HCB
BANCSHARES, INC.


PRESS RELEASE                                       FOR IMMEDIATE RELEASE
                                                    ---------------------
                                                    Contact: Cameron D. McKeel
                                                    Telephone No.: 870.836.6841
                                                    Facsimile No.: 870.836.2122
                                                    March 15, 2002


           HCB BANCSHARES, INC. EXTENDS TENDER OFFER TO APRIL 5, 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 5:00 p.m., New York City time, on April 5, 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"),  in  Supplement  No. 1
dated  March  11,  2002  (the   "Supplement")  and  in  the  related  Letter  of
Transmittal,   which  together  with  the  Offer  to  Purchase  and  Supplement,
constitute the "Offer".

     The tender offer  commenced on January 31, 2002 and was scheduled to remain
open through  March 29, 2002.  HCB  Bancshares  filed an amendment to the tender
offer  documents  and  mailed  additional  material  related to the offer to HCB
Bancshares  shareholders  on March 15, 2002. The Board is extending the offer to
allow shareholders sufficient time to review the additional material.

     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,  the Supplement 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 Supplement,  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 (877) 298-6520 (toll free).