HCB
BANCSHARES, INC.


PRESS RELEASE                                        FOR IMMEDIATE RELEASE
                                                     ---------------------
                                                     Contact: Cameron D. McKeel
                                                     Telephone No.: 870.836.6841
                                                     Facsimile No.: 870.836.2122
                                                     February 26, 2002


           HCB BANCSHARES, INC. EXTENDS TENDER OFFER TO MARCH 29, 2002


The Board of Directors of HCB  Bancshares,  Inc. ("HCB  Bancshares")  (NASDAQSC:
HCBB)  announced  today its plans to extend  its  tender  offer to acquire up to
377,866  Shares of its common stock,  $0.01 par value per share (the  "Shares"),
until March 29, 2002.  Purchases in the tender offer will be made at a price not
greater  than $14.75 nor less than $12.75 per Share,  net to the seller in cash,
without interest thereon, upon the terms and subject to the conditions set forth
in the Offer to  Purchase,  dated  January 31,  2002,  as amended (the "Offer to
Purchase"),  and in the related Letter of  Transmittal,  which together with the
Offer to Purchase, constitute the "Offer."

The tender offer  commenced on January 31, 2002 and was originally  scheduled to
remain  open  through  March 1, 2002.  The Board is  extending  the offer due to
general  market  conditions  and to allow  shareholders  who want to participate
additional time.

This announcement is not an offer to purchase or the solicitation of an offer to
sell Shares of HCB Bancshares.  HCB Bancshares'  Offer is being made only by the
Offer to Purchase and the related  Letter of  Transmittal.  Shareholders  should
read these documents carefully because they contain important information. These
and other filed  documents  are  available  to  investors  free of charge at the
website of the U.S.  Securities  and Exchange  Commission.  Neither the Offer to
Purchase will be made to, nor will tenders  pursuant to the Offer to Purchase be
accepted from or on behalf of,  holders of shares in any  jurisdiction  in which
making or accepting  the Offer to Purchase  would  violate  that  jurisdiction's
laws.

Questions,  requests  for  assistance,  requests  for  copies  of the  Offer  to
Purchase,  the Letter of Transmittal and all other tender offer documents may be
directed to Keefe,  Bruyette & Woods, Inc., the Information Agent for the tender
offer, by calling 1-(877) 298-6520 (toll free).