EXHIBIT 99

FOR IMMEDIATE RELEASE

            STIFEL FINANCIAL CORP. DECLARES DIVIDEND
            DISTRIBUTION OF PREFERRED STOCK PURCHASE RIGHTS

      ST.  LOUIS,  MISSOURI,  JULY 30,  1996 - On July 23,  1996,  the  Board of
Directors of Stifel  Financial  Corp.  (NYSE:  SF) approved  the  redemption  of
certain rights under an existing  Shareholder  Rights Plan and the adoption of a
new  Shareholder  Rights Plan  designed to  discourage  takeovers  that  involve
abusive  tactics  or do not  provide  fair  value to  shareholders.  The plan is
similar  to the plan  first  adopted  by  Stifel  Financial  in  1987,  and thus
continues in effect the  protection  provided by that plan.  Similar  plans have
been adopted by many other publicly traded  companies.  Stifel  Financial is not
aware of any effort to acquire control of the Company.

      In  connection  with the  adoption of the new Rights Plan,  Rights  issued
under an existing Plan adopted in 1987 will be redeemed,  also effective  August
12,  1996.  In  lieu of the  regular  quarterly  dividend  of  $.03  per  share,
shareholders  of record on August 12,  1996,  will receive a payment of $.05 per
share,  representing  the  redemption  price for the Rights  under the  existing
Plan..

      George H.  Walker  III,  Chairman  of the  Board,  stated,  "The  Board of
Directors  determined  that  adopting  the  new  Shareholder  Rights  Plan is an
effective and reasonable  method to safeguard the interests of our shareholders.
We are particularly concerned that the future benefits of current programs could
be denied to shareholders by an  opportunistic,  undervalued  acquisition of the
Company.  The plan is designed to assure that  shareholders  are not deprived of
their rights to share in the full measure of the Company's long-term  potential,
while not preventing a fully valued bid for the Company."

      The  Shareholder  Rights Plan provides for a dividend  distribution of one
Preferred Stock Purchase Right for each  outstanding  share of Stifel  Financial
common stock. The dividend  distribution  will be made to shareholders of record
on August 12, 1996. Each shareholder is automatically entitled to the Rights and
no physical  distribution  of new  certificates  will be made at this time.  The
Rights distribution is not taxable to shareholders.

      The Rights will be  exercisable  only if a person or group acquires 15% or
more of Stifel  Financial's common stock or announces a tender offer which would
result in ownership of 15% or more of the common stock.  The Rights  entitle the
holder  to  purchase   one  one-hundredth   of  a  share  of   Series  A  Junior

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Participating  Preferred  Stock at an exercise  price of $35, and will expire on
August 12, 2006.

      Following  the  acquisition  of 15% or more of Stifel  Financial's  common
stock by a person or group,  the holders of the Rights (other than the acquiring
person) will be entitled to purchase shares of common stock at one-half the then
current  market  price,  and,  in the  event  of a  subsequent  merger  or other
acquisition  of the  Company,  to buy  shares of common  stock of the  acquiring
entity at one-half of the market price of those shares.

      Stifel Financial  will be able to redeem the Rights for $0.01 per Right at
any time prior to ten days after a person or group  acquires  15% or more of the
Company's shares.

      A letter  outlining  the  Shareholder  Rights Plan in more detail is being
sent to the Company's stockholders.

      The common stock of Stifel Financial, Inc. is traded on the New York
Stock Exchange and the Chicago Stock Exchange under the symbol "SF".

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         STIFEL FINANCIAL CORP. REDEEMS ITS EXISTING SHAREHOLDER RIGHTS
            PLAN FOR $0.05 PER SHARE IN LIEU OF ITS REGULAR QUARTERLY
                        CASH DIVIDEND OF $0.03 PER SHARE

   ST. LOUIS, JULY 30, 1996 - On July 23, 1996, the Board of Directors of Stifel
Financial  Corp.  approved the  redemption  of certain  rights under an existing
Shareholder  Rights Plan and the  adoption  of a new  Shareholder  Rights  Plan.
Effective  August 12, 1996,  shareholders  of record on that date will receive a
payment of $0.05 per share,  representing  the redemption price for the existing
Rights.  This payment will be in lieu of the regular quarterly dividend of $0.03
per share. Payable date is August 22, 1996.

   Stifel Financial Corp. is a financial services holding company whose
subsidiaries are engaged in general securities brokerage, investment banking,
and money management.  It has office in 14 states primarily in the midwest.

   Stifel  Financial's  common  stock is listed on the New York  Stock  Exchange
under the symbol "SF".

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