EXHIBIT 99

FSF Financial Corp.       Contact:  Donald A. Glas, Chief Executive Officer
Hutchinson, Minnesota               (320) 234-4500
                                    George B. Loban, President
                                    (320) 234-4500
                                    Richard H. Burgart, Chief Financial Officer
                                    (320) 234-4500

                                    For Immediate Release
                                    December 2, 1996


                          FSF FINANCIAL CORP. ANNOUNCES
                    Regulatory Approval for Stock Repurchase

         Hutchinson,  Minnesota  - December 2, 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 an  additional  10% of the  Corporation's  Common  Stock.  The
Corporation may purchase up to 330,431 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,  subject to the  discretion of
management pursuant to the terms of the stock repurchase plan.

         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."