EXHIBIT INDEX

Exhibit 99.1       Press Release jointly issued by CBES Bancorp, Inc. and NASB
                   Financial, Inc. on September 5, 2002.



NEWS RELEASE
For Additional Information, contact:

NASB Financial, Inc                        CBES Bancorp, Inc.
Keith B. Cox, President                    Paul Thomas, CEO and Board Chairman
(816) 765-2200                             (816) 415-2200


                   NASB FINANCIAL, INC. AND CBES BANCORP, INC.
                      ANNOUNCE SIGNING OF MERGER AGREEMENT

KANSAS CITY, MISSOURI - (SEPTEMBER 5, 2002) NASB Financial, Inc. (Nasdaq-NASB),
and CBES Bancorp, Inc. (Nasdaq-CBES), both savings bank holding companies
headquartered in the Kansas City, Missouri area, jointly announced today that
they have signed a definitive agreement providing for the acquisition of CBES by
way of a merger with a subsidiary of NASB formed specifically to facilitate the
acquisition. NASB owns and operates North American Savings Bank, F.S.B. and CBES
owns and operates Community Bank of Excelsior Springs, a Savings Bank.

Under the terms of the agreement, stockholders of CBES would receive $17.50 in
cash for each share of CBES common stock owned by them. Including the
anticipated cash-out of CBES options, the transaction value is estimated at
$15.4 million.

The merger is expected to close in the fourth quarter of 2002.

Upon completion of the merger, NASB will operate 9 full-service banking
locations. As of June 30, 2002, NASB had total assets of $932 million and
stockholders' equity of $104 million, while as of March 31, 2002, CBES had total
assets of $121.5 million and stockholders' equity of $14.5 million. CBES
financial information, as of June 30, 2002, is scheduled to be released in
September 2002.

The proposed merger is subject to the approval of the stockholders of CBES and
of the Office of Thrift Supervision. Consummation of the proposed merger is
subject to other customary conditions.

Statements contained in this press release that are not historical facts may
constitute forward-looking statements (within the meaning of Section 21E of the
Securities Exchange Act of 1934,

                                       4



as amended) which involve significant risks and uncertainties. The companies
intend such forward-looking statements to be covered in the Private Securities
Litigation Reform Act of 1995, and are including this statement for purposes of
invoking these safe harbor provisions. The companies' ability to predict results
or the actual effect of future plans or strategies is inherently uncertain and
involves a number of risks and uncertainties, some of which have been set forth
in the companies' most recent annual reports on Form 10-K, which disclosures are
incorporated by reference herein. The consummation of the proposed merger is
subject to a number of risks and uncertainties, including satisfaction of the
conditions to closing. The fact that there are various risks and uncertainties
should be considered in evaluating forward-looking statements and undue reliance
should not be place on such statements.

CBES will be preparing a proxy statement that will be mailed to CBES
stockholders. WE URGE STOCKHOLDERS OF CBES TO READ THIS DOCUMENT BECAUSE IT
CONTAINS IMPORTANT INFORMATION. Investors will be able to obtain this document
free of charge when filed, at the SEC's website. Documents filed with the SEC by
CBES will be available free of charge from the Secretary of CBES at 1001 North
Jesse James Road, Excelsior Springs, Missouri 64024. CBES STOCKHOLDERS SHOULD
READ THE PROXY STATEMENT CAREFULLY BEFORE MAKING A DECISION CONCERNING THE
MERGER. Copies of all recent proxy statements and annual reports are also
available free of charge from the respective companies by contacting the company
secretary.

CBES and its directors and executive officers may be deemed to be participants
in the solicitation of proxies to approve the Merger. INFORMATION ABOUT THE
PARTICIPANTS MAY BE OBTAINED THROUGH THE SEC'S WEBSITE FROM THE DEFINITIVE PROXY
STATEMENT WHEN FILED WITH THE SEC BY CBES.


                                       5