EXHIBIT 99






Emclaire Financial Corp.                   Contact:  David L. Cox, President
The Farmers National Bank of Emlenton                and Chief Executive Officer
Emlenton, Pennsylvania                               John J. Boczar, Treasurer
                                                     (724) 867-2311

Peoples Savings Financial Corporation
Peoples Savings Bank
Ridgway, Pennsylvania

                              FOR IMMEDIATE RELEASE

        EMCLAIRE FINANCIAL CORP. ENTERS INTO LETTER OF INTENT TO ACQUIRE
                      PEOPLES SAVINGS FINANCIAL CORPORATION


Emlenton,  Pennsylvania  -- March 20, 1998 -- Mr.  David L. Cox,  President  and
Chief Executive Officer of Emclaire  Financial Corp.  (OTCBB:  EMCF),  Emlenton,
Pennsylvania,  ("Emclaire" or the "Company"), the holding company of The Farmers
National  Bank of  Emlenton  ("Farmers"),  announced  today that the Company has
signed a binding letter of intent providing for the acquisition  ("Acquisition")
of Peoples Savings Financial Corporation (OTCBB:  PSVF),  Ridgway,  Pennsylvania
("Peoples"), the holding company of Peoples Savings Bank ("Peoples Savings").

Emclaire  will  purchase  100% of the  outstanding  stock of Peoples.  Shares of
Peoples  common stock will be exchanged for $26.00,  payable in the aggregate in
the form of 45% cash and 55% common stock of the Company.  Each  shareholder  of
Peoples may select payment in the form of cash, stock or a combination  thereof,
subject  to  proration  in the event too many  shareholders  select  one form of
consideration.  The  number of shares of common  stock to be  exchanged  will be
determined by a floating exchange ratio if Emclaire's stock price, as determined
at the time of closing,  is between  $15 and $21 per share.  Based upon the last
known sales price of Emclaire's Common Stock as of March 20, 1998, approximately
383,000 shares of Emclaire  Common Stock and $5.5 million in cash will be issued
and paid, respectively, by the Company in the transaction.

The Acquisition is expected to be accounted for as a purchase and to be tax-free
to the  shareholders of Peoples to the extent that they receive  Emclaire Common
Stock in  exchange  for Peoples  stock.  The  transaction  is subject to certain
contingencies  including the execution of a final definitive  merger  agreement,
satisfaction  of applicable  federal  regulatory  requirements,  approval by the
shareholders  of the Company and  Peoples,  and  completion  of a due  diligence
examination.  It is  anticipated  the  transaction  will close  during the third
quarter of 1998.

David L. Cox,  President and Chief Executive  Officer of the Company said, "This
merger is a natural fit for Emclaire.  The markets  served by Peoples  adjoin or
overlap  markets served by Farmers.  The  acquisition of Peoples is a tremendous
opportunity  for us to expand  those  markets,  and to expand the  products  and
services currently offered to Peoples' customers."






Norbert J. Pontzer,  President and Chief Executive  Officer of Peoples said, "We
feel this merger is a unique opportunity for Peoples stockholders and customers.
We chose to  associate  with The Farmers  National  Bank of Emlenton  because of
their  dedication to the  communities  they serve,  their  customers,  and their
employees."

Emclaire  Financial  Corp.  is a bank  holding  company  which  owns  all of the
outstanding stock of Farmers. Farmers, with eight offices in Venango, Butler and
Clarion  counties,  is a  community-oriented,  commercial  bank providing a full
range of retail banking  services.  The Company's  common stock is quoted on the
OTC Electronic Bulletin Board under the symbol "EMCF."

Peoples is a bank holding  company,  which owns all of the outstanding  stock of
Peoples  Savings Bank.  Peoples Savings is a  community-oriented  retail savings
institution  offering  traditional  deposit and mortgage loan  products  through
three  offices in Elk,  Jefferson  and  Clearfield  counties,  Pennsylvania.  At
December  31,  1997,  Peoples  had  consolidated  total  assets,   deposits  and
shareholders'  equity  of  $44.5  million,   $35.2  million  and  $9.3  million,
respectively.

Hopper Soliday & Co. Inc. is assisting Emclaire in the proposed Acquisition.