EXHIBIT 99.1

BANK PLUS CORPORATION                                                   NEWS
A Holding Company for                                                   RELEASE
[LOGO OF FIDELITY FEDERAL BANK]

4565 Colorado Boulevard
Los Angeles     CA  90039
(818) 549-3116
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          BANK  PLUS  CORPORATION  ANNOUNCES  MERGER  AGREEMENT  WITH
                               FBOP  CORPORATION

Los Angeles, June 4, 2001 -- Bank Plus Corporation (NASDAQ: BPLS) ("Bank Plus")
and its subsidiaries (the "Company"), which include Fidelity Federal Bank, FSB
("Fidelity" or the "Bank"), today announced that it has entered into a
definitive merger agreement with FBOP Corporation ("FBOP"), under which Bank
Plus and Fidelity will be acquired by FBOP.  Under the terms of the agreement
FBOP will pay $7.25 per share in cash for Bank Plus common stock.  The
transaction is subject to approval by Bank Plus stockholders and regulatory
authorities.

Mark K. Mason, President and Chief Executive Officer of Bank Plus, said: "This
transaction completes the successful turnaround we have been working toward for
the past two and a half years.  The merger with FBOP will bring the benefits of
greater resources and an expanded product line allowing us to increase the
quality of our already superior service to our customers."

The merger is expected to close during the fourth quarter of 2001.   No
assurances can be given that the merger will be completed or, if completed, will
be completed within that time frame.

Sandler O'Neill & Partners, L.P., acted as financial advisor to the Company in
connection with this transaction.



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Bank Plus Corporation is the holding company for Fidelity Federal Bank, FSB,
which offers a broad range of consumer financial services, including demand and
time deposits and mortgage loans.  In addition, through its affiliate Gateway
Investment Services, Inc., a NASD-registered broker/dealer, Fidelity provides
customers of the Bank with investment products, including mutual funds,
annuities and insurance.  Fidelity operates through 30 full-service branches, 29
of which are located in Los Angeles and Orange counties in Southern California.

FBOP Corporation, an $8 billion multi-bank financial services holding company
headquartered in Oak Park, Illinois conducts its operations through subsidiary
banks in Illinois, Texas and California.

Prior to the consummation of the transaction Bank Plus will file a proxy
statement with the U.S. Securities and Exchange Commission (the "SEC").
Stockholders are urged to read the proxy statement (when available) because it
will contain important information about the proposed transaction.  Investors
and stockholders will be able to obtain copies of this document (when
available), along with other related documents filed by Bank Plus with the SEC,
free of charge, through the web site maintained by the SEC at www.sec.gov.
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Stockholders can also obtain copies of the proxy statement (when available)
along with any related documents Bank Plus has filed with the SEC by contacting
the Bank Plus Investor Relations Department.

FORWARD LOOKING STATEMENTS

Certain statements included in this release, including without limitation
statements containing the words "believes", "anticipates", "intends", "expects,"
"projects" and words of similar import, constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act.  Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
Bank Plus and Fidelity to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements.  Such factors are referred to in Bank Plus's most recent Annual
Report on Form 10-K as of December 31, 2000 and its most recent Quarterly Report
on Form 10-Q as of March 31, 2001.  A number of other factors may have a
material adverse effect on the Company's financial performance.

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These factors include a national or regional economic slowdown or recession
which increases the risk of defaults and credit losses; the impact of changes in
the availability or price of electrical or other forms of energy in the
Company's markets; movements in market interest rates that reduce our margins or
the fair value of the financial instruments the Bank holds; restrictions imposed
on the Bank's operations by regulators such as a prohibition on the payment of
dividends to Bank Plus; failure of regulatory authorities to issue approvals or
non-objection to material transactions involving the Bank; actions by the Bank's
regulators or other governmental agencies having jurisdiction over the Bank that
could adversely affect the Bank's regulatory compliance status or capital
levels; an increase in the number of customers seeking protection under the
bankruptcy laws which increases the amount of charge-offs; the effects of fraud
or other contract breaches by third parties or customers; the effectiveness of
the Company's collection efforts and the outcome of pending and future
litigation.  Given these uncertainties, undue reliance should not be placed on
such forward-looking statements.  Bank Plus disclaims any obligation to update
any such factors or to publicly announce the results of any revisions to any of
the forward-looking statements included herein to reflect future events or
developments.

Contact:   Neil L. Osborne, Investor Relations   (818)  549-3116