EXHIBIT 99





EMCLAIRE FINANCIAL CORP.

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612 Main Street
Emlenton, PA  16373



         Acquisition of Peoples Savings Financial Corporation Completed



For Immediate Release

Tuesday,  September 01, 1998
Contact:  David L. Cox, President, or,
          John J. Boczar, Chief Financial Officer
          Emclaire Financial Corp.
          724-867-2311

Emlenton, PA -- Emclaire Financial Corp.  ("Emclaire")(OTCBB symbol "EMCF"), the
holding company for The Farmers National Bank of Emlenton ("Farmers"), announced
that it completed  the  acquisition  of Peoples  Savings  Financial  Corporation
("Peoples"), the holding company for Peoples Savings Bank ("Peoples Savings") on
August 31,1998.

Peoples  Savings   operates  three  offices  located  in  Ridgway,   DuBois  and
Brookville, Pennsylvania. These offices will now operate as branches of Farmers.
"With the  addition of these new  offices,  our branch  network now  consists of
eleven offices  operating in six counties,"  stated David L. Cox,  President and
Chief  Executive  Officer of Emclaire.  "The markets  served by Peoples  Savings
adjoin or overlap  markets served by Farmers,  making this merger a natural fit.
The  acquisition  of Peoples  affords us an opportunity to expand those markets,
and to expand the products and services  offered to Peoples current  customers,"
Mr. Cox continued. With this acquisition,  Emclaire will have total consolidated
assets of  approximately  $183 million,  and total  stockholders'  equity of $21
million. 

Hopper Soliday & Co., Inc. assisted Emclaire in the acquisition.