Exhibit 99

For Immediate Release

FIRST DEFIANCE FINANCIAL— CORP. ANNOUNCES 2011

THIRD QUARTER EARNINGS

DEFIANCE, OHIO (October 24, 2011) — First Defiance Financial Corp. (NASDAQ: FDEF) announced today that net income for its third quarter ended September 30, 2011 totaled $4.1 million, or $0.36 per diluted common share, compared to $2.3 million or $0.22 per diluted common share for the quarter ended September 30, 2010.

“We continue to stay on our strategic course and are pleased with the overall performance in the quarter, including stability in the net interest margin and sustained strong financial performance aided by a trend of lower credit related costs.” said William J. Small, Chairman, President, and Chief Executive Officer of First Defiance Financial Corp. “The operating environment will remain difficult as we look toward the rest of 2011 and into 2012, but we believe opportunities for stronger financial performance exist.”

Credit Quality

The third quarter results include expense for provision for loan losses of $3.1 million, compared with $5.2 million for the same period in 2010 and $2.4 million in the second quarter of 2011.

Non-performing loans totaled $51.2 million at September 30, 2011, a increase from $46.2 million at September 30, 2010. The September 30, 2011 balance included $48.3 million of loans that are on non-accrual and another $2.9 million of loans that are still accruing, but are considered non-performing because of changes in terms granted to borrowers. In addition, First Defiance had $5.8 million of real estate owned (OREO) at September 30, 2011, a decrease of $1.6 million or 21% from $7.4 million at June 30, 2011 and down from $11.1 million at September 30, 2010. For the third quarter of 2011, First Defiance recorded net charge-offs of $5.5 million, which when annualized, represented 1.55% of average loans outstanding at September 30, 2011, up from the second quarter level of 0.75%. The allowance for loan loss as a percentage of total loans is 2.61% at September 30, 2011, a decline from 2.70% at December 31, 2010 and 2.67% at September 30, 2010.

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“The third quarter experienced an increase in non-performing loans and net charge-offs. These credits had been properly reserved for prior to this period, and that is the main driver in the slight decline in the allowance for loan loss at September 30, 2011. Our loan reserve coverage remains strong even following the increased charge-offs. We are also encouraged by the continued reduction in OREO and anticipate further reduction in this balance over the next few quarters.”

Net Interest Margin down slightly from 2010 Third Quarter

Net interest income was $17.6 million in the third quarter of 2011 compared to $17.8 million in the 2010 third quarter. Net interest margin was 3.89% for the 2011 third quarter, an increase from 3.86% in the second quarter 2011, but down from 3.94% in the third quarter of 2010. The cost of interest-bearing liabilities and non-interest-bearing demand deposits decreased in the third quarter of 2011 by 50 basis points, to 0.90% from 1.40% in the third quarter of 2010, but was offset by a decline in the yield on interest earning assets of 55 basis points, to 4.76% in the third quarter of 2011 from 5.31% in the 2010 third quarter.

“Despite the fact that we are seeing indications of economic stabilization in our markets and nationally, the Federal Reserve’s position on interest rates indicates the challenges on net interest margin are far from over,” said Small. “We worked hard to maintain the margin, but the continued low rate environment adds to the challenge of managing net interest margin.”

Non-Interest Incom

First Defiance’s non-interest income for the 2011 third quarter was $6.9 million, compared with $7.5 million in the third quarter of 2010. Service fees and other charges were $3.1 million in the third quarter of 2011, compared with $3.3 million in the third quarter of 2010. NSF income was $1.5 million in the third quarter of 2011, down $377,000 from the third quarter of 2010. Other non-interest income was a loss of $35,000 in the third quarter of 2011, compared to $271,000 of income for the same period of 2010. This was the result of a decline of $285,000 in the value of the assets of the deferred compensation plan in the third quarter of 2011, compared to an increase in those assets of $165,000 for the same period in 2010. Further mitigating the decrease in non-interest income were net gains of $117,000 on real estate owned sales in the third quarter of 2011, compared with net losses of $45,000 for the same period in 2010. Mortgage banking income decreased to $1.4 million in the third quarter of 2011 from $2.3 million in the third quarter of 2010. Gains from the sale of mortgage loans decreased in the third quarter of 2011 to $2.1 million from $2.9 million in the third quarter of 2010. Mortgage loan servicing revenue increased to $852,000 in the 2011 third quarter from $761,000 in the third quarter of 2010.

The third quarter saw an increase in originations coupled with a decline in rates triggering an increase in mortgage servicing rights (“MSR”) impairment. First Defiance had a negative change in the valuation adjustment in mortgage servicing assets of $1.1 million in the third quarter of 2011, compared with a negative valuation adjustment of $527,000 in the third quarter of 2010. The negative MSR valuation adjustment is a reflection of the decrease in the fair value of certain sectors of the Company’s portfolio of MSRs for these periods. The interest rate environment that gives rise to increased mortgage origination activity also typically causes increases in MSR amortization and impairment, creating a natural hedge in the mortgage banking line of business.

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Income from the sale of insurance and investment products increased to $2.0 million for the 2011 third quarter, from $1.4 million in the same period of 2010. On July 1, 2011, First Defiance completed its acquisition of Payak-Dubbs Insurance Agency, Inc. (“PDI”), which was merged into First Insurance Group of the Midwest, Inc., a subsidiary of First Defiance. The acquisition of PDI contributed $579,000 of income for the third quarter of 2011.

“Non-interest income stayed solid despite the significant MSR impairment charge this quarter. Gain on sale of mortgage loans was also lower this quarter compared to the very strong performance in 2010 third quarter. We were pleased to see the revenue from our recent insurance acquisition, as well as our Wealth Management revenue making significant contributions to non-interest income.”

Non-Interest Expenses

Total non-interest expense was $15.5 million for the third quarter of 2011, a decrease from $17.1 million in the third quarter of 2010.

Compensation and benefits were $8.2 million, compared to $7.1 million in the third quarter of 2010 and $7.5 million in the second quarter of 2011. The year over year increase in compensation and benefits expense is largely due to the Company freezing pay in 2010, coupled with an increase in incentive expense and bonuses being paid in the third quarter of 2011 due to an increase in performance. The Company increased compensation late in the first quarter of 2011. Also, PDI had total compensation and benefits expense of $415,000 in the third quarter of 2011. FDIC insurance expense decreased to $674,000 in the third quarter of 2011, due to Dodd-Frank regulations, from $907,000 in the same period of 2010. Other non-interest expense decreased to $2.7 million in the third quarter of 2011 from $5.2 million in the third quarter of 2010. Credit, collection and real estate owned costs were $512,000 in the third quarter of 2011 compared to $2.3 million in the same period of 2010. This was coupled with loss on secondary market buy-backs which were $99,000 in the third quarter of 2011 compared to $379,000 in the third quarter of 2010. Also, the value of the liability of the deferred compensation plan declined $283,000 in the third quarter of 2011 compared to an increase of $152,000 in the third quarter of 2010.

Year-To-Date Results

For the nine month period ended September 30, 2011, net interest income totaled $52.4 million, flat with the first nine months of 2010. Average interest-earning assets increased to $1.844 billion for the first nine months of 2011, compared to $1.834 billion for the first nine months of 2010. Net interest margin for the first nine months of 2011 was 3.89%, flat with the margin reported in the nine month period ended September 30, 2010.

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The provision for loan losses for the first nine months of 2011 was $8.3 million, compared to $17.5 million recorded during the first nine months of 2010. The decrease in provision is the result of a slow-down in the overall credit deterioration in the portfolio. A lower volume of credits requiring larger reserves mitigates the need for larger provision for loan loss.

Non-interest income for the first nine months of 2011 was $19.6 million, compared to $20.0 million during the same period of 2010. Service fees and other charges were $8.4 million for the first nine months of 2011, compared to $9.9 million during the first nine months of 2010. Mortgage banking income decreased to $4.5 million in the first nine months of 2011, compared to $5.1 million in the first nine months of 2010. Insurance and investment sales revenues increased to $5.1 million for the first nine months of 2011, compared with $3.8 million during the first nine months of 2010. Non-interest income for the first nine months of 2011 was reduced by $2,000 of other-than-temporary impairment charges recognized for impaired investment securities compared with $331,000 in the first nine months of 2010.

Non-interest expense increased to $47.2 million for the first nine months of 2011 from $47.0 million in the first nine months of 2010. Compensation and benefits expenses were $23.5 million in the first nine months of 2011 compared with $20.2 million in the first nine months of 2010. Credit, collection and real estate owned costs have decreased $2.2 million in the first nine months of 2011 over the first nine months of 2010.

“The reduction in credit and collection expenses is a direct result of improving asset quality and the reduction of our OREO balances. Our three primary focal points this year have been asset quality, expense control, and growth in non-interest bearing deposits. We have worked hard to maintain this focus and the results this quarter and year to date bear that out.”

Total Assets at $2.06 Billion

Total assets at September 30, 2011 were $2.06 billion, compared to $2.04 billion at December 31, 2010 and September 30, 2010. Net loans receivable (excluding loans held for sale) were $1.42 billion at September 30, 2011, compared to $1.48 billion at December 31, 2010 and $1.51 billion at September 30, 2010. Total cash and cash equivalents were $190.2 million at September 30, 2011, compared with $169.2 million at December 31, 2010 and $148.7 million at September 30, 2010. Also at September 30, 2011, goodwill and other intangible assets totaled $68.1 million, compared to $63.7 million at December 31, 2010 and $64.0 million at September 30, 2010.

Total deposits at September 30, 2011 were $1.59 billion compared with $1.58 billion at December 31, 2010 and $1.59 billion at September 30, 2010. Non-interest bearing deposits at September 30, 2011 were $239.6 million, compared to $216.7 million at December 31, 2010 and $213.4 million at September 30, 2010. Total stockholders’ equity was $275.1 million at September 30, 2011, compared to $240.3 million at December 31, 2010 and $241.0 million at the September 30, 2010.

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Conference Call

First Defiance Financial Corp. will host a conference call at 11:00 a.m. (EST) on Tuesday, October 25, 2011 to discuss the earnings results and business trends. The conference call may be accessed by calling 1-877-317-6789. A live webcast may be accessed at https://services.choruscall.com/links/fdef110726.html.

Audio replay of the Internet Web cast will be available at www.fdef.com until November 30, 2011 at 9:00 a.m.

First Defiance Financial Corp.

First Defiance Financial Corp., headquartered in Defiance, Ohio, is the holding company for First Federal Bank of the Midwest and First Insurance Group. First Federal operates 33 full service branches and 44 ATM locations in northwest Ohio, southeast Michigan and Fort Wayne, Indiana. First Insurance Group specializes in property and casualty and group health and life insurance, with six offices throughout northwest Ohio.

For more information, visit the company’s Web site at www.fdef.com.

Financial Statements and Highlights Follow-

Safe Harbor Statement

This news release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21 B of the Securities Act of 1934, as amended, which are intended to be safe harbors created thereby. Those statements may include, but are not limited to, all statements regarding intent, beliefs, expectations, projections, forecasts and plans of First Defiance Financial Corp. and its management, and specifically include statements regarding: changes in economic conditions, the nature, extent and timing of governmental actions and reforms, future movements of interest rates, the production levels of mortgage loan generation, the ability to continue to grow loans and deposits, the ability to benefit from a changing interest rate environment, the ability to sustain credit quality ratios at current or improved levels, the ability to sell real estate owned properties, continued strength in the market area for First Federal Bank of the Midwest, and the ability of the Company to grow in existing and adjacent markets. These forward-looking statements involve numerous risks and uncertainties, including those inherent in general and local banking, insurance and mortgage conditions, competitive factors specific to markets in which the Company and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions or capital market conditions and other risks and uncertainties detailed from time to time in the Company’s Securities and Exchange Commission (SEC) filings, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2010. One or more of these factors have affected or could in the future affect the Company’s business and financial results in future periods and could cause actual results to differ materially from plans and projections. Therefore, there can be no assurances that the forward-looking statements included in this news release will prove to be accurate. In light of the significant uncertainties in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other persons, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this news release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements.

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Consolidated Balance Sheets

First Defiance Financial Corp.

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Consolidated Statements of Income (Unaudited)

First Defiance Financial Corp.

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Financial Summary and Comparison

First Defiance Financial Corp.

NM Percentage change not meaningful

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Income from Mortgage Banking

Revenue from sales and servicing of mortgage loans consisted of the following:

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Yield Analysis

First Defiance Financial Corp.