Exhibit 99


                                  NEWS RELEASE


Donald P. Weinzapfel
Chairman of the Board &                             FOR IMMEDIATE RELEASE
Chief Executive Officer                               December 23, 1999


Permanent Bancorp, Inc.                             FOR FURTHER INFORMATION
101 S.E. Third Street                                   Don Weinzapfel
Evansville, IN 47708                                   (812) 437-2256
(812) 437-BANK



                             PERMANENT BANCORP INC.
                           DECLARES QUARTERLY DIVIDEND


         EVANSVILLE,  INDIANA (NASDAQ:  "PERM"),  Permanent Bancorp.,  Inc., the
parent  company of Permanent  Federal  Savings Bank,  has announced  that it has
declared  a  regular  quarterly   cash  dividend  of $0.07 per  share.  The cash
dividend will be payable on or about January 21, 2000 to  stockholders of record
on  December  31,  1999.  At  September  30, 1999 the Company had assets of $502
million and stockholders' equity of $40.8 million. The Company's stock is quoted
on the NASDAQ National Market under the ticker symbol "PERM".  The Corporation's
stock  traded at $17.75  per  share as of  December  22,  1999.  This  quarterly
dividend  is the  nineteenth  consecutive  quarterly  dividend to be paid by the
Company.

         The Company provides  services and products through  Permanent  Federal
Savings  Bank.  In  addition  to the  nine  Evansville  locations,  the Bank has
branches in the communities of Newburgh,  Jasper,  Oakland City and Fort Branch,
Indiana.  Through the Bank's  subsidiary,  Perma Service Corp.,  the bank offers
investment  products through INVEST  Financial  Corporation as well as annuities
and credit  insurance  products through its partnership in Family Financial Life
Insurance  Company.  Perma  Service  Corp.  also  owns  and  operates  Permanent
Insurance Agency, a full service insurance agency in Evansville.


                           FORWARD-LOOKING STATEMENTS

         The  Company may from time to time make  "forward-looking  statements,"
including  statements contained in the Company's filings with the Securities and
Exchange  Commission (the "SEC"),  in its reports to  shareholders  and in other
communications  by the Company,  which are made in good faith by the Company and
the Banks  pursuant to the "safe harbor"  provisions  of the Private  Securities
Litigation Reform Act of 1995.







         These forward-looking statements include statements with respect to the
Company's beliefs,  expectations,  estimates and intentions, that are subject to
significant risks and uncertainties, and are subject to changes based on various
factors  (some of which are  beyond  the  Company's  control).  Those  risks and
uncertainties  could  cause  the  Company's  financial   performance  to  differ
materially  from  expectations, estimates,  and  intentions  expressed  in  such
forward-looking statements.

         The Company does not undertake,  and expressly  disclaims any intent or
obligation,  to update any forward-looking  statement,  whether written or oral,
that may be made from time to time by or on behalf of the Company.



                                       End