Exhibit 99

    Safe Harbor Under the Private Securities Litigation Reform Act of 1995
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The Private Securities Litigation Reform Act of 1995 (the "Act") provides a 
"safe harbor" for forward-looking statements to encourage companies to 
provide prospective information about their companies, so long as those 
statements are identified as forward-looking and are accompanied by 
meaningful cautionary statements identifying important factors that could 
cause actual results to differ materially from those discussed in the 
statement.  Columbia Financial of Kentucky, Inc. ("CFKY") desires to take 
advantage of the "safe harbor" provisions of the Act.  Certain information, 
particularly information regarding future economic performance and finances 
and plans and objectives of management, contained or incorporated by 
referencing CFKY's Quarterly Report on Form 10-QSB for the quarter ended 
June 30, 1998, is forward-looking.  In some cases, information regarding 
certain important factors that could cause actual results of operations or 
outcomes of other events to differ materially from any such forward-looking 
statement appears together with such statement.  In addition, forward-
looking statements are subject to other risks and uncertainties affecting 
the financial institutions industry, including but not limited to, the 
following:


Interest Rate Risk
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      CFKY's operating results are dependent to a significant degree on its 
net interest income, which is the difference between interest income from 
loans and investments and interest expense on deposits and borrowings.  The 
interest income and interest expense of CFKY change as the interest rates 
and mortgages, securities and other assets and on deposits and other 
liabilities change.  Interest rates may change because of general economic 
conditions, the policies of various regulatory authorities and other factors 
beyond CFKY's control.  The interest rates on specific assets and 
liabilities of CFKY will change or "reprice" in accordance with the 
contractual terms of the asset or liability instrument and in accordance 
with customer reaction to general economic trends.  In a rising interest 
rate environment, loans tend to prepay slowly and new loans at higher rates 
increase slowly, while interest paid on deposits increases readily because 
the terms to maturity of deposits tend to be shorter than the terms to 
maturity or prepayment of loans.  Such differences in the adjustment of 
interest rates on assets and liabilities may negatively affect CFKY's 
income.  Moreover, rising interest rates tend to decrease loan demand in 
general, negatively affecting CFKY's income.


Possible Inadequacy of the Allowance for Loan Losses
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      Columbia Federal Savings Bank ("Columbia Federal") maintains an 
allowance for loan losses based upon a number of relevant factors, 
including, but not limited to, trends in the level of nonperforming assets 
and classified loans, current and anticipated economic conditions in the 
primary lending area, past loss experience, possible losses arising from 
specific problem assets and changes in the composition of the loan 
portfolio.  While the Board of Directors of Columbia Federal believes that 
it uses the best information available to determine the allowance for loan 
losses, unforeseen market conditions could result in material adjustments, 
and net earnings could be significantly adversely affected if circumstances 
differ substantially from the assumptions used in making the final 
determination.

      Loans not secured by one-to four-family residential real estate are 
generally considered to involve greater risk of loss than loans secured by 
one- to four-family residential real estate due, in part, to the effects of 
general economic conditions.  The repayment of multifamily residential and 
nonresidential real estate loans generally depends upon the cash flow from 
the operation of the property, which may be negatively affected by national 
and local economic conditions that cause leases not to be renewed or that 
negatively affect the operations of a commercial borrower.  Construction 
loans may also be negatively affected by such economic conditions, 
particularly loans made to developers who do not have a buyer for a property 
before the loan is made.  The risk of default on consumer loans increases 
during periods of recession, high unemployment and other adverse economic 
conditions.  When consumers have trouble paying their bills, they are more 
likely to pay mortgage loans than consumer loans, and the collateral 
securing such loans, if any, may decrease in value more rapidly than the 
outstanding balance of the loan.


Competition
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      Columbia Federal competes for deposits with other savings 
associations, commercial banks and credit unions and issuers of commercial 
paper and other securities, such as shares in money market mutual funds.  
The primary factors in competing for deposits are interest rates and 
convenience of office location.  In making loans, Columbia Federal competes 
with other savings associations, commercial banks, consumer finance 
companies, credit unions, leasing companies, mortgage companies and other 
lenders.  Competition is affected by, among other things, the general 
availability of lendable funds, general and local economic conditions, 
current interest rate levels and other factors that are not readily 
predictable.  The size of financial institutions competing with Columbia 
Federal is likely to increase as a result of changes in statutes and 
regulations eliminating various restrictions on interstate and inter-
industry branching and acquisitions.  Such increased competition may have an 
adverse effect upon CFKY.


Legislation and Regulation that may Adversely Affect CFKY's Earnings
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Columbia Federal is subject to extensive regulation by the Office of Thrift 
Supervision (the "OTS") and the Federal Deposit Insurance Corporation (the 
"FDIC") and is periodically examined by such regulatory agencies to test 
compliance with various regulatory requirements.  As a savings and loan 
holding company, CFKY is also subject to regulation and examination by the 
OTS.  Such supervision and regulation of Columbia Federal and CFKY are 
intended primarily for the protection of depositors and not for the 
maximization of shareholder value and may affect the ability of the company 
to engage in various business activities.  The assessments, filing fees and 
other costs associated with reports, examinations and other regulatory 
matters are significant and may have an adverse effect on CFKY's net 
earnings.

      The FDIC is authorized to establish separate annual assessment rates 
for deposit insurance of members of the Bank Insurance Fund (the "BIF") and 
the Savings Association Insurance Fund (the "SAIF").  The FDIC may increase 
assessment rates for either fund if necessary to restore the fund's ratio of 
reserves to insured deposits to the target level within a reasonable time 
and may decrease such rates if such target level has been met.  The FDIC has 
established a risk-based assessment system for both SAIF and BIF members.  
Under such system, assessments may vary depending on the risk the 
institution poses to its deposit insurance fund.  Such risk level is 
determined by reference to the institution's capital level and the FDIC's 
level of supervisory concern about the institution.

      Congress recently enacted a plan to recapitalize the SAIF.  The 
recapitalization plan also provides for the merger of the SAIF and BIF 
effective January 1, 1999, assuming there are no savings associations under 
federal law.  Congress is considering legislation to eliminate the federal 
thrift charter and the separate federal regulation of savings and loan 
associations.  As a result, Columbia Federal may have to convert to a 
different financial institution charter or might be regulated under federal 
law as a bank.  If Columbia Federal becomes a bank or is regulated as a 
bank, it would become subject to the more restrictive holding company 
requirements, including activity limits and capital requirements similar to 
those imposed on Columbia Federal.  CFKY cannot predict the impact of the 
conversion of Columbia Federal to, or regulation of Columbia Federal as, a 
bank until any legislation requiring such change is enacted.