EXHIBIT 99.1
- ------------

RIVERSIDE, Calif. - (BUSINESS WIRE) -- July 28, 1999 -- LIFE Financial
Corporation, parent of Life Bank (Nasdaq; LFCO), has announced that pursuant to
the board meeting yesterday, July 27, 1999, Daniel L. Perl is no longer
President/Chief Executive Officer and Chairman of Life Bank nor President and
Chief Executive Officer of LIFE Financial Corporation.

Ronald G. Skipper, Chairman of the Board of LIFE Financial Corporation announced
today that "Business will be conducted as usual. A successor President/Chief
Executive Officer, who holds shareholder value as a primary objective, will be
named shortly."

LIFE is headquartered in Riverside, California and operates five (5) branch
banks in Southern California.

The statements contained in this release that are not of historical facts are
forward-looking statements based upon management's current expectations and
beliefs concerning future developments and their potential effects on the
Company. There can be no assurance that future developments affecting the
Company will be those anticipated by management. Actual results may differ from
those projected in the forward-looking statements. These forward-looking
statements involve risk and uncertainties.