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                                                                      EXHIBIT 1


[STPAUL BANCORP INC. LETTERHEAD]
                                           N E W S
                                           FOR IMMEDIATE RELEASE
                                           March 26, 1996

                                           Contact:         Maryellen T. Thielen
                                                            (312) 804-2284


                ST. PAUL BANCORP'S ANNUAL MEETING SET FOR MAY 15
                ------------------------------------------------


         CHICAGO, March 26, 1996 -- St. Paul Bancorp, Inc. (NASDAQ: SPBC) today
announced that its annual meeting of stockholders will be held at 10 a.m.
Wednesday, May 15, 1996 at Drury Lane Oakbrook, 100 Drury Lane, Oakbrook
Terrace, Ill.  The record date for the meeting will be March 27, 1996.

         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 as specified in the bylaws
no later than April 15, 1996.

         St. Paul Bancorp is the parent of St. Paul Federal Bank For Savings,
Illinois' largest independent savings institution.  With $4.1 billion in
assets, St. Paul Federal operates 52 branches throughout metropolitan Chicago.
The company also provides discount brokerage, insurance, annuity and real
estate development services through other subsidiaries.  St. Paul's stock is
listed on the NASDAQ National Market System under the symbol SPBC.

         TO RECEIVE THIS NEWS RELEASE AND OTHER INFORMATION ON ST. PAUL BANCORP
VIA FAX OR MAIL, USE YOUR TOUCH-TONE PHONE TO CALL THE COMPANY'S NEWS HOTLINE
AT (312) 889-SPBC (7722).

         STOCKHOLDERS MAY DIAL (800) 730-4001 TOLL-FREE TO INQUIRE ABOUT
STOCKHOLDER RECORDS, STOCK TRANSFERS, OWNERSHIP CHANGES, ADDRESS CHANGES,
DIVIDEND PAYMENTS OR THE DIVIDEND REINVESTMENT PLAN.  OR WRITE TO THE INVESTOR
RELATIONS DEPARTMENT AT FIRST NATIONAL BANK OF BOSTON, MAIL STOP 45-02-09, P.O.
BOX 644, BOSTON, MA 02102-0644.

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