May 22, 2003

Emclaire Financial Corp. Announces Second Quarter 2003 Dividend

EMLENTON, Pa.--(BUSINESS WIRE)--May 22, 2003--The Board of Directors of Emclaire Financial Corp. (OTCBB:EMCF), the parent holding company of the Farmers National Bank of Emlenton, yesterday declared a quarterly cash dividend of $0.21 per share payable on June 20, 2003, to shareholders of record on June 3, 2003.

David L. Cox, Chairman of the Board, President and Chief Executive Officer of the Corporation and the Bank, noted that this regular quarterly dividend is the result of the Corporation's continued favorable operating results and growth during 2002 and 2003. This quarterly dividend reflects an annualized dividend yield of 3.10% based on the stock's recent closing price of $26.70 per share.

Emclaire Financial Corp. is the parent company of the Farmers National Bank of Emlenton, an independent, nationally chartered, FDIC-insured community commercial bank headquartered in Emlenton, Pennsylvania, operating ten full service offices in Venango, Butler, Clarion, Clearfield, Elk and Jefferson Counties, Pennsylvania. The Corporation's common stock is quoted on and traded through the OTC Electronic Bulletin Board under the symbol "EMCF".

    CONTACT: Emclaire Financial Corp.
             David L. Cox or William C. Marsh, 724/867-2311

    SOURCE: Emclaire Financial Corp.

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