EXHIBIT 99




FSF Financial Corp.              Contact:   Donald A. Glas, Chief  Executive
Hutchinson, Minnesota                         Officer
                                            (612) 234-4500
                                            George B. Loban, President
                                            (612) 234-4500
                                            Richard H. Burgart,   
                                             Chief Financial Officer
                                            (612) 234-4500

                                            For Immediate Release
                                            May 7, 1996

                          FSF FINANCIAL CORP. ANNOUNCES
                   Regulatory Approval for Stock Repurchase

      Hutchinson, Minnesota - May 7, 1996 -- (NASDAQ:FFHH) Donald A. Glas, Chief
Executive  Officer of FSF Financial Corp.,  Hutchinson,  Minnesota,  the holding
company of First Federal fsb, announced today that it had received the necessary
approvals from the Office of Thrift Supervision  ("OTS") necessary to repurchase
up to 10% or 385,996 shares of the Corporation's Common Stock. It is anticipated
that such shares of Common Stock will be  purchased in open market  transactions
from time to time during the next six months.

      First   Federal  fsb  is  a   federally-chartered   stock   savings   bank
headquartered in Hutchinson,  Minnesota.  The Bank has eleven offices located in
Hutchinson (2), Hastings,  Apple Valley, Buffalo,  Glencoe, Inver Grove Heights,
Litchfield,  Waconia,  Waite Park and  Winthrop,  Minnesota.  The  deposits  are
federally-insured  by the Federal Deposit Insurance  Corporation.  The Bank is a
community-oriented,  full  service  retail  savings  bank  offering  traditional
mortgage  loan  products.  The  Corporation's  common  stock  is  traded  in the
over-the-counter market on the Nasdaq National Market under the symbol "FFHH."