<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [FEE REQUIRED]
For the fiscal year ended August 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15 (D) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ______________________to______________________
Commission file number: 0-19611
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Citizens Federal Bank, F.S.B.
and Related Companies Savings and Investment
401(k) Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
CitFed Bancorp, Inc.
One Citizens Federal Centre
Dayton, Ohio 45402
<PAGE> 2
REQUIRED INFORMATION
The financial statements filed as a part of the annual report of the plan
include:
1. Audited statements of net assets available for benefits as filed
under the Employee Retirement Income Security Act of 1974, as amended
("ERISA");
2. Audited statements of changes in net assets available for benefits
as filed under ERISA.
<PAGE> 3
SAVINGS AND INVESTMENT 401(k)
PLAN OF CITIZENS FEDERAL BANK,
F.S.B. AND RELATED COMPANIES
FINANCIAL STATEMENTS AS OF AUGUST 31, 1996 AND
1995 AND FOR THE THREE YEARS IN THE PERIOD ENDED AUGUST 31, 1996 AND
SUPPLEMENTAL SCHEDULES AS OF AUGUST 31, 1996 AND INDEPENDENT AUDITORS' REPORT
<PAGE> 4
SAVINGS AND INVESTMENT 401(k) PLAN OF CITIZENS FEDERAL
BANK, F.S.B. AND RELATED COMPANIES
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAGE
<S> <C>
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits Including Supplemental
Information by Fund - August 31, 1996 and 1995 2-3
Statements of Changes in Net Assets Available for Benefits Including
Supplemental Information by Fund - Years Ended August 31, 1996, 1995 and 1994 4-6
Notes to Financial Statements 7-9
SUPPLEMENTAL SCHEDULES AS OF AND FOR
THE YEAR ENDED AUGUST 31, 1996:
Item 27a - Schedule of Assets Held for Investment Purposes 10
Item 27d - Schedule of Reportable Transactions - Series in Excess of Five Percent of Net Assets 11
</TABLE>
<PAGE> 5
[DELOITTE & TOUCHE LLP LETTERHEAD]
INDEPENDENT AUDITORS' REPORT
To the Trustees and Participants of the
Savings and Investment 401(k) Plan of
Citizens Federal Bank, F.S.B. and Related Companies:
We have audited the accompanying financial statements of the Savings and
Investment 401(k) Plan of Citizens Federal Bank, F.S.B. and Related Companies
("Plan") as of August 31, 1996 and 1995 and for each of the three years in the
period ended August 31, 1996, listed in the table of contents. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of August 31,
1996 and 1995, and the changes in net assets available for benefits for each of
the three years in the period ended August 31, 1996 in conformity with
generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information by fund is
presented for the purpose of additional analysis of the financial statements
rather than to present information regarding the net assets available for
benefits and changes in net assets available for benefits of the individual
funds. The supplemental information is the responsibility of the Plan's
management. The accompanying supplemental schedules listed in the table of
contents are presented for purposes of additional analysis and are not a
required part of the basic financial statements, but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. These schedules are the responsibility of the Plan's management. Such
supplemental information by fund and the supplemental schedules have been
subjected to the auditing procedures applied in the audit of the basic 1996
financial statements and, in our opinion, are fairly stated in all material
respects when considered in relation to the basic financial statements taken as
a whole.
Deloitte & Touche LLP
January 17, 1997
Dayton, Ohio
<PAGE> 6
SAVINGS AND INVESTMENT 401(k) PLAN OF
CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AUGUST 31, 1996
<TABLE>
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
---------------------------------------------------------------------------------
MONEY
BALANCED MARKET LOAN STOCK EQUITY
FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Cash and equivalents $ 3,351 $ 89,458 $ $ 43,753 $ 31,075
Investments, at fair value
(Notes B and C):
Golden Rainbow - A James Advised
Mutual Fund 4,108,395
Federated cash plus prime
obligations fund 359,222
CitFed Bancorp Inc. common stock 4,082,175
SEI equity mutual funds 2,058,725
SEI bond mutual funds
Loans to participants 238,451
Receivables:
Employer contributions 4,464 695 3,243 3,027
Participant contributions,
including loan repayments 14,440 1,700 10,210 9,617
---------- --------- ---------- ----------- ----------
NET ASSETS AVAILABLE FOR
BENEFITS $4,130,650 $ 451,075 $ 238,451 $ 4,139,381 $2,102,444
========== ========= ========== =========== ==========
See notes to financial statements.
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
----------------------------------------------------------------------------------------------
BOND COMBINED
FUND FUNDS
<S> <C> <C>
Cash and equivalents $(16,889) $ 150,748
Investments, at fair value
(Notes B and C):
Golden Rainbow - A James Advised
Mutual Fund 4,108,395
Federated cash plus prime
obligations fund 359,222
CitFed Bancorp Inc. common stock 4,082,175
SEI equity mutual funds 2,058,725
SEI bond mutual funds 225,840 225,840
Loans to participants 238,451
Receivables:
Employer contributions 383 11,812
Participant contributions,
including loan repayments 1,196 37,163
--------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $ 210,530 $11,272,531
========= ===========
See notes to financial statements.
</TABLE>
-2-
<PAGE> 7
SAVINGS AND INVESTMENT 401(k) PLAN OF
CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AUGUST 31, 1995
<TABLE>
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
-----------------------------------------------------------------------------------
MONEY
BALANCED MARKET LOAN STOCK EQUITY
FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Cash $ 856 $ 70,623 $ $ 7,415 $ 10,675
Investments, at fair value
(Notes B and C):
Golden Rainbow - A James Advised
Mutual Fund 4,072,875
SEI cash plus prime obligations fund 427,100
CitFed Bancorp Inc. common stock 3,765,413
SEI equity mutual funds 1,064,898
SEI bond mutual funds
Loans to participants 210,041
Receivables:
Employer contributions 4,743 2,565 2,868 2,475
Participant contributions,
including loan repayments 14,575 7,957 8,997 7,546
Interest 353 5,123 376 1,000
---------- -------- -------- ---------- ----------
NET ASSETS AVAILABLE FOR
BENEFITS $4,093,402 $513,368 $210,041 $3,785,069 $1,086,594
========== ======== ======== ========== ==========
See notes to financial statements.
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
----------------------------------------------------------------------------------------
BOND COMBINED
FUND FUNDS
<S> <C> <C>
Cash $ 14,255 $ 103,824
Investments, at fair value
(Notes B and C):
Golden Rainbow - A James Advised
Mutual Fund 4,072,875
SEI cash plus prime obligations fund 427,100
CitFed Bancorp Inc. common stock 3,765,413
SEI equity mutual funds 1,064,898
SEI bond mutual funds 223,870 223,870
Loans to participants 210,041
Receivables:
Employer contributions 548 13,199
Participant contributions,
including loan repayments 1,534 40,609
Interest 116 6,968
-------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $240,323 $9,928,797
======== ===========
See notes to financial statements.
</TABLE>
-3-
<PAGE> 8
SAVINGS AND INVESTMENT 401(k) PLAN OF
CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED AUGUST 31, 1996
<TABLE>
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
-------------------------------------------------------------------------------
MONEY
BALANCED MARKET LOAN STOCK
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Net appreciation (depreciation)
in fair value of investments
(Notes B and C) $ 43,401 $ $ $ 9,341
Interest and dividend income 170,597 23,493 31,418
---------- --------- ---------- ----------
Total investment income 213,998 23,493 40,759
---------- --------- ---------- ----------
CONTRIBUTIONS (Note A):
Participants, including loan repayments 407,507 59,996 (124,161) 300,603
Employer 109,369 20,019 81,362
Rollover 1,686 20,677 100,614
---------- --------- ---------- ----------
Total contributions 518,562 100,692 (124,161) 482,579
---------- --------- --------- ----------
TOTAL 732,560 124,185 (124,161) 523,338
LOANS TO PARTICIPANTS (75,377) (14,765) 152,571 (33,359)
DISTRIBUTIONS TO PARTICIPANTS (315,566) (23,909) (145,467)
---------- --------- ---------- ----------
NET INCREASE 341,617 85,511 28,410 344,512
FUND TRANSFERS (304,369) (147,804) 9,800
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 4,093,402 513,368 210,041 3,785,069
---------- --------- --------- ----------
End of year $4,130,650 $ 451,075 $ 238,451 $4,139,381
========== ========= ========= ==========
See notes to financial statements.
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
----------------------------------------------------------------------------------------
EQUITY BOND COMBINED
FUND FUND FUNDS
<S> <C> <C> <C>
INVESTMENT INCOME:
Net appreciation (depreciation)
in fair value of investments
(Notes B and C) $181,148 $ (3,284) $ 230,606
Interest and dividend income 14,315 13,586 253,409
---------- --------- -----------
Total investment income 195,463 10,302 484,015
---------- --------- -----------
CONTRIBUTIONS (Note A):
Participants, including loan repayments 279,965 56,703 980,613
Employer 74,943 22,891 308,584
Rollover 11,805 2,403 137,185
---------- --------- -----------
Total contributions 366,713 81,997 1,426,382
---------- --------- -----------
TOTAL 562,176 92,299 1,910,397
LOANS TO PARTICIPANTS (14,531) (14,539)
DISTRIBUTIONS TO PARTICIPANTS (77,594) (4,127) (566,663)
---------- --------- -----------
NET INCREASE 470,051 73,633 1,343,734
FUND TRANSFERS 545,799 (103,426)
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 1,086,594 240,323 9,928,797
---------- --------- -----------
End of year $2,102,444 $ 210,530 $11,272,531
========== ========= ===========
See notes to financial statements.
</TABLE>
- 4 -
<PAGE> 9
SAVINGS AND INVESTMENT 401(k) PLAN OF
CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED AUGUST 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
----------------------------------------------------------------------------------------
MONEY
BALANCED MARKET LOAN STOCK EQUITY BOND COMBINED
FUND FUND FUND FUND FUND FUND FUNDS
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Net appreciation in fair value of
investments (Notes B and C) $ 339,801 $ 695,317 $ 154,398 $ 4,840 $1,194,356
Interest and dividend income 146,821 $ 24,099 29,351 15,420 12,742 228,433
---------- -------- ---------- ---------- -------- ----------
Total investment income 486,622 24,099 724,668 169,818 17,582 1,422,789
---------- -------- ---------- ---------- -------- ----------
CONTRIBUTIONS (Note A):
Participants, including loan repayments 397,270 46,487 $(100,988) 233,430 173,404 30,938 780,541
Employer 117,986 16,923 65,705 50,119 10,161 260,894
Rollover 17,814 11,861 39,856 17,915 10,891 98,337
---------- -------- --------- ---------- ---------- -------- ----------
Total contributions 533,070 75,271 (100,988) 338,991 241,438 51,990 1,139,772
---------- -------- --------- ---------- ---------- -------- ----------
TOTAL 1,019,692 99,370 (100,988) 1,063,659 411,256 69,572 2,562,561
LOANS TO PARTICIPANTS (67,600) (2,778) 133,814 (31,443) (26,302) (5,691)
DISTRIBUTIONS TO PARTICIPANTS (234,221) (69,136) (35,012) (49,861) (16,286) (404,516)
OTHER, NET (4,576) (128) 2,199 (1,376) (351) (4,232)
---------- -------- --------- ---------- ---------- -------- ----------
NET INCREASE 713,295 27,328 32,826 999,403 333,717 47,244 2,153,813
FUND TRANSFERS (305,458) 165,475 239,425 (63,551) (35,891)
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 3,685,565 320,565 177,215 2,546,241 816,428 228,970 7,774,984
---------- -------- --------- ---------- ---------- -------- ----------
End of year $4,093,402 $513,368 $ 210,041 $3,785,069 $1,086,594 $240,323 $9,928,797
========== ======== ========= ========== ========== ======== ==========
See notes to financial statements.
</TABLE>
-5-
<PAGE> 10
SAVINGS AND INVESTMENT 401(k) PLAN OF
CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED AUGUST 31, 1994
<TABLE>
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
---------------------------------------------------------------------------------------------
FIXED MONEY
INCOME BALANCED MARKET LOAN STOCK EQUITY BOND COMBINED
FUND FUND FUND FUND FUND FUND FUND FUNDS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Net appreciation (depreciation)
in fair value of
investments (Notes B and C) $ (173,441) $ 414,755 $ (5,956) $ (5,838) $ 229,520
Interest and dividend income $ 21,078 122,720 $ 8,788 11,653 7,409 5,697 177,345
---------- ---------- -------- ---------- -------- -------- ----------
Total investment income 21,078 (50,721) 8,788 426,408 1,453 (141) 406,865
---------- ---------- -------- ---------- -------- -------- ----------
CONTRIBUTIONS (Note A):
Participants, including
loan repayments 39,513 528,561 32,687 $(131,274) 238,745 157,792 33,030 899,054
Employer 11,619 102,321 10,550 41,486 26,815 5,496 198,287
Rollover 10,740 27,439 2,002 10,574 1,401 2,002 54,158
---------- ---------- -------- ---------- ---------- -------- -------- ----------
Total contributions 61,872 658,321 45,239 (131,274) 290,805 186,008 40,528 1,151,499
---------- ---------- -------- --------- ---------- -------- -------- ----------
TOTAL 82,950 607,600 54,027 (131,274) 717,213 187,461 40,387 1,558,364
LOANS TO PARTICIPANTS (8,169) (87,950) (2,238) 133,949 (25,373) (9,234) (985)
DISTRIBUTIONS TO PARTICIPANTS (33,931) (40,621) (8,933) (48,198) (13,124) (12,864) (157,671)
OTHER, NET 4,583 (8,230) (4,321) (913) 48 (8,833)
----------- ---------- -------- ---------- ---------- -------- -------- ----------
NET INCREASE 40,850 483,612 34,626 2,675 639,321 164,190 26,586 1,391,860
FUND TRANSFERS (1,535,738) 252,288 285,939 142,889 652,238 202,384
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 1,494,888 2,949,665 174,540 1,764,031 6,383,124
---------- ---------- --------- --------- ---------- --------- --------- ----------
End of year $ $3,685,565 $320,565 $ 177,215 $2,546,241 $816,428 $228,970 $7,774,984
========== ========== ======== ========= ========== ======== ======== ==========
See notes to financial statements.
</TABLE>
-6-
<PAGE> 11
SAVINGS AND INVESTMENT 401(k) PLAN OF
CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED AUGUST 31, 1996, 1995 AND 1994
- --------------------------------------------------------------------------------
A. DESCRIPTION OF PLAN
The following brief description of the Savings and Investment 401(k) Plan
("the Plan") of Citizens Federal Bank, F.S.B. and Related Companies ("the
Bank"), provides only general information. Participants should refer to
the plan agreement for a more complete description of the Plan's
provisions.
GENERAL - The Plan is a defined-contribution savings plan in which
participation is voluntary. Employees who have completed one year of
service with the Bank as of the Plan's entry dates (September 1 and March
1) are eligible to participate. Effective September 1, 1996, the Plan was
amended to add quarterly entry dates. The Plan is administered by a
Committee appointed by the Board of Directors of the Bank. The Plan is
subject to the Employee Retirement Income Security Act of 1974 ("ERISA").
CONTRIBUTIONS - Subject to certain limitations, participating employees
may contribute from 1% to 8% of their eligible compensation. The Bank
contributes 55% of the first 4% of each participant's contributions,
excluding certain executives. The Bank may also contribute a percentage
of its net income at the discretion of its Board of Directors.
INVESTMENT FUNDS - Participants may choose to invest in:
Balanced Fund - This fund invests in a combination of stocks and bonds.
Its objective is to provide balanced growth and income.
Money Market Fund - This fund seeks to provide current income through
investments in a portfolio of short-term, money market instruments.
Loan Fund - This fund accounts for loans to plan participants.
Stock Fund - This fund is invested in the common stock of CitFed
Bancorp, Inc., the parent company of Citizens Federal Bank.
Equity Fund - This fund seeks to provide long-term growth of capital
through a diversified domestic equity strategy.
Bond Fund - This fund seeks to preserve capital and provide a moderate
level of income by investing in short and intermediate term securities.
Fixed Income Fund - This fund, which invested in instruments designed to
provide a stated annual return, was discontinued in fiscal 1994.
- 7 -
<PAGE> 12
PARTICIPANTS' ACCOUNTS - Participants may choose to have contributions
invested in the various investment funds in multiples of 10%. Elective
contributions of the Bank are allocated annually based on eligible
compensation of participants.
VESTING AND DISTRIBUTIONS - Employee contributions are fully vested at all
times and not subject to forfeiture. Bank contributions are fully vested
after six years of participation in the Plan, or upon death, retirement
(after age 55) or disability. If employment is terminated before retirement
for any reason other than death or disability, the employee's elective
contributions and the vested portion of the Bank's contributions are paid.
Subject to certain restrictions, participants may withdraw all or part of
the vested portion of their accounts without terminating employment.
PLAN TERMINATION - Although it has not expressed any intent to do so, the
Bank has the right under the Plan to discontinue its contributions at any
time and to terminate the Plan subject to the provisions of ERISA. If
terminated, participant accounts become fully vested and are distributable
at the direction of the Committee in accordance with the provisions of the
Plan.
ADMINISTRATIVE EXPENSES - Administrative expenses of the Plan for the years
ended August 31, 1996, 1995 and 1994 were paid by the Bank.
B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
USE OF ESTIMATES - The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from
those estimates.
INVESTMENTS - Investments are stated at fair value based upon quoted prices.
The net unrealized appreciation or depreciation of investments is included
in the change in net assets. The cost of investments sold is determined by
the specific-identification method.
PAYMENT OF BENEFITS - Benefits are recorded when paid.
C. INVESTMENTS
Investments at fair value exceeding five percent of the net assets of the
plan at August 31, 1996 and 1995 were:
<TABLE>
<CAPTION>
AUGUST 31
----------------------------
1996 1995
<S> <C> <C>
Golden Rainbow - A James Advised Mutual Fund
(235,573 and 219,207 units, respectively) $4,108,395 $4,072,875
CitFed Bancorp Inc. common stock (108,858 and
100,411 shares, respectively) 4,082,175 3,765,413
SEI large cap growth fund (62,436 units) 870,352
SEI large cap value fund (59,849 units) 846,272
</TABLE>
-8-
<PAGE> 13
D. TAX STATUS
The Plan obtained its latest determination letter on March 2, 1992, in
which the Internal Revenue Service stated that the Plan, as then designed,
was in compliance with the applicable requirements of the Internal Revenue
Code. The Plan has been amended since receiving the determination
letter. However, the plan administrator believes that the Plan is
currently designed and is being operated in compliance with the applicable
requirements of the Internal Revenue Code. Therefore, no provision for
income taxes is included in the Plan's financial statements.
E. DISTRIBUTIONS
As of August 31, 1995, amounts allocated to participants who had elected
to withdraw from the Plan but had not yet been paid totaled $90,117.
There were no participants who had elected to withdraw from the Plan
but had not yet been paid at August 31, 1996.
* * * * * *
- 9 -
<PAGE> 14
SAVINGS AND INVESTMENT 401(k) PLAN OF
CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AUGUST 31, 1996
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES OR FAIR
DESCRIPTION UNITS HELD COST VALUE
<S> <C> <C> <C>
Golden Rainbow - A James Advised
Mutual Fund 235,573 $3,850,998 $4,108,395
CitFed Bancorp, Inc. common stock 108,858 2,154,439 4,082,175
Federated prime obligations fund 359,222 359,222 359,222
SEI equity mutual funds:
Large cap growth 62,436 733,981 870,352
Small cap growth 8,102 123,666 154,913
Small cap value 14,809 164,533 187,188
Large cap value 59,849 737,351 846,272
SEI bond mutual funds:
Corporate daily income portfolio 24,190 47,843 47,895
Intermediate term government fund 8,698 85,975 83,503
Short-term government fund 9,598 95,790 94,442
---------- -----------
$8,353,798 $10,834,357
========== ===========
Loans to participants, various interest rates $ 238,451 $ 238,451
========== ===========
Cash and equivalents $ 150,748 $ 150,748
========== ===========
</TABLE>
- 10 -
<PAGE> 15
SAVINGS AND INVESTMENT 401(k) PLAN OF
CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES
ITEM 27d - SCHEDULE OF REPORTABLE
TRANSACTIONS -
SERIES IN EXCESS OF FIVE PERCENT OF NET ASSETS
YEAR ENDED AUGUST 31, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PURCHASES SALES
-------------------------------- -------------------------------------------------------
NUMBER OF NUMBER OF
NUMBER OF SHARES NUMBER OF SHARES
TRANSACTIONS OR UNITS AMOUNTS TRANSACTIONS OR UNITS PROCEEDS COST (LOSS)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
THE GOLDEN RAINBOW, A JAMES ADVISED
MUTUAL FUND 25 31,412 $593,774 13 432,293 $772,286 $775,284 $(2,998)
CITFED BANCORP, INC. COMMON STOCK 27 15,870 559,511 10 9,308 328,203 332,335 (4,132)
</TABLE>
- 11 -
<PAGE> 16
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
has duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
CITIZENS FEDERAL BANK, F.S.B., AND
RELATED COMPANIES SAVINGS AND
INVESTMENT 401(k) PLAN
Date: February 19, 1997 By: /s/ Clarence E. Bowman
----------------- ---------------------------
Clarence E. Bowman
Title: Trustee
Date: February 19, 1997 By: /s/ Alan B. Schaeffer, Esq.
----------------- ---------------------------
Alan B. Schaeffer, Esq.
Title: Trustee
Date: February 19, 1997 By: /s/ Leon A. Whitney
----------------- ---------------------------
Leon A. Whitney
Title: Trustee
<PAGE> 17
EXHIBIT INDEX
Exhibit
Number
- -------
23 Consent of Deloitte & Touche,
certified public accountants
<PAGE> 1
EXHIBIT 23
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
33-56550 of CitFed Bancorp, Inc. on Form S-8 of our report dated January 17,
1997 appearing in the Annual Report on Form 11-K of the Citizens Federal Bank,
F.S.B. and Related Companies Savings and Investment 401(k) Plan for the year
ended August 31, 1996.
DELOITTE & TOUCHE LLP
February 14, 1997
Dayton, Ohio
