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.

# # #