**EXHIBIT   2**

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|ARTICLE I                                                   
|------------------------------------------------------------
|                                                            
|DEFINITIONS                                                 
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|ARTICLE II


      THE MERGERS                              
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|ARTICLE III


      REPRESENTATIONS AND WARRANTIES OF SELLER
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| | 3.7  | Financial Statements                  | 13
| | ---- | ------------------------------------- | --
| | 3.8  | Material Adverse Change               | 14
| | 3.9  | Environmental Matters                 | 14
| | 3.10 | Tax Matters                           | 14
| | 3.11 | Legal Proceedings                     | 15
| | 3.12 | Compliance with Laws                  | 15
| | 3.13 | Certain Information                   | 16
| | 3.14 | Employee Benefit Plans                | 16
| | 3.15 | Certain Contracts                     | 17
| | 3.16 | Brokers and Finders                   | 18
| | 3.17 | Insurance                             | 18
| | 3.18 | Properties                            | 18
| | 3.19 | Labor                                 | 19
| | 3.20 | Allowance for Loan Losses             | 19
| | 3.21 | Material Interests of Certain Persons | 19
| | 3.22 | Fairness Opinion                      | 19
| | 3.23 | Disclosures                           | 20
| | 3.24 | No Undisclosed Liabilities            | 20
| | 3.25 | Indemnification                       | 20
| | 3.26 | Loan Portfolio                        | 20
| | 3.27 | Investment Portfolio                  | 21
| | 3.28 | Corporate Records                     | 21
| | 3.29 | Interim Events                        | 21
| | 3.30 | Defaults                              | 21
| |      |                                       |   

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|ARTICLE IV


      REPRESENTATIONS AND WARRANTIES OF BUYER
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|ARTICLE V


      COVENANTS                               
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|                                                      | 5.12 | Litigation Matters                                    | 33
|----------------------------------------------------- | ---- | ----------------------------------------------------- | --
|                                                      | 5.13 | Organization of Merger Sub                            | 33
|                                                      | 5.14 | Conforming Entries                                    | 33
|                                                      | 5.15 | Integration of Policies                               | 34
|                                                      | 5.16 | Disclosure Supplements                                | 34
|                                                      | 5.17 | Failure to Fulfill Conditions                         | 34
|                                                      | 5.18 | Proxy Solicitor                                       | 34
|                                                      | 5.19 | Advisory Directors                                    | 35
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|ARTICLE VI


      CONDITIONS PRECEDENT              
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|                                                      | 6.1  | Conditions Precedent - Buyer and Seller               | 35
|                                                      | 6.2  | Conditions Precedent - Seller                         | 36
|                                                      | 6.3  | Conditions Precedent - Buyer                          | 36
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|ARTICLE VII


      TERMINATION, WAIVER AND AMENDMENT
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|                                                      | 7.1  | Termination                                           | 37
|                                                      | 7.2  | Effect of Termination                                 | 38
|                                                      | 7.3  | Survival of Representations, Warranties and Covenants | 38
|                                                      | 7.4  | Waiver                                                | 39
|                                                      | 7.5  | Amendment or Supplement                               | 39
|                                                      | 7.6  | Liquidated Damages                                    | 39
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|ARTICLE VIII


      MISCELLANEOUS                   
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|                                                      | 8.1  | Expenses                                              | 40
|                                                      | 8.2  | Entire Agreement                                      | 40

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| | 8.3 | No Assignment         | 40
| | --- | --------------------- | --
| | 8.4 | Notices               | 40
| | 8.5 | Alternative Structure | 41
| | 8.6 | Interpretation        | 42
| | 8.7 | Counterparts          | 42
| | 8.8 | Governing Law         | 42
| | 8.9 | Severability          | 42

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|                                                                          |                                           |                                                        | **SELLER:**                                                                                      
|------------------------------------------------------------------------- | ----------------------------------------- | ------------------------------------------------------ | -------------------------------------------------------------------------------------------------
|                                                                          |                                           |                                                        | **PS FINANCIAL, INC.**                                                                           
|Attest:                                                                   | /s/ L.G. Ptak

      L.G. Ptak, Secretary | By:                                                    | /s/ Kimberly P. Rooney

      Kimberly P. Rooney, President and

         Chief Executive Officer
|                                                                          |                                           |                                                        |                                                                                                  
|                                                                          |                                           |                                                        | BUYER:                                                                                           
|                                                                          |                                           |                                                        | **PNA HOLDING COMPANY**                                                                          
|Attest as to both:                                                        |                                           |                                                       
|                                                                          |                                           |                                                        |                                                                                                  
|/s/ Christopher T. Nowatarski

      Christopher T. Nowotarski, Secretary | By:                                       | /s/ Edward J. Moskal

      Edward J. Moskal, Chairman
|                                                                          |                                           |                                                        |                                                                                                  
|                                                                          |                                           | By:                                                    | /s/ Lawrence H. Chulm

      Lawrence H. Chlum, President                                        

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| | Very truly yours,
| | -----------------
| |                  
| |                  
| |                  
| |                  

|By: | Lawrence H. Chlum
President
|--- | ---------------------------

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|Schedule I                                                
|----------------------------------------------------------
|                                                          
|Number of shares of Seller common stock
beneficially owned
|Number of shares of Seller common stock subject
to options

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**EXHIBIT B**

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|Attest                       |  | **PNA HOLDING COMPANY**           
|---------------------------- |  | ----------------------------------
|                             |  |                                   
|____________________________ |  | By: ____________________________  
|Corporate Secretary          |  | Title:  __________________________
|                             |  |                                   
|                             |  |                                   
|                             |  |                                   
|Attest                       |  | **PS FINANCIAL, INC.**            
|                             |  |                                   
|____________________________ |  | By: ____________________________  
|Corporate Secretary          |  | Title:  __________________________

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**EXHIBIT C**

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|        |                                        |     | ALLIANCE, FSB                                       
|------- | -------------------------------------- | --- | ----------------------------------------------------
|ATTEST: |                                        |    
|        |                                        |     |                                                     
|By:     | ____________________________
Secretary | By: | ____________________________
Chief Executive Officer
|        |                                        |     | PREFERRED SAVINGS BANK                              
|ATTEST: |                                        |    
|        |                                        |     |                                                     
|By:     | ____________________________
Secretary | By: | ____________________________
Chief Executive Officer

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|**Directors of Surviving Bank**                                                 | **Term to Expire**
|------------------------------------------------------------------------------- | ------------------
|Edward J. Moskal

      5821 N. Lacey

      Chicago, IL 60646                  | 8/1/2002          
|Christopher T. Nowotarski

      691 Middleton Lane

      DesPlaines, IL 60016 | 8/1/2002          
|Teresa N. Abick

      5853 N. Cicero Avenue

      Chicago, IL 60646           | 8/1/2002          
|Virginia Sikora

      55 Astoria Way

      Park Ridge, IL 60068               | 8/1/2002          
|Stanley M. Jendzejec

      2420 Talcott Road

      Park Ridge, IL 60068       | 8/1/2002          
|Kimberly Rooney

      5013 Caroline Avenue

      Western Springs, IL 60558    | 8/1/2002          
|Sylvester Ptak

      120 Edgebrook Ct.

      Indian Head Park, IL 60525       | 8/1/2002          
|Delphine Lytell

      7918 W. 100th Street

      Palos Hills, IL 60465        | 8/1/2002          
|Robert R. Maycan

      1425 S. Crescent

      Park Ridge, IL 60068            | 8/1/2002          
|Casimir J. Musielak

      7915 Maple Street

      Morton Grove, IL 60053      | 8/1/2002          
|Frank J. Spula

      1417 Grain

      Park Ridge, IL 60068                    | 8/1/2002          

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|     | If to the Company to:    | Edward J. Moskal                
|---- | ------------------------ | --------------------------------
|     |                          | Chairman                        
|     |                          | PNA Holding Company             
|     |                          | 6100 North Cicero Avenue        
|     |                          | Chicago, Illinois 60646         
|    
|     |                          | Fax:	(773) 286-4836             
|    
|     | With required copies to: | Lawrence H. Chlum               
|**** |                          | President                       
|     |                          | PNA Holding Company             
|     |                          | 7840 North Milwaukee Avenue     
|     |                          | Niles, Illinois 60714           
|    
|     |                          | Fax:	(847) 966-7988             
|    
|     |                          | (and)                           
|    
|     |                          | Martin S. Korey, Esq.           
|     |                          | Christopher T. Nowotarski, Esq. 
|     |                          | 221 North LaSalle Street,       
|     |                          | Suite 3200                      
|     |                          | Chicago, Illinois 60601         
|    
|     |                          | Fax::	(312) 782-1482            
|    
|    
|     | If to Shareholder:       | S.J. Ptak                       
|     |                          | 120 Edgebrook Ct.               
|     |                          | Indian Head Park, Illinois 60525
|    
|     | With a required copy to: | Silver, Freedman & Taff, L.L.P. 
|     |                          | 1100 New York Avenue, N.W.      
|     |                          | Washington, D. C.  20005        
|     |                          | Attn:                           
|     |                          |                                 
|    
|     |                          | Fax:	(202) 682-0354             

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| | COMPANY:                       
| | -------------------------------
|
| | **PNA HOLDING COMPANY**        
|
|
| | By:____________________________
| | Its: President                 
|
|
| | Shareholder:                   
|
|
|
| | _______________________________
| | **S.J. PTAK**                  

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|     | If to the Company to:    | Edward J. Moskal               
|---- | ------------------------ | -------------------------------
|     |                          | Chairman                       
|     |                          | PNA Holding Company            
|     |                          | 6100 North Cicero Avenue       
|     |                          | Chicago, Illinois 60646        
|    
|     |                          | Fax:	(773) 286-4836            
|    
|     | With required copies to: | Lawrence H. Chlum              
|**** |                          | President                      
|     |                          | PNA Holding Company            
|     |                          | 7840 North Milwaukee Avenue    
|     |                          | Niles, Illinois 60714          
|    
|     |                          | Fax:	(847) 966-7988            
|    
|     |                          | (and)                          
|    
|     |                          | Martin S. Korey, Esq.          
|     |                          | Christopher T. Nowotarski, Esq.
|     |                          | 221 North LaSalle Street,      
|     |                          | Suite 3200                     
|     |                          | Chicago, Illinois 60601        
|    
|     |                          | Fax:	(312) 782-1482            
|    
|    
|     | If to Shareholder:       | Kimberly P. Rooney             
|     |                          | 5013 Caroline Avenue           
|     |                          | Western Springs, Illinois 60558
|    
|     | With a required copy to: | Silver, Freedman & Taff, L.L.P.
|     |                          | 1100 New York Avenue, N.W.     
|     |                          | Washington, D. C.  20005       
|     |                          | Attn:                          
|     |                          |                                
|    
|     |                          | Fax:	(202) 682-0354            

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| | COMPANY:                       
| | -------------------------------
|
| | **PNA HOLDING COMPANY**        
|
|
| | By:____________________________
| | Its: President                 
|
| | Shareholder:                   
|
|
| | _______________________________
| | **KIMBERLY P. ROONEY**         

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