Exhibit 99
































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Permanent
Bancorp, Inc., Holding Company for Permanent Federal Savings Bank

                                  NEWS RELEASE



Donald P. Weinzapfel
Chairman of the Board,                                     FOR IMMEDIATE RELEASE
President & Chief                                          ---------------------
Executive Officer                                              May 19, 1997
Permanent Bancorp, Inc.
101 S.E. Third Street                                    FOR FURTHER INFORMATION
Evansville, IN  47708                                    -----------------------
812/428-6800                                                   Carl E. Root
                                                               812/428-6804


                          PERMANENT BANCORP SUBSIDIARY
                            ANNOUNCES ACQUISITION OF
                                  BRANCH OFFICE


         (May 19, 1997) -- Permanent Bancorp, Inc. (NASDAQ - "PERM"),  parent of
Permanent  Federal  Savings  Bank,  Evansville,  Indiana,  announced  today  the
completion of its assumption of the deposit  liabilities  and its acquisition of
certain  assets  associated  with the  branch of NBD  Bank,  N.A.  in  Newburgh,
Indiana.

         "The  branch  in  Newburgh  provides  a  more  desirable  location  for
expansion of Permanent's  franchise," stated Donald P. Weinzapfel,  Chairman and
CEO of the company. "We are pleased to acquire the office and believe we will be
better able to serve the residents in the Newburgh area." At closing, the branch
had deposit liabilities of approximately $5.5 million.

         Permanent  Bancorp,  Inc.,  at March  31,  1997,  had  assets of $423.8
million and deposits of $280.8 million.









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