 
discussed in this press release may be deemed to be forward-looking 
statements that involve risks and uncertainties, including changes in 
economic conditions in the Company's market area, changes in policies by 
regulatory agencies, fluctuations in interest rates, demand for loans in the 
Company's market area and competition, and other risks detailed from time to 
time in the Company's SEC reports, including the report on Form 10-K for the 
year ended June 30, 1996 and Form 10-Q for the quarters ended September 30, 
1996 and December 31, 1996.   Actual strategies and results in future 
periods may differ materially from those currently expected.  These forward-
looking statements represent the Company's judgment as of the date of this 
release.  The Company disclaims, however, any intent or obligation to update 
these forward-looking statements.