Exhibit 99.1

                      [CFS BANCORP, INC. LETTERHEAD]



December 19, 2002
FOR IMMEDIATE RELEASE

CONTACT:  Thomas F. Prisby, Chairman of the Board and Chief Executive Officer
          219-836-5500


          CFS BANCORP, INC. ANNOUNCES DECLARATION OF CASH DIVIDEND

MUNSTER, IN - December 19, 2002, CFS Bancorp, Inc. (NASDAQ: CITZ) announced
today that its Board of Directors declared a quarterly cash dividend on
December 16, 2002 of $0.10 (ten cents) per share on the common stock of the
Company.  The dividend will be paid on January 31, 2003 to the stockholders
of record at the close of business on January 10, 2003.

CFS Bancorp, Inc. has paid a cash dividend each quarter since its initial
public offering in July 1998.

CFS Bancorp, Inc. is the parent of Citizens Financial Services, FSB.  Citizens
Financial Services provides community banking services and currently operates
24 offices throughout adjoining markets in Chicago's Southland and Northwest
Indiana.  The Company's stock trades on the Nasdaq National Stock Market
under the symbol "CITZ."

This press release may contain certain forward-looking statements and
information relating to the Company that are based on the beliefs of
management as well as assumptions made by and information currently available
to management.  The words "anticipate," "believe," "estimate," "expect,"
"indicate" "intent," "should," and similar expressions, or the negative
thereof, as they relate to the Company or the Company's management, are
intended to identify forward-looking statements.  Such statements reflect the
current views of the Company with respect to future events that are subject
to certain risks and uncertainties that may cause actual results to vary.
The Company does not intend to update these forward-looking statements.

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