EXHIBIT 99
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                     Press Release Dated December 15, 1997

 
Date:          December 15, 1997

Contact:       Investor Relations Department
               (402) 390-6553

FOR IMMEDIATE RELEASE
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     Omaha, Nebraska (December 15, 1997) - Commercial Federal Corporation today
announced that it has entered into a definitive agreement to acquire Perpetual
Midwest Financial, Inc. (Perpetual), parent company of Perpetual Savings Bank,
FSB, with headquarters in Cedar Rapids, Iowa.  Following the acquisition, the
parties intend that Perpetual will be merged with and into Commercial Federal
Bank, a wholly-owned subsidiary of Commercial Federal Corporation.

     Under the terms of the agreement, Commercial Federal will acquire through a
tax-free reorganization all 1,872,925 outstanding shares of Perpetual's common
stock.  Perpetual shareholders are to receive .8636 shares (.5757 pre stock
split) of Commercial Federal's common stock in exchange for each outstanding
share of Perpetual common stock.  Based on Commercial Federal's closing stock
price on December 15, 1997, the transaction has an aggregate value of
approximately $57.4 million, or $30.66 per share.

     Perpetual operates four branch locations in Cedar Rapids, Iowa and one
branch in Iowa City, Iowa and has assets of approximately $401.7 million,
deposits of approximately $310.1 million and stockholder's equity of
approximately $34.2 million.

     "This acquisition is a great addition to Commercial Federal's Iowa
franchise when considered alongside the Liberty Financial acquisition.  Cedar
Rapids and Iowa City are two more fine communities that will benefit by having
Commercial Federal branches," said William A. Fitzgerald, chairman of the board
and chief executive officer of Commercial Federal.

     The acquisition is subject to regulatory approvals, approval by Perpetual's
shareholders and other conditions.  It is expected that the transaction will
close late in the second calendar quarter of 1998.

 
     Commercial Federal is the parent company of Commercial Federal Bank, which
currently operates 108 branches in Nebraska (34), Colorado (21), Oklahoma (19),
Kansas (27) and Iowa (7).  In addition to retail banking, Commercial Federal
operations include mortgage banking, consumer financing, insurance and
investment services.

     As of September 30, 1997, Commercial Federal has assets of approximately
$7.2 billion and deposits of approximately $4.3 billion.  Commercial Federal
Corporation stock is traded on the New York Stock Exchange under the symbol
"CFB."