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[LETTERHEAD OF LIBERTY FEDERAL BANK]
May 19, 1999
Dear Fellow Employee,
For your information, we have scheduled our annual meeting for June 23rd 1999.
At that meeting, five of our directors are up for re-election.
One of our stockholders, not affiliated with any bank, is La Salle Financial
Partners. They control slightly less than 5% of our stock. They want to elect
three of their directors to the Board to try to put our company up for sale.
They apparently believe that a sale is the only way to make a profit for their
investors and repay the loans they took to buy our stock.
Our directors are highly qualified and very aware of what is in the best
interests of our shareholders. They do not need the involvement of
single-purpose stockholders such as La Salle Financial Partners. The Board and
management regularly consider alternatives to further enhance shareholder value.
They don't believe a "fire sale" proposal is in the best interest of employees
or shareholders.
As you know, over the last two years, we have combined three strong and
profitable financial institutions which we feel has improved our ability to
compete and respond to the changes in the Chicago banking market. We are
confident that our strategic plan will build on our many strengths and lead to
even greater success in the future. We will continue to deliver value and
long-term returns to our shareholders.
We realize that a stockholder seeking representation on the Board for the sole
purpose of forcing a sale of the company can be very distracting. We urge you,
though, to remain focused on your jobs. You are doing a great job and we commend
you for your efforts and ask that you keep up the good work.
We suspect that you will hear more from the "outside" shareholder over the next
several weeks. We do have a game plan to get our qualified directors re-elected
and we will make every effort to keep you informed. If you have any questions or
comments, please feel free to contact us. Thank you again for you hard work,
support, and your commitment to Liberty Federal and its subsidiaries. We look to
the future, as should you, with confidence.
Sincerely,
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<S> <C>
/s/ Kenne P. Bristol /s/ Fredric G. Novy
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Kenne P. Bristol Fredric G. Novy
President and CEO Chairman of the Board
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