August 15, 1995

                Stan R. Blakey
                Vice President and Director of Public Relations
                (402) 390-6553

FOR IMMEDIATE RELEASE
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      Omaha, Nebraska (August 15, 1995) - Commercial Federal Corporation today 
announced that it has entered into a definitive agreement to acquire 
Conservative Savings Corporation, parent company of Conservative Savings Bank, 
FSB, headquartered in Omaha, Nebraska. Following the acquisition, the parties 
intend that Conservative Savings will be merged with and into Commercial 
Federal Bank, a wholly-owned subsidiary of Commercial Federal Corporation.

      In this transaction, Commercial Federal will acquire the 1,846,005 
outstanding shares of Conservative's common stock and 460,000 shares of 
Conservative's preferred stock. Each of the shares of common stock will be 
exchanged for $6.34 in cash and a number of shares of Commercial Federal common 
stock which will fluctuate according to the average closing price of 
Commercial's common stock over a specified period prior to closing the 
transaction. Each of the shares of Conservative's outstanding preferred stock 
will be exchanged for $14.33 in cash and 2.26 times the number of shares of 
Commercial Federal common stock to be issued to the holders of Conservative's 
common stock. Based on Commercial Federal's closing stock price on August 15, 
1995, of $31.875, the exchange ratio would be .2525 and the transaction would 
have a per share value of $14.39 for the common stock and $32.52 for the 
preferred stock and an aggregate value of approximately $41.5 million. 
Commercial Federal also announced that the parties had entered into a stock 
option agreement under which Commercial Federal has been granted an option to 
purchase shares of Conservative Saving's common stock equal to 19.9 percent of 
Conservative's outstanding common shares.


 
     Conservative operates seven offices in Nebraska (five in metro-Omaha and 
two in Columbus), one office in Kansas (Kansas City-metro) and one office in 
Iowa (Harlan). Conservative has assets of approximately $383.4 million, deposits
of approximately $198.1 million and stockholders' equity of approximately $34.8 
million.

     "This acquisition further enhances Commercial Federal's retail franchise 
and our future earnings potential. The transaction will benefit the customers 
and shareholders of both institutions," said William A. Fitzgerald, chairman 
of the board and chief executive officer of Commercial Federal.

     The purchase, which is subject to regulatory approvals, Conservative's 
shareholders' approval and other conditions, is expected to close no late than 
March 31, 1996.

     Commercial Federal is being represented in this transaction by Merrill 
Lynch, while Conservative is being represented by Dain Bosworth.

     Since October 1993, Commercial Federal has acquired 23 offices and 
approximately $1.0 billion in deposits through four separate acquisitions in 
Nebraska, Oklahoma and Kansas. In addition, Commercial Federal is currently 
awaiting final regulatory approval on its acquisition of 18 offices and 
approximately $421.7 million in deposits in Kansas from Railroad Financial 
Corporation. The Railroad acquisition is expected to close in November 1995.

     Commercial Federal Corporation is the parent company of Commercial Federal 
Bank, which currently operates 72 branches in Nebraska (30), Colorado (20), 
Oklahoma (17) and Kansas (5). In addition to retail banking, Commercial Federal 
operations include mortgage banking, consumer financing, insurance and stock 
brokerage.

     As of June 30, 1995, Commercial Federal had assets of approximately $6.0 
billion and deposits of approximately $3.6 billion. Commercial Federal 
Corporation common shares are traded on the New York Stock Exchange under the 
symbol "CFB."