Exhibit
99.1




PRESS
RELEASE OF FIRST CLOVER LEAF FINANCIAL CORP.


AND
PARTNERS FINANCIAL HOLDINGS, INC.









FOR
IMMEDIATE RELEASE




April 30,
2008




Dennis M.
Terry


President
and Chief Executive Officer


First
Clover Leaf Financial Corp.


(618)
656-6122




Bart J.
Solon


President
and Chief Executive Officer


Partners
Financial Holdings, Inc.


(618)
659-4000





FIRST
CLOVER LEAF FINANCIAL CORP. TO ACQUIRE


PARTNERS
FINANCIAL HOLDINGS, INC.




Edwardsville,
IL - (April 30, 2008) First Clover Leaf Financial Corp. (“First Clover Leaf”)
(Nasdaq: FCLF) and its subsidiary, First Clover Leaf Bank, FSB, announced today
that they have entered into a definitive agreement to acquire Partners Financial
Holdings, Inc. (“Partners”) and its subsidiary, Partners Bank, by merger of
Partners into First Clover Leaf. Following the merger, Partners Bank will be
merged into First Clover Leaf Bank, resulting in a combined organization
with over $550 million in assets. The holding company resulting from the
transactions will be known as First Clover Leaf Financial Corp. and the
resulting federal savings bank will be known as First Clover Leaf
Bank.





The
aggregate purchase price for the acquisition of Partners is approximately $20.7
million, comprised of shares of First Clover Leaf common stock and cash, plus
approximately $1.5 million in cash payments for outstanding Partners options and
warrants.  Under the terms of the merger agreement, each share of
Partners common stock will be converted into either 5.7971 shares of First
Clover Leaf stock or cash of $56.  Shareholders of Partners may elect
to receive First Clover Leaf common stock, cash, or a combination of stock and
cash, for their shares of Partners common stock, subject to possible
re-allocation of their elections in order to ensure that the total mix of
consideration in the transaction is 50% stock and 50% cash.





The
merger has been unanimously approved by the Boards of Directors of Partners and
First Clover Leaf, and is subject to approval of the stockholders of Partners
and the receipt of required regulatory approvals. The closing of the merger is
expected to occur late in the third quarter or early in the fourth quarter of
2008. Following completion of the merger, the combined institution is expected
to continue to serve customers from the current locations of both banks under
the name “First Clover Leaf Bank”.








“We are
pleased to join with First Clover Leaf,” stated Bart Solon, President and Chief
Executive Officer of Partners.  “Their service culture is very similar
to ours in this market and our partnership benefits both loan and deposit
customers, and should result in increased liquidity for our stockholders. First
Clover Leaf’s larger capital base and multiple locations are added benefits to
helping our clients grow, while still receiving a high level of service,” he
said.





Dennis
Terry, the President and Chief Executive Officer of First Clover Leaf, stated
that, “we believe the merger with Partners is a win for both companies, their
stockholders and their customers as we continue to develop into a premier
full-service bank in St. Louis’ Metro East. Creating a community bank with over
$550 million in assets will allow us to expand the scope of our services to new
and existing customers as together we continue the strong philosophy of customer
service that guides each of our organizations.”





First
Clover Leaf engaged RP Financial, LC, as its financial advisor. Polsinelli
Shalton Flanigan Suelthaus PC served as legal counsel to First Clover
Leaf.





Partners
engaged Stifel Nicolaus & Co., Inc., as its financial advisor. Lewis, Rice
& Fingersh, LC, served as legal counsel to Partners.





About
First Clover Leaf and Partners:





First
Clover Leaf Financial Corp. is the parent company of First Clover Leaf Bank, a
federally chartered savings bank, headquartered in Edwardsville, Illinois. The
savings bank operates three full-service offices in Edwardsville, Illinois. As
of December 31, 2007, First Clover Leaf's consolidated assets totaled
approximately $413 million and its deposits were approximately $291
million.





Partners
Financial Holdings, Inc. is the parent company of Partners Bank, an
Illinois-chartered bank, headquartered in Glen Carbon, Illinois. The bank
operates one full-service office in Glen Carbon, Illinois. As of December 31,
2007, Partners’ consolidated assets totaled approximately $151 million and its
deposits were approximately $99.5 million.





Forward-looking
statements:




This news
release contains certain forward-looking statements. Forward-looking statements
can be identified by the fact that they do not relate strictly to historical or
current facts. They often include the words “believe,” “expect,” “anticipate,”
“intend,” “plan,” “estimate” or words of similar meaning, or future or
conditional verbs such as “will,” “would,” “should,” “could” or “may.”
Forward-looking statements, by their nature, are subject to risks and
uncertainties. A number of factors could cause actual conditions, events or
results to differ significantly from those described in the forward-looking
statements. Forward-looking statements speak only as of the date they are made.
First Clover Leaf and Partners do not undertake to update forward-looking
statements to reflect circumstances or events that occur after the date the
forward-looking statements are made or to reflect the occurrence of
unanticipated events.




We
caution you not to place undue reliance on the forward-looking statements
contained in this news release, in that actual results could differ materially
from those indicated in such forward-looking statements as a result of a variety
of factors. These factors include, but are not limited to,


2


the
ability to obtain required shareholder and regulatory approvals for the merger,
the ability of First Clover Leaf and Partners to close the merger, First Clover
Leaf’s ability to successfully integrate the operations of Partners Bank after
the merger, the ability of First Clover Leaf to provide and market competitive
services and products, the ability of First Clover Leaf to attract, train and
retain qualified personnel, changes in customer preferences, changes in First
Clover Leaf's operating or expansion strategy, changes in economic conditions
and government fiscal and monetary policies, fluctuations in prevailing interest
rates and the ability of First Clover Leaf to manage its assets and liabilities
to limit exposure to changing interest rates, changes in laws and regulations
affecting financial institutions, the ability of First Clover Leaf to manage its
growth and effectively serve an expanding customer and market base, the
geographic concentrations of First Clover Leaf's assets, the ability of First
Clover Leaf generally to compete with other financial services companies,
possible adverse rulings, judgments, settlements and other outcomes of pending
or threatened litigation, other factors generally understood to affect the
financial condition or results of financial services companies and other factors
detailed from time to time in First Clover Leaf's press releases and filings
with the Securities and Exchange Commission (the “SEC”). We undertake no
obligation to update these forward-looking statements to reflect events or
circumstances that occur after the date of this news release.





Additional
Information About This Transaction:





This
announcement does not constitute an offer of any securities for sale. The
proposed transaction will be submitted to stockholders of Partners for their
consideration. First Clover Leaf will file a registration statement on Form S-4
with the SEC, including a proxy statement of Partners and prospectus of First
Clover Leaf and other relevant documents concerning the proposed transaction.
Stockholders are urged to read the registration statement and the proxy
statement/prospectus when it becomes available and any other relevant documents
filed with the SEC, as well as any amendments or supplements to those documents,
because they will contain important information. You will be able to obtain a
free copy of registration statement and proxy statement/prospectus, as well as
other filings containing information about First Clover Leaf, at the SEC's
website (http://www.sec.gov).





Copies of
the registration statement and proxy statement/prospectus can be obtained, when
available and without charge, by directing a request to First Clover Leaf
Financial Corp., Dennis M. Terry, President and Chief Executive Officer, 6814
Goshen Road, Edwardsville, IL 62025, 618-656-6122 or to Partners Financial
Holdings, Inc., Bart J. Solon, President and Chief Executive Officer, #1 Ginger
Creek Meadows, Glen Carbon, Illinois 62034, 618-659-4000.





Participants
in This Transaction:





First
Clover Leaf and Partners and their respective directors and executive officers
may be deemed participants in the solicitation of proxies from Partners’
stockholders in connection with the merger. Information about the directors and
executive officers of First Clover Leaf and information about other persons who
may be deemed participants in this transaction is set forth in First Clover
Leaf’s definitive proxy statement filed with the SEC on April 25, 2008. You can
obtain a copy of this document without charge from the SEC's website
(http://www.sec.gov) or by writing Dennis M. Terry at the above address.
Information about the directors and executive officers of Partners and
information about other persons who may be deemed participants in this
transaction will be available in the proxy statement/prospectus of First Clover
Leaf and Partners described above and other relevant materials to be filed with
the SEC.








3