CHESTER BANCORP, INC. ANNOUNCES EXTENSION AND
                            AMENDMENT OF TENDER OFFER

Chester, Illinois - (May 2, 2003) - Chester Bancorp, Inc. (Nasdaq Symbol: CNBA),
the holding company for Chester National Bank and Chester National Bank of
Missouri, today announced that it is amending and extending the time period for
its outstanding tender offer to purchase up to 500 shares of its common stock
from each of its shareholders. The amended offer will be for 100,000 shares of
common stock at a purchase price of $22.00 per share. The 500 share per
shareholder limit contained in Chester Bancorp, Inc.'s Offer to Purchase dated
April 11, 2003, will be removed.

The offer will be made pursuant to the Amended and Restated Offer to Purchase
dated May 2, 2003, and related materials, and the offer period has been extended
to expire on May 16, 2003. Any questions or requests for documents or forms
related to the offer should be directed to Chester National Bank at (618)
826-5038, Attention Michael W. Welge. Chester Bancorp, Inc.'s Board of Directors
has approved this amended and restated tender offer.

If after completion of the purchase offer there are fewer than 300 shareholders
of record, Chester Bancorp, Inc. intends to deregister its common stock with the
Securities and Exchange Commission and become a private company.

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY
OR A SOLICITATION OF AN OFFER TO SELL ANY SHARES OF CHESTER BANCORP, INC.'S
COMMON STOCK. THE OFFER IS BEING MADE SOLELY BY THE OFFER OF PURCHASE, WHICH IS
BEING MAILED TO SHAREHOLDERS TODAY.

Shareholders and investors are urged to read Chester Bancorp, Inc.'s Amendment
No. 4 to Schedule 13E-3 being filed today with the SEC in connection with this
tender offer, which includes the Amended and Restated Offer to Purchase and
related materials. These materials contain important information including the
various terms and conditions to the offer. Investors may obtain copies of
Chester Bancorp, Inc.'s Schedule 13E-3 for free from the SEC at the SEC's
website (www.sec.gov) or from Chester Bancorp, Inc.