EXHIBIT 99.2

                  Safe Harbor Under the Private Securities
                        Litigation Reform Act of 1995

      The Private Securities Litigation Reform Act of 1995 (the "Act") 
provides a "safe harbor" for forward-looking statements to encourage 
companies to provide prospective information about their companies, so long 
as those statements are identified as forward-looking and are accompanied 
by meaningful cautionary statements identifying important factors that 
could cause actual results to differ materially from those discussed in the 
statement.  Columbia Financial of Kentucky, Inc. ("CFKY") desires to take 
advantage of the "safe harbor" provisions of the Act.  Certain information, 
particularly information regarding future economic performance and finances 
and plans and objectives of management, contained or incorporated by 
referencing CFKY's Form 10-QSB for the three-months ended March 31, 1999, 
is forward-looking.  In some cases, information regarding certain important 
factors that could cause actual results of operations or outcomes of other 
events to differ materially from any such forward-looking statement appears 
together with such statement.  In addition, forward-looking statements are 
subject to other risks and uncertainties affecting the financial 
institutions industry, including but not limited to, the following:

Interest Rate Risk

      CFKY's operating results are dependent to a significant degree on its 
net interest income, which is the difference between interest income from 
loans and investments and interest expense on deposits and borrowings.  The 
interest income and interest expense of CFKY change as the interest rates 
and mortgages, securities and other assets and on deposits and other 
liabilities change.  Interest rates may change because of general economic 
conditions, the policies of various regulatory authorities and other 
factors beyond CFKY's control.  The interest rates on specific assets and 
liabilities of CFKY will change or "reprice" in accordance with the 
contractual terms of the asset or liability instrument and in accordance 
with customer reaction to general economic trends.  In a rising interest 
rate environment, loans tend to prepay slowly and new loans at higher rates 
increase slowly, while interest paid on deposits increases readily because 
the terms to maturity of deposits tend to be shorter than the terms to 
maturity or prepayment of loans.  Such differences in the adjustment of 
interest rates on assets and liabilities may negatively affect CFKY's 
income.  Moreover, rising interest rates tend to decrease loan demand in 
general, negatively affecting CFKY's income.

Possible Inadequacy of the Allowance for Loan Losses

      Columbia Federal Savings Bank ("Columbia Federal") maintains an 
allowance for loan losses based upon a number of relevant factors, 
including, but not limited to, trends in the level of nonperforming assets 
and classified loans, current and anticipated economic conditions in the 
primary lending area, past loss experience, possible losses arising from 
specific problem assets and changes in the composition of the loan 
portfolio.  While the Board of Directors of Columbia Federal believes that 
it uses the best information available to determine the allowance for loan 
losses, unforeseen market conditions could result in material adjustments, 
and net earnings could be significantly adversely affected if circumstances 
differ substantially from the assumptions used in making the final 
determination.

      Loans not secured by one-to four-family residential real estate are 
generally considered to involve greater risk of loss than loans secured by 
one- to four-family residential real estate due, in part, to the effects of 
general economic conditions.  The repayment of multifamily residential and 
nonresidential real estate loans generally depends upon the cash flow from 
the operation of the property, which may be negatively affected by national 
and local economic conditions that cause leases not to be renewed or that 
negatively affect the operations of a commercial borrower.  Construction 
loans may also be negatively affected by such economic conditions, 
particularly loans made to developers who do not have a buyer for a 
property before the loan is made.  The risk of default on consumer loans 
increases during periods of recession, high unemployment and other adverse 
economic conditions.  When consumers have trouble paying their bills, they 
are more likely to pay mortgage loans than consumer loans, and the 
collateral securing such loans, if any, may decrease in value more rapidly 
than the outstanding balance of the loan.

Competition

      Columbia Federal competes for deposits with other savings 
associations, commercial banks and credit unions and issuers of commercial 
paper and other securities, such as shares in money market mutual funds.  
The primary factors in competing for deposits are interest rates and 
convenience of office location.  In making loans, Columbia Federal competes 
with other savings associations, commercial banks, consumer finance 
companies, credit unions, leasing companies, mortgage companies and other 
lenders.  Competition is affected by, among other things, the general 
availability of lendable funds, general and local economic conditions, 
current interest rate levels and other factors that are not readily 
predictable.  The size of financial institutions competing with Columbia 
Federal is likely to increase as a result of changes in statutes and 
regulations eliminating various restrictions on interstate and inter-
industry branching and acquisitions.  Such increased competition may have 
an adverse effect upon CFKY.

Legislation and Regulation that may Adversely Affect CFKY's Earnings

      For several years, Congress has been considering various changes to 
the bank and savings association charters, the activities in which banks 
and savings associations and their holding companies and subsidiaries may 
engage and the authority of various regulatory authorities over the 
financial institutions and their holding companies and subsidiaries.  CFKY 
cannot predict at this time whether and when Congress will actually adopt 
such a "financial modernization legislation" or in what form it will be 
adopted.  It is expected, however, that the range of activities in which 
banks and their affiliated companies may engage will be expanded, and it is 
possible that the range of activities in which CFKY and Columbia Federal 
may engage will be restricted.  It is not anticipated that the current 
activities of CFKY or Columbia Federal will be materially affected by any 
such legislation.  

Legislation to recapitalize the SAIF, which was enacted in 1996, provided 
that the SAIF and to Bank Insurance Fund (the "BIF") would be merged if the 
federal savings association charter was eliminated.  Although the 
elimination of the federal savings association charter has not occurred and 
is not now expected in the near future, Congress is still discussing the 
merger of the SAIF and the BIF.  Although the merger could be expected to 
change the deposit insurance premiums paid by Columbia Federal, the effect 
on Columbia Federal and CFKY cannot be predicted at this time.