8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported) February 27, 2007    

CFS BANCORP, INC.

(Exact Name of Registrant as Specified in Its Charter)

INDIANA

(State or Other Jurisdiction of Incorporation)

000-24611	35-2042093
(Commission File Number)	(IRS Employer Identification No.)

707 Ridge Road, Munster, Indiana	46321
(Address of Principal Executive Offices)	(Zip Code)

(219) 836-5500

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 7.01 Regulation FD Disclosure

On February 27, 2007, CFS Bancorp, Inc. (the "Company") issued a press release announcing the approval to repurchase an additional 600,000 shares of its outstanding common stock.

Attached as Exhibit 99.1 is a copy of the Company’s press release related to the announcement of the repurchase approval. This press release is being furnished to the Securities and Exchange Commission and shall not be deemed to be “filed” for any purpose except otherwise provided herein.

ITEM 9.01 Financial Statements and Exhibits

(a) Not applicable.

(b) Not applicable.

(c) Exhibits

The following exhibit is filed herewith.

Exhibit Number   Description

99.1   Press Release dated February 27, 2007

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

		CFS BANCORP, INC.
Date: February 28, 2007	By:	/s/ Joyce M. Fabisiak
		Joyce M. Fabisiak
		Vice President

EX-99.1

THOMAS F. PRISBY, CHAIRMAN 

CFS Bancorp, Inc.

707 Ridge Road  Munster, Indiana 46321-1678

February 27, 2007

FOR IMMEDIATE RELEASE

CONTACT: Thomas F. Prisby, Chairman of the Board and Chief Executive Officer

2l9-836-2960

CFS Bancorp, Inc. Announces Additional Share Repurchase Authorization

MUNSTER, IN, February 27, 2007 - CFS Bancorp, Inc. (NASDAQ: CITZ) (the “Company”) today announced its Board of Directors has approved the repurchase of an additional 600,000 shares of its outstanding stock. Since its last program was approved in May of 2006, the Company has purchased all but 28,315 shares of the 600,000 shares authorized for repurchase. These shares were repurchased at an average cost per share of $14.84.

Since its initial public offering in July of 1998, the Company has repurchased 13,344,457 shares at an average price of $12.11.

Shares outstanding as of February 26, 2007 were 11,072,263.

CFS Bancorp, Inc. is the parent of Citizens Financial Bank, a $1.3 billion asset federal savings bank. Citizens Financial Bank is an independent bank that provides community banking services and currently operates 22 offices throughout adjoining markets in Chicago’s Southland and Northwest Indiana. The Company maintains a website at www.citz.com.

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