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                                PRESS RELEASE


                                                    
Citizens Financial Services, FSB                       Suburbfed Financial Corp.
707 Ridge Road                                         Nasdaq Small Cap: SFSB
Munster, Indiana 46321                                 3301 W. Vollmer Road
(219) 836-5500                                         Flossmoor, Illinois 60422
                                                       (708) 210-2610
                                                       
Contact:  Thomas F. Prisby                             Contact: Daniel P. Ryan
          Chairman and Chief Executive Officer                  Chairman, President and
          James W. Prisby                                       Chief Executive Officer
          President



         December 29, 1997, Citizens Financial Services, FSB, Munster, Indiana
and SuburbFed Financial Corp. (Nasdaq SmallCap Market: SFSB), parent of
Suburban Federal Savings, a Federal Savings Bank, Flossmoor, Illinois,
announced today the execution of a definitive agreement pursuant to which
SuburbFed will merge with and into Citizens (the "Merger").  In connection with
the Merger, Citizens will undertake to convert from a mutual to a stock
institution ("Conversion") and form a holding company.  Under the terms of the
agreement, each share of SuburbFed will be exchanged for shares of Citizens'
Common Stock with a value of $36.00, based on the initial public offering price
of Citizens' Common Stock.  It is currently anticipated that the number of
shares of Citizens' Common Stock that will be exchanged for each share of
SuburbFed Common Stock is 3.6 shares assuming the initial offering price of the
Citizens' Common Stock is $10.00 per share.  The transaction is expected to
constitute a tax-free reorganization under the Internal Revenue Code, so that
shareholders of SuburbFed who receive Citizens' Common Stock will not recognize
gain or loss in connection with the exchange.

         Thomas F. Prisby, Chairman and Chief Executive Officer of Citizens,
stated: "We are very pleased to announce the combination of these two
outstanding community institutions whose franchises and operating philosophies
complement each other.  On a combined basis we will operate 24 full-service
branch offices serving Chicago area communities located in Cook, DuPage and
Will Counties in Illinois and Lake, Porter and La Porte Counties in Indiana.
Furthermore, the capital raised in our stock conversion will facilitate greatly
further growth and diversification of our combined companies."  James W.
Prisby, President of Citizens, added: "We look forward with great enthusiasm to
extending to SuburbFed's customers our commitment to exceptional service and
the convenience of our branch network."

         Daniel P. Ryan, Chairman, President and Chief Executive Officer of
SuburbFed, commented as follows: "We are very excited about our proposed
affiliation with Citizens.  This combination will allow us to better serve
consumers and businesses in our market area by broadening the products and
services we offer to our customers.  Moreover, Citizens shares our commitment
to community involvement and quality customer service."  Mr. Ryan went on to
state that the Merger will provide





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SuburbFed shareholders with a strong return on their investment as well as a
great opportunity to own stock in a strong community bank.

         Consummation of the Merger is subject to the approval of the
shareholders of SuburbFed, the Conversion of Citizens and the receipt of all
required regulatory approvals.  It is anticipated that the Merger will be
consummated simultaneously with the completion of the Conversion.  The
transaction is anticipated to close in the third quarter of 1998.

         Suburban Federal operates 12 banking offices in Chicago's Southland
and adjacent areas, including 5 offices in Walt's Food Center locations.  At
September 30, 1997, SuburbFed had consolidated assets of $432.6 million and
total stockholders' equity of $28.7 million.

         Citizen operates 12 banking offices in Northwest Indiana.  At
September 30, 1997, Citizens had consolidated assets of $746.9 million and
total equity of $68.1 million.

         Charles Webb & Company, A Division of Keefe, Bruyette & Woods, Inc.
acted as financial advisor to Citizens.  Elias, Matz, Tiernan & Herrick, L.L.P.
acted as special legal counsel to Citizens.  Capital Resources, Inc. acted as
financial advisor to SuburbFed.  Silver, Freedman & Taff, L.L.P. acted as
special legal counsel to SuburbFed.





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