EXHIBIT 99
[LOGO OF EAST TEXAS FINANCIAL SERVICES, INC. APPEARS HERE]
EAST TEXAS FINANCIAL SERVICES, INC.
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1200 SOUTH BECKHAM . P.0. BOX 6910 . TYLER, TX 75711-6910 .
9O3-593-1767 . FAX 903-593-1094
NEWS RELEASE
For verification, contact: Gerald W Free, President and CEO
Derrell W. Chapman, Vice President/COO/CFO
Telephone: (903) 593-1767
Fax: (903) 593-1094
For immediate release, August 20, 1996
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EAST TEXAS FINANCIAL SERVICES, INC.
ANNOUNCES COMPLETION OF STOCK REPURCHASE PROGRAM
Tyler, Texas, August 20, 1996 --- East Texas Financial Services, Inc.,
(NASDAQ:ETFS) today announced the completion of its third stock repurchase
program. On August 1, 1996, the Company announced its intention to repurchase,
in the open market, up to 5% or 56,695 shares of its common stock. Today, the
Company announces the completion of the repurchase of all 56,695 shares of the
stock at a purchase price of $15.18 per share. The repurchased shares will be
placed into treasury stock and be used for general corporate purposes, including
the issuance of shares under the Company's stock option plan.
East Texas Financial Services, Inc., is the holding company for First
Federal Savings and Loan Association of Tyler. The Company issued 1,215,190
shares of stock in its initial public offering completed on January 10, 1995, in
conjunction with the conversion of the Association from a federally chartered
mutual to stock savings and loan association. The Company now has outstanding
1,077,195 shares of stock.
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SERVING THE FINANCIAL NEEDS OF EAST TEXAS