SOURCE: CFS Bancorp, Inc.

May 23, 2006 14:56 ET

CFS Bancorp, Inc. Announces Additional 5% Share Repurchase

MUNSTER, IN -- (MARKET WIRE) -- May 23, 2006 -- CFS Bancorp, Inc. (NASDAQ: CITZ) ("Company") today announced that its Board of Directors has authorized the repurchase of an additional 5% of its outstanding common stock. This latest approval authorizes the Company to repurchase an additional 600,000 of the Company's outstanding shares. The Company's previous repurchase program was approved in March 2003 for 1,200,000 shares and has 100,380 shares remaining to be repurchased. The shares repurchased to date under the previous program had an average cost per share of $14.23.

Since its initial public offering in July of 1998, the Company has repurchased 12,672,392 shares at an average price of $11.96. At May 23, 2006, the Company had 11,632,489 shares of common stock outstanding.

CFS Bancorp, Inc. is the parent of Citizens Financial Bank, a $1.3 billion asset federal savings bank. Citizens Financial Bank is an independent bank that provides community banking services and currently operates 21 offices throughout adjoining markets in Chicago's Southland and Northwest Indiana. The Company maintains a website at

Contact Information

    Thomas F. Prisby
    Chairman of the Board
    Chief Executive Officer