EXHIBIT 99
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Redwood Financial, Inc. Contact: Paul W. Pryor, President
301 S. Washington Street (507) 637-8730
P.O. Box 317
Redwood Falls, Minnesota 56283-0317
For Immediate Release
November 7, 1996
Redwood Financial, Inc.
Authorization of Stock Repurchase Program by Board
Redwood Falls, Minnesota -- November 7, 1996 -- Redwood Financial, Inc., the
holding company of Redwood Falls Federal Savings and Loan Association, announced
its intention to repurchase up to 106,875 shares of the Company's common stock.
Mr. Paul W. Pryor, President, said the Company has been authorized by its Board
of Directors to repurchase up to 10% of its 1,068,750 outstanding shares of
common stock. The Company has received the necessary regulatory approval to
initiate the repurchase program. The repurchases will be made in open-market
transactions, subject to the availability of the shares, market conditions, the
trading price of the shares and the Company's financial performance. These
repurchased shares will become authorized but unissued shares and will be
utilized for general corporate purposes, including the issuance of shares in
connection with the exercise of stock options.
Redwood Falls Federal Savings and Loan Association is headquartered in Redwood
Falls, Minnesota and operates through its main office and its branch office
located in Olivia, Minnesota. The Association's deposits are insured up to legal
maximum limits by the Federal Deposit Insurance Corporation (FDIC). At September
30, 1996, the Company had total assets and stockholders' equity of $51.0 million
and $13.2 million, respectively. The Company's Common Stock is listed on the OTC
Bulletin Board under the symbol "REDW."
The Company previously announced that it had signed a letter of intent providing
for the acquisition by the Company of Olivia Bancorporation, Inc. ("Olivia"),
which owns 97.6% of the outstanding stock of American State Bank of Olivia (the
"Bank"), and the Bank.