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This announcement is neither an offer to sell nor a solicitation of an offer to
  buy these securities. The offer is made only by the Offering Circular. These
debentures have not been approved or disapproved by the Securities and Exchange
     Commission, Office of Thrift Supervision, or Federal Deposit Insurance
  Corporation, nor has such Commission, office or Corporation passed upon the
    accuracy or adequacy of the Offering Circular. Any representation to the
                             contrary is unlawful.

                                                                 March 2002

                       4% Convertible Debentures due 2009

                           Price $1,000 Per Debenture

                          A Minimum of 2,000 Debentures
                       Up to a Maximum of 5,000 Debentures

                          Florida Savings Bancorp, Inc.

                               Pinecrest, Florida

   Copies of the Offering Circular may be obtained in any State in which this
announcement is circulated from the undersigned or other brokers and dealers as
               may legally offer these securities in such state.

                        Kendrick, Pierce Securities, Inc.

                    For a Copy of the Offering Circular call
                           1- 866-254-2265 (toll free)
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