Exhibit (a)(7)

                                                                    NEWS RELEASE


                                                           FOR IMMEDIATE RELEASE

                                               For further information, contact:
                                   R. Fredric Zullinger, Chief Financial Officer
                                                        Telephone (717) 730-6306



                         CONSUMERS FINANCIAL CORPORATION
                     COMMENCES $4.40 PER SHARE TENDER OFFER
                 TO ACQUIRE ITS 8 1/2% PREFERRED STOCK, SERIES A



     CAMP  HILL,  PA  (JULY  19,  2002)  -- Consumers Financial Corporation (the
"Company")  announced today that it has commenced a tender offer to purchase all
of  the outstanding shares of its 8 1/2% Preferred Stock, Series A at a price of
$4.40  per  share,  net  in  cash  to the seller, plus accrued dividends on such
shares.  The  offer  document  was mailed to all shareholders today.  The tender
offer  will expire at 12:00 midnight, Eastern Daylight Time, on August 16, 2002,
unless  it  is  extended  by the Company.  There are 452,614 shares of preferred
stock  outstanding.

     The  Company  has  been  completing  a  plan of liquidation approved by its
common  and  preferred  shareholders  in  1998,  but  recently  signed an option
agreement  with  CFC  Partners,  Ltd.,  a  New  York-based investor group, which
permits  the  investor  group  to acquire a 51% interest in the Company's common
stock  through  the  issuance  of  new shares.  The Company's Board of Directors
determined  that  a  transaction of this type would be preferable to liquidating
the  Company because



it  has  the  potential to produce future value for the common shareholders, who
are  projected  to  receive nothing in the liquidation. The Board also concluded
that,  in  proceeding  with  this approach, the Company's preferred shareholders
should  have  the  option,  prior  to  the change in control, of tendering their
shares  in  exchange  for  cash  or  continuing  to hold the shares. The Company
believes  the  $4.40  tender offer price is approximately the same as the amount
which  would  be  distributed  to  the preferred shareholders if the Company was
liquidated.  On  June  19,  2002,  the  Company  completed  the sale of its life
insurance company subsidiary, which provided it with the liquid funds to proceed
with  the  tender  offer.

     StockTrans,  Inc.,  located  in  Ardmore,  Pennsylvania,  is serving as the
depositary  and  the  information  agent  for  the  tender  offer.  Preferred
shareholders  can call StockTrans at (610) 649-7300 if they have questions about
the  tender  offer  process.

     The Company's preferred shareholders should read the tender offer statement
on  Schedule  TO,  as filed with the Securities and Exchange Commission, when it
becomes  available,  because  it  contains  information  about the tender offer.
Shareholders  can  obtain  the  tender  offer statement on Schedule TO and other
filed documents at no charge at the Securities and Exchange Commission's website
at  http://www.sec.gov.


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