[Community Savings Bankshares, Inc. letterhead]

                     FOR IMMEDIATE RELEASE: OCTOBER 1, 1997

Contact: James B. Pittard, Jr., President and CEO or
         Larry J. Baker, Senior Vice President and Treasurer


    Community Savings Bankshares, Inc. and Community Savings, F. A. Announce
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         Completion of Previously-Announced Reorganization and Formation
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                       of Mid-Tier Stock Holding Company;
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                            Board Announces Dividend
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     North Palm Beach, Florida, October 1, 1997. James B. Pittard, Jr.,
President and Chief Executive Officer of Community Savings Bankshares, Inc.
("Community" or the "Company" - Nasdaq - CMSV) announced that, after the close
of business on September 30, 1997, it completed the previously-announced
reorganization and formation of a mid-tier stock holding company. The
outstanding common stock of Community Savings, F. A. (the "Association") is now
the common stock of the Company, and the Association is wholly owned by the
Company. The Association's shareholders voted in favor of the reorganization at
a Special Meeting of Shareholders held on September 24, 1997.

     As a result of the reorganization, each share of common stock of the
Association previously outstanding is now one share of common stock of the
Company. The common stock of the Company was substituted for the common stock of
the Association on the Nasdaq National Market; the common stock will continue to
be traded under the symbol "CMSV."

     In addition, Mr. Pittard also announced that the Board of Directors of the
Company has declared a regular cash dividend of $.2250 per share for the quarter
ended September 30, 1997, payable on November 1, 1997 to shareholders of record
as of October 15, 1997. ComFed, M.H.C., the mutual holding company for the
Company, has announced that it has waived its right to receive the dividend.
Accordingly, the dividend will be paid only on the remaining shares of common
stock issued and outstanding.

     "Community is glad to provide our shareholders with a strong and consistent
dividend", Mr. Pittard said.

     Chartered in 1955, the Association is a federal stock savings and loan
association headquartered in North Palm Beach, Florida the deposits of which are
insured by the Federal Deposit Insurance Corporation. The Association has 19
full service offices located throughout northern Palm Beach, Martin and St.
Lucie counties. At June 30, 1997, the Association had total assets of $699.8
million, total deposits of $540.5 million and total shareholders' equity of
$78.7 million.

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