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. AGREES TO ACQUIRE
                      PEOPLES SAVINGS FINANCIAL CORPORATION

Emlenton, Pennsylvania -- April 8, 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 an Agreement and Plan of  Reorganization  providing  for the  acquisition
("Acquisition") of Peoples Savings Financial Corporation (OTCBB: PSVF), Ridgway,
Pennsylvania ("Peoples"),  the holding company of Peoples Savings Bank ("Peoples
Savings").  The Parties had previously  executed a letter of intent on March 23,
1998.

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  Emclaire.  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 April 7, 1998,  approximately
302,000 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   satisfaction   of  applicable   federal   regulatory
requirements,  approval by the shareholders of the Company and Peoples, and such
other customary conditions.  It is anticipated the transaction will close during
the third quarter of 1998.

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 thrift 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, and
Capital Resources Group, Inc. is serving as advisor to Peoples.