FOR IMMEDIATE RELEASE              FOR ADDITIONAL INFORMATION
AUGUST 9, 1996                     CONTACT RAYMOND G. MERRYMAN
                                   (416) 466-2171


                 SHO-ME FINANCIAL CORP. ANNOUNCES
                     STOCK REPURCHASE PROGRAM



Mt. Vernon, Missouri, August 9, 1996 - Sho-Me Financial Corp.
announced its intention today to repurchase up to 86,634 or
approximately 5% of its outstanding shares in the open market over
the next twelve months.  The shares will be purchased at prevailing
market prices from time to time depending upon market conditions.

The Company's Directors approved the repurchase program in view of
the strong capital position of the Corporation's subsidiary, 1st
Savings Bank, f.s.b. and their belief that the repurchase of the
company's stock represents an attractive investment opportunity
which will benefit the Corporation and its stockholders.  "The
repurchased shares will become treasury shares and will be used for
general corporate purposes."

Over the past three months, the Company's shares traded between
$15.50 and $17.00.  At June 30, 1996, the Corporation had
approximately $280 million in assets, stockholders' equity of $30.8
million, and 1,732,674 shares outstanding.