Exhibit 99

              [PMFI PERPETUAL MIDWEST FINANCIAL, INC. (LETTERHEAD)]
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For Immediate Release

                                  NEWS RELEASE



DATE:    December 15, 1997
CONTACT: James L. Roberts, President & CEO
         (319) 366-1851



                       PERPETUAL MIDWEST FINANCIAL, INC.
                      ANNOUNCES BUSINESS COMBINATION WITH
                         COMMERCIAL FEDERAL CORPORATION


CEDAR RAPIDS, IOWA---------


     Perpetual  Midwest  Financial,  Inc.  ("Perpetual"),  parent  of  Perpetual
Savings Bank, FSB  ("Perpetual  Savings"),  announced today that it has signed a
definitive   agreement  with  Commercial  Federal  Corporation   ("Commercial"),
headquartered  in Omaha,  Nebraska,  pursuant to which Perpetual will merge with
Commercial  and  Perpetual  Savings will merge with  Commercial  Federal Bank, a
wholly owned subsidiary of Commercial.

     The agreement provides for Perpetual  shareholders to receive 0.5757 shares
of  Commercial  common stock for each share of Perpetual  common stock owned (or
0.8636  shares  taking into account  Commercial's  3-for-2  stock split  payable
December 15, 1997).  Based on the closing  price of  Commercial  common stock of
$53.250  (equivalent  to  $35.50 on a post  split  basis) on  December  15,  the
indicated  transaction  value for each share of Perpetual  common stock would be
$30.66.  The agreement  provides that, if the average price of Commercial common
stock over a defined  pricing period prior to closing is below $30.167 per share
on a post-split basis, Perpetual can terminate the transaction unless Commercial
agrees to increase the exchange ratio to an indicated  price per share (based on
the average price per share of Commercial  common stock over the pricing period)
to Perpetual shareholders of $26.05.





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     Commercial,  parent  company of Commercial  Federal Bank, has operations in
Nebraska, Kansas, Colorado, Oklahoma and Iowa. At September 30, 1997, Commercial
had total assets of $7.2 billion and total shareholders' equity of $444 million.
Perpetual Savings,  headquartered in downtown Cedar Rapids,  Iowa, has four full
service branch offices  including:  Cedar Rapids West,  Cedar Rapids East, Cedar
Rapids  Northeast,  and Iowa City,  Iowa. At September  30, 1997,  Perpetual had
total assets of $402 million and total shareholders' equity of $34 million.

     James L. Roberts,  Perpetual  President and CEO,  said, "We look forward to
our combination with Commercial.  By combining with Commercial,  we are offering
our customers, employees and shareholders the benefits that come from being part
of a larger company,  while  maintaining our commitment to the local  community.
Commercial's business philosophy, like ours, is focused on satisfying customers'
financial needs and, at the same time,  maintaining  strong local commitments to
communities  served.  With  Commercial's  added resources,  we will be even more
effective in serving the banking and  financial  needs of our  customers and the
entire Cedar Rapids and Iowa City areas."

     The merger has been approved by the Boards of Directors of both  Commercial
and  Perpetual  and is  subject to  Perpetual  shareholder  approval,  customary
regulatory approvals and certain other conditions.  The merger is expected to be
completed in Mid 1998.

     Perpetual's  common stock is traded on the Nasdaq National Market under the
symbol "PMFI".

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