EXHIBIT  99

FSF Financial Corp.       Contact:  Donald A. Glas, Chief Executive Officer
Hutchinson, Minnesota               (612) 234-4500

                                    George B. Loban, President
                                    (612) 234-4500
                                    Richard H. Burgart, Chief Financial Officer
                                    (612) 234-4500

                                    For Immediate Release
                                    September 5, 1996

                          FSF FINANCIAL CORP. ANNOUNCES
                    Regulatory Approval for Stock Repurchase

         Hutchinson,  Minnesota - September 5, 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 5% of the  Corporation's  Common Stock subsequent to October 6,
1996, the company's two year  anniversary as a public  company.  The Corporation
may purchase up to 173,884 shares of 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 twelve 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. The Corporation's  common
stock is traded in the  over-the-counter  market on the NASDAQ  National  Market
System under the symbol "FFHH."