1
                                                                Exhibit 1


[LOGO]                                           NEWS
Holding Company For                              
St. Paul Federal Bank                            For Immediate Release  
                                                 Date:     March 16, 1994
6700 West North Avenue                           Contact:  Susan H. Fisher
Chicago, Illinois  60635                                   (312) 804-2284
(312) 822-5000



              ST. PAUL BANCORP'S ANNUAL MEETING SET FOR MAY 4TH
              -------------------------------------------------


        Chicago, IL, March 16, 1994 - St. Paul Bancorp, Inc. (NASDAQ: SPBC),
the holding company for Chicago-based St. Paul Federal Bank For Savings,
announced today that its Annual Meeting of Shareholders will be held on
Wednesday, May 4, 1994 at 10:00 a.m. at the Drury Lane Oakbrook, 100 Drury
Lane, Oakbrook Terrace, Illinois, 60181.  The record date for the meeting will
be March 25, 1994.

        In accordance with the company's bylaws, stockholders who wish to
present business at the Annual Meeting or to nominate directors are required to
give notice to the Company and provide information specified in the bylaws no
later that April 4, 1994


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