EXHIBIT 99
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FOR IMMEDIATE RELEASE
---------------------

For: MAF Bancorp, Inc. Contacts: Jerry A. Weberling, Chief
55th Street & Holmes Avenue Financial Officer
Clarendon Hills, IL 60514 Michael J. Janssen, Senior
Vice President
www.mafbancorp.com (630) 325-7300

MAF BANCORP REPORTS THIRD QUARTER RESULTS OF $.59 PER DILUTED SHARE

Clarendon Hills, Illinois, October 18, 2001 - MAF Bancorp, Inc. (MAFB) announced
today that earnings per share for the third quarter ended September 30, 2001
totaled $.59 per diluted share, compared to operating earnings of $.60 per
diluted share reported for the quarter ended September 30, 2000. The current
quarter includes a $539,000 impairment writedown of servicing rights, equal to
$.01 per diluted share. Last year's third quarter results also included an $.11
per share after-tax gain on the sale of mortgage servicing rights, resulting in
reported earnings of $.71 for the quarter ended September 30, 2000.

Net income for the current period totaled $13.6 million compared to $16.5
million in the year earlier period. Return on average equity and return on
average assets were 13.60% and 1.05%, respectively, in the current quarter
compared to 18.08% and 1.32% in last year's comparable period (including the
effect of the servicing rights gain). Cash earnings per share (diluted), which
excludes amortization of goodwill and deposit base intangibles, totaled $.63 in
the current quarter.

Net interest income improved slightly from a year ago, totaling $32.3 million
for the current quarter compared to $31.8 million in last year's third quarter.
Over the past three months, the net interest margin expanded to 2.61% compared
to 2.56% for the quarter ended June 30, 2001. In last year's third quarter, the
net interest margin was 2.67%. The improvement in the net interest margin was
primarily driven by the faster pace at which the Company's funding costs have
declined, compared to the drop in the overall yield on the Company's earning
assets. The decline in mortgage interest rates has led to substantial loan
refinancing activity during the past three months, and a drop in the average
yield on the loan portfolio of 12 basis points. However, Federal Reserve Board
actions to lower short-term interest rates and stimulate the economy have led to
an even greater drop in deposit interest rates, and a corresponding lowering of
the Company's average cost of deposits by 35 basis points since June 30, 2001.
Based on current interest rate levels, the Company currently expects its net
interest margin to improve modestly in the fourth quarter and into 2002.

With the heavy loan refinancing activity and related loan sales,
interest-earning asset growth continued to be challenging. Average
interest-earning assets in the current quarter grew to $4.96 billion, compared
to $4.78 billion reported for last year's third quarter, but declined slightly
from the $4.99 billion reported for the quarter ended June 30, 2001. The growth
in interest-earning assets over the prior year period was primarily attributable
to increases in investment securities.

Management currently anticipates that with the steeper yield curve environment,
and its corresponding impact on the Company's net interest margin and loan
origination activity, along with an expected strong fourth quarter in the
Company's real estate development division, earnings for 2001 should be in the
range of $2.47-$2.52 per diluted share. This earnings per share range is based
in part on estimated pre-tax income from the Company's real estate development
operation of $4.5-$5.5 million for the fourth quarter of 2001.

Loan origination volume totaled $610.9 million in the current quarter, up more
than 58% from the $386.1 million reported for the third quarter of last year and
down from the $693.4 million reported for the quarter ended June 30, 2001.
Fixed-rate loans remain the preferred choice of customers, a trend that led to
substantial loan sale gains in the quarter as the Company generally sells
longer-term fixed-rate loans. Given management's current outlook for mortgage
interest rates, the Company expects fixed-rate loan origination activity to
continue to be strong into 2002, leading to continued loan sale volume and
modest balance sheet growth.

Exclusive of last year's $4.3 million gain on sale of servicing rights,
non-interest income increased 14.0% to $10.1 million in the current quarter,
compared to $8.8 million reported in the third quarter of last year. Increases
in gains on sales of loans and higher deposit account service fees offset lower
income from real estate development operations and lower loan servicing fee
income caused by an impairment writedown and increased amortization expense
resulting from higher than projected prepayments of loans serviced for others.

The Company's real estate development operations contributed $799,000 to
non-interest income in the current quarter, compared to $2.6 million of income
reported for the quarter ended September 30, 2000. A total of 9 residential lots
were sold in the current period compared to 72 lots in last year's third
quarter. The current quarter's results also included a $271,000 gain on the bulk
sale of a land parcel that the Company decided not to develop. At September 30,
2001, the Company had 151 lots under contract in its highly successful Tallgrass
of Naperville development. Assuming no delays in anticipated closings,
management expects approximately half of these lots to close in the fourth
quarter.

Deposit account service fees totaled $4.2 million for the current quarter, up
23.0% from the $3.4 million reported for the quarter ended September 30, 2000.
The continued strong growth in deposit account fee income is driven by both fee
increases and expansion of the Bank's checking account base. Checking accounts
totaled 126,500 at September 30, 2001, increasing at an annualized rate of 12.8%
during the first nine months of the current year.

Gains on sales of mortgage loans totaled $2.7 million in the current quarter
compared to $272,000 a year ago, as loan sale volume expanded to $236.6 million
compared to $98.6 million for the third quarter of last year and margins
expanded considerably. The quarterly loan sale profits from the Company's
mortgage banking operations were the strongest in the Company's 12-year public
company history.

Increased prepayment rates in the Bank's loans serviced for others portfolio,
due to higher loan refinancings, contracted loan servicing fee income to
$118,000 compared to $365,000 in last year's third quarter. The expected higher
prepayment rates also led to a $539,000 impairment writedown of the Company's
servicing rights portfolio. At September 30, 2001, capitalized servicing rights
were $9.3 million.

Non-interest expense totaled $20.7 million in the current quarter, compared to
$18.4 million reported for the quarter ended September 30, 2000 and $20.2
million for the quarter ended June 30, 2001. Compensation and benefits expense
totaled $12.2 million in the current quarter, compared to $10.4 million a year
ago. This change was primarily due to normal salary increases, higher medical
costs, increased staffing costs related to the higher loan origination and sales
volume, and the new business banking division. Advertising expenses increased
$221,000 due to increased spending relating to the Company's branding campaign.

The ratio of total non-interest expense to average assets was 1.60% for the
current quarter, compared to 1.47% in last year's third quarter and 1.55% in the
second quarter of 2001. The Company's efficiency ratio, a measure of the amount
of expense needed to generate each dollar of revenue, was 49.2%. This measure
continues to be considerably better than peer group averages. Income tax expense
totaled $8.0

million in the current quarter, equal to an effective income tax rate of 37.0%,
compared to $9.6 million and an effective tax rate of 36.7% for the quarter
ended September 30, 2000.

Despite the weakening economy, the Company's asset quality remained excellent
during the quarter. Non-performing assets at September 30, 2001 were $19.1
million, or .37% of total assets, compared to $17.8 million or .34% of total
assets at June 30, 2001. A year ago, non-performing assets totaled $17.3
million, or .34% of total assets. The Company did not record a provision for
loan losses in the current quarter, and recorded $11,000 of net charge-offs
during the quarter. The Bank's allowance for loan losses was $18.2 million at
September 30, 2001, equal to 103% of total non-performing loans, 95% of total
non-performing assets and .44% of total loans receivable. At September 30, 2001,
93% of the Company's loan portfolio consisted of loans secured by one-to-four
family residential properties.

For the nine months ended September 30, 2001, net income totaled $41.6 million
compared to $43.3 million for the comparable period last year. Earnings per
diluted share increased to $1.79 in the current period compared to operating
earnings per diluted share of $1.72 last year. The gain on the servicing rights
sale last year increased reported earnings per diluted share to $1.83 for the
nine months ended September 30, 2000. Return on average equity was 14.06% for
the current nine-month period and return on average assets was 1.07%.

Net interest income totaled $96.6 million for the first nine months of 2001,
compared to the $94.4 million reported for the first nine months of 2000. The
net interest margin declined to 2.61% in the current nine-month period compared
to 2.71% a year ago, while average interest-earning assets expanded by 6.4% to
$4.95 billion from $4.65 billion last year.

Exclusive of last year's gain on servicing rights sale, non-interest income
increased by $6.0 million, or 24.7%, for the first nine months of 2001 compared
to 2000. This increase was due primarily to higher gains on sales of loans and
increased deposit account service fees, which were partially offset by lower
income from real estate development operations and loan servicing fees.
Non-interest expenses increased by $6.8 million, or 12.6%, due primarily to
increased compensation costs. This increase was due to normal salary increases,
higher medical costs, increased costs associated with the much higher loan
origination and sales volume and the new business banking division. Increased
marketing costs relating to an expansion of the Company's branding campaign also
led to a rise in overall non-interest expense costs. This initiative, along with
heavier print advertising for deposit products, has been instrumental in
increasing total deposits and new retail checking account openings.

Total assets were unchanged at September 30, 2001, totaling $5.23 billion, the
same level reported at June 30, 2001. The balance of loans receivable at
September 30, 2001 stood at $4.21 billion, the same amount as reported at June
30, 2001. Deposit balances grew by $79.9 million in the quarter, totaling $3.21
billion at September 30, 2001 compared to $3.13 billion at June 30, 2001. This
marked the fourth consecutive quarter of strong deposit growth.

Borrowed funds declined by $90.0 million to $1.51 billion at September 30, 2001,
compared to $1.60 billion at June 30, 2001. Total stockholders' equity was
$408.2 million at September 30, 2001, resulting in a stated book value per share
of $18.16 and a tangible book value per share of $15.24. The Company repurchased
38,000 shares of its common stock during the current quarter at an average price
of $26.16 per share. The Bank's tangible, core and risk-based capital
percentages of 6.56%, 6.56% and 11.94%, respectively, at September 30, 2001
exceeded all minimum regulatory requirements.

The Company also announced today that it is nearing completion on the
construction of its 28th branch office, located at 495 N. Weber Road,
Romeoville, IL. The office, which will extend the Bank's market to the south
from its four Naperville, IL locations, is scheduled to open in the fourth
quarter.

Outlook for 2002
----------------

In reiterating its outlook for next year, as previously provided in the Form
10-Q for the quarter ended June 30, 2001, the Company indicated it currently
expects earnings per share for 2002 in the range of $2.85-$2.95 per diluted
share. The projected earnings per share results for 2002 assume the completion
of the Mid Town Bancorp acquisition in the fourth quarter of 2001. The earnings
per share estimate is also based on the provisions of SFAS No. 141, "Business
Combinations" and SFAS No. 142, "Goodwill and other Intangible Assets," which
were issued in July 2001. Under these accounting pronouncements, goodwill is not
amortized through the income statement. Instead, a periodic assessment of the
goodwill is required to be made to determine if any impairment writedown is
required.

The Company's 2002 projections assume a favorable interest rate environment in
2002, which is expected to result in an increase in the interest rate spread and
a corresponding improvement in both the net interest margin and overall net
interest income next year. The Company indicated it was looking for its real
estate development operation to contribute $10.0-$12.0 million in pre-tax
earnings next year and also to report continued strong growth in fee income. The
projections also assume housing and mortgage activity in the Bank's markets will
remain strong and credit quality remains good.

MAF Bancorp is the parent company of Mid America Bank, a federally chartered
stock savings bank. The Bank operates a network of 27 retail banking offices
primarily in Chicago and its western suburbs. The Company's common stock trades
on the Nasdaq Stock Market under the symbol MAFB.

Forward-Looking Information
---------------------------

Statements contained in this news release that are not historical facts
constitute forward-looking statements (within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended), which involve significant risks
and uncertainties. The Company intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995, and is including this
statement for purposes of invoking these safe harbor provisions. Forward-looking
statements, which are based on certain assumptions and describe future plans,
strategies and expectations of the Company, are generally identifiable by use of
the words "believe," "expect," "intend," "anticipate," "estimate," "project,"
"plan," or similar expressions. The Company's ability to predict results or the
actual effect of future plans or strategies is inherently uncertain and actual
results may differ from those predicted. The Company undertakes no obligation to
update these forward-looking statements in the future. Factors which could have
a material adverse effect on the operations and could affect the outlook or
future prospects of the Company and its subsidiaries include, but are not
limited to, unanticipated changes in interest rates, deteriorating economic
conditions which could result in increased delinquencies in the Company's or Mid
Town's loan portfolio, legislative/regulatory changes, monetary and fiscal
policies of the U.S. Government, including policies of the U.S. Treasury and the
Federal Reserve Board, the quality or composition of the Company's or Mid Town
Bancorp's loan or investment portfolios, demand for loan products, secondary
mortgage market conditions, deposit flows, competition, demand for financial
services and residential real estate in the Company's market area, unanticipated
slowdowns in real estate lot sales or problems in closing pending real estate
contracts, delays in real estate development projects, higher than anticipated
costs, or lower than anticipated revenues, associated with the Mid Town Bancorp
acquisition or the possible short-term dilutive effect of other potential
acquisitions, if any, and changes in accounting principles, policies and
guidelines. These risks and uncertainties should be considered in evaluating
forward-looking statements and undue reliance should not be placed on such
statements.

MAF BANCORP, INC. AND SUBSIDIARIES
STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)

THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
----------------------- -----------------------
2001 2000 2001 2000
------- ------- -------- --------
(UNAUDITED) (UNAUDITED)

Interest income..................................... $85,301 $88,310 $262,355 $253,032
Interest expense.................................... 53,010 56,475 165,715 158,593
------- ------- -------- --------
Net interest income.............................. 32,291 31,835 96,640 94,439
Provision for loan losses........................... -- 500 -- 1,100
------- ------- -------- --------
Net interest income after provision for loan
losses........................................ 32,291 31,335 96,640 93,339
Non-interest income:
Gain (loss) on sale of:
Loans receivable held for sale................ 2,678 272 5,275 476
Mortgage-backed securities.................... (2) -- (2) (700)
Investment securities......................... 264 4 824 137
Foreclosed real estate........................ 30 (27) 352 177
Mortgage loan servicing rights................ -- 4,337 -- 4,337
Income from real estate operations................ 799 2,625 5,469 7,801
Deposit account service charges................... 4,230 3,439 11,763 9,109
Loan servicing fee income ........................ 118 365 7 1,394
Impairment of mortgage servicing rights........... (539) -- (754) --
Brokerage commissions............................. 512 586 1,694 1,740
Other............................................. 2,002 1,585 5,824 4,292
------- ------- -------- --------
Total non-interest income..................... 10,092 13,186 30,452 28,763
Non-interest expense:
Compensation and benefits......................... 12,173 10,408 35,218 30,665
Office occupancy and equipment.................... 2,169 2,071 6,603 5,976
Federal deposit insurance premiums................ 155 153 457 449
Data processing................................... 788 784 2,298 2,236
Advertising and promotion......................... 1,051 830 3,398 2,720
Amortization of goodwill.......................... 812 812 2,434 2,307
Amortization of core deposit intangibles.......... 318 355 977 1,004
Other............................................. 3,268 3,025 9,544 8,764
------- ------- -------- --------
Total non-interest expense.................... 20,734 18,438 60,929 54,121
------- ------- -------- --------
Income before income taxes.................... 21,649 26,083 66,163 67,981
Income taxes........................................ 8,002 9,570 24,558 24,688
------- ------- -------- --------
Net income.................................... $13,647 $16,513 $ 41,605 $ 43,293
======= ======= ======== ========
Basic earnings per share............................ $ .61 $ .71 $ 1.83 $ 1.85
======= ======= ======== ========
Diluted earnings per share.......................... .59 .71 1.79 1.83
======= ======= ======== ========

MAF BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)

SEPTEMBER 30, DECEMBER 31,
2001 2000
-------------- -------------
(UNAUDITED)

ASSETS
------

Cash and due from banks....................................................... $ 93,699 $ 77,860
Interest-bearing deposits..................................................... 22,542 53,392
Federal funds sold............................................................ 53,152 139,268
Investment securities, at cost (fair value of $13,290 at December 31, 2000)... -- 12,633
Investment securities available for sale, at fair value....................... 357,285 174,494
Stock in Federal Home Loan Bank of Chicago, at cost........................... 119,527 84,775
Mortgage-backed securities, at amortized cost
(fair value of $79,137 at December 31, 2000............................... -- 80,301
Mortgage-backed securities available for sale, at fair value.................. 147,209 24,084
Loans receivable held for sale................................................ 108,931 41,074
Loans receivable, net of allowance for losses of $18,210 and $18,258.......... 4,101,878 4,287,040
Accrued interest receivable................................................... 28,659 27,888
Foreclosed real estate........................................................ 1,365 1,808
Real estate held for development or sale...................................... 12,795 12,718
Premises and equipment, net................................................... 52,271 48,904
Other assets.................................................................. 68,814 60,485
Intangible assets, net of accumulated amortization of $18,441 and $15,030..... 65,453 68,864
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$5,233,580 $5,195,588
========== ==========

LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------

Liabilities:
Deposits................................................................... 3,205,150 2,974,213
Borrowed funds............................................................. 1,510,900 1,728,900
Advances by borrowers for taxes and insurance.............................. 35,450 38,354
Accrued expenses and other liabilities..................................... 73,905 66,392
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Total liabilities....................................................... 4,825,405 4,807,859
========== ==========
Stockholders' equity:
Preferred stock, $.01 par value; authorized
5,000,000 shares; none outstanding...................................... -- --
Common stock, $.01 par value;
80,000,000 shares authorized; 25,420,650 shares issued;
22,481,364 and 23,110,022 shares outstanding............................ 254 254
Additional paid-in capital................................................. 198,201 198,068
Retained earnings, substantially restricted................................ 271,589 237,867
Stock in Gain Deferral Plan; 223,453 shares................................ 511 511
Accumulated other comprehensive income, net of tax......................... 5,064 1,435
Treasury stock, at cost; 3,162,739 and 2,534,081 shares....................... (67,444) (50,406)
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Total stockholders' equity.............................................. 408,175 387,729
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$5,233,580 $5,195,588
========== ==========

MAF BANCORP, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA
(In thousands, except share data)

SEPTEMBER 30, DECEMBER 31, SEPTEMBER 30,
2001 2000 2000
---------------- --------------- --------------

Book value per share...................................... $ 18.16 $ 16.78 $ 16.19
Tangible book value per share............................. 15.24 13.80 13.16
Stockholders' equity to total assets...................... 7.80% 7.46% 7.37%
Tangible capital ratio (Bank only)........................ 6.56 6.32 6.19
Core capital ratio (Bank only)............................ 6.56 6.32 6.19
Risk-based capital ratio (Bank only)...................... 11.94 11.98 11.83
Common shares outstanding:
Actual................................................. 22,481,364 23,110,022 23,094,170
Basic (weighted average)............................... 22,510,714 22,097,972 23,121,187
Diluted (weighted average)............................. 23,057,391 23,455,319 23,418,559

Non-performing loans...................................... $ 17,745 $ 16,709 $ 15,974
Non-performing assets..................................... 19,110 18,517 17,295
Allowance for loan losses................................. 18,210 18,258 18,167
Non-performing loans to total loans....................... .43% .39% .38%
Non-performing assets to total assets..................... .37 .36 .34
Allowance for loan losses to total loans.................. .44 .42 .43
Mortgage loans serviced for others........................ $ 1,271,475 $ 785,350 $ 686,419

THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
-------------------------- ---------------------------
2001 2000 2001 2000
--------- ---------- ---------- ----------

Average balance data:
Total assets................................ $5,195,162 $5,013,319 $5,179,550 $4,882,945
Loans receivable............................ 4,235,471 4,256,770 4,315,726 4,108,961
Interest-earning assets..................... 4,961,962 4,782,223 4,950,603 4,653,324
Deposits.................................... 2,984,951 2,748,745 2,913,183 2,677,682
Interest-bearing liabilities................ 4,529,166 4,417,146 4,527,079 4,305,975
Stockholders' equity........................ 401,382 365,368 394,501 357,422
Performance ratios (annualized):
Return on average assets.................... 1.05% 1.32% 1.07% 1.18%
Return on average equity.................... 13.60 18.08 14.06 16.15
Average yield on interest-earning assets.... 6.88 7.38 7.07 7.25
Average cost of interest-bearing liabilities 4.64 5.07 4.90 4.91
Interest rate spread........................ 2.24 2.31 2.17 2.34
Net interest margin......................... 2.61 2.67 2.61 2.71
Average interest-earning assets to average
interest-bearing liabilities................ 109.56 108.26 109.36 108.07
Non-interest expense to average assets...... 1.60 1.47 1.57 1.48
Non-interest expense to average assets
and loans serviced for others............... 1.30 1.18 1.32 1.18
Efficiency ratio............................ 49.22 40.96 48.25 43.73
Loan originations and purchases................ $ 610,914 $ 386,098 $1,819,749 $1,122,327
Loans and mortgage-backed securities sold...... 236,580 98,564 736,371 208,048
Cash dividends declared per share.............. .12 .10 .34 .29