Exhibit 99

               PRESS RELEASE OF FIRST CLOVER LEAF FINANCIAL CORP.


January 23, 2007

                        FIRST CLOVER LEAF FINANCIAL CORP.
                          ANNOUNCES QUARTERLY DIVIDEND


     EDWARDSVILLE,  Illinois - January  23, 2007 - First  Clover Leaf  Financial
Corp. (the  "Company")(Nasdaq:  FCLF - News) announced the approval by its Board
of Directors  of a cash  dividend on its common stock of $0.06 per share for the
quarter ended December 31, 2006. The dividend will be payable to stockholders of
record as of February 16, 2007 and is expected to be paid on February 23, 2007.

     The Company has  9,074,031  shares of common stock  outstanding,  following
completion of its  second-step  mutual to stock  conversion  and  acquisition of
Clover Leaf Financial  Corp.,  the former  holding  company of the former Clover
Leaf Bank, Edwardsville, Illinois, which was consummated on July 10, 2006.

     The Company is the unitary savings and loan holding company of First Clover
Leaf Bank,  formerly First Federal Savings and Loan Association of Edwardsville,
a federal savings association that was re-named First Clover Leaf Bank following
the acquisition of Clover Leaf Bank.

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