EXHIBIT "99"
<PAGE>
EAST TEXAS FINANCIAL SERVICES, INC.
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1200 South Beckham o P. O. Box 6910 o Tyler, TX 75711-6910 o 903-593-1767 o Fax
903-593-1094
NEWS RELEASE
For verification, contact: Gerald W. Free, Vice Chairman/President/CEO
Derrell W. Chapman, Vice President/COO/CFO
Telephone: (903) 593-1767
Fax: (903) 593-1094
For immediate release: July 3, 2000
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EAST TEXAS FINANCIAL SERVICES, INC.
AND GILMER FINANCIAL SERVICES, INC. COMPLETE MERGER
Tyler, Texas, June 30, 2000, - - - East Texas Financial Services, Inc. ("East
Texas") (OTC Bulletin Board: ETFS.OB), the holding company for First Federal
Savings and Loan Association of Tyler ("First Federal") today announced the
completion of the merger of Gilmer Financial Services, Inc. ("Gilmer") into East
Texas and of the subsequent merger of Gilmer Savings Bank, FSB into First
Federal. The transaction is valued at approximately $5.3 million. Gilmer
shareholders will receive $26.10 in cash for each share of Gilmer common stock.
"This acquisition enables First Federal to expand in the Gilmer market and it
compliments our existing presence," noted Gerald Free, President and CEO of East
Texas. "We are committed to providing the highest quality service to our new
Gilmer customers."
East Texas also announced that Jerry Richardson will be named a Vice President
of First Federal and the manager of its Gilmer division. Mr. Richardson is a
native of Gilmer and brings to his position 22 years of banking experience in
the Gilmer area.
In addition to its new Gilmer office, First Federal provides banking services
from three full service offices and two loan origination offices in Smith
County, Texas.
