PRESS RELEASE                                FOR IMMEDIATE RELEASE
                                             ---------------------
                                             Contact: Cameron D. McKeel
                                             Telephone No.: 870.836.6841
                                             Facsimile No.: 870.836.2122
                                             April 19, 2002



                              HCB BANCSHARES, INC.
                       ANNOUNCES STOCK REPURCHASE PROGRAM


     Camden, Arkansas ... HCB Bancshares, Inc. (NASDAQSC: HCBB), announced today
that it is commencing a stock repurchase  program to acquire up to 79,218 shares
of HCB  Bancshares'  common  stock,  which  represents  approximately  5% of the
outstanding  common stock. The program will be dependent upon market  conditions
and there is no guarantee as to the exact number of shares to be  repurchased by
HCB Bancshares.

     Cameron D. McKeel,  President of HCB  Bancshares,  stated that the Board of
Directors  has  authorized  the  repurchase  program,  which is  expected  to be
completed  within six months.  Mr. McKeel  explained that the Board of Directors
considers the common stock to be an attractive investment. It is expected that a
reduction  in the  amount of HCB  Bancshares  outstanding  stock  would have the
effect of  increasing  book value per share,  per share  earnings  and return on
equity.

     According  to Mr.  McKeel,  the  repurchases  generally  would be  effected
through open market purchases.

     HCB Bancshares,  Inc. is the holding company for HEARTLAND  Community Bank,
which conducts business through its main office located in Camden,  Arkansas and
five branch offices located in Bryant, Camden, Fordyce, Monticello and Sheridan,
Arkansas.

     At December 31, 2002, HCB  Bancshares  had total assets of $284.3  million,
total deposits of $165.2 million and stockholders'  equity of $30.5 million. HCB
Bancshares'  common  stock is listed on the Nasdaq  Small Cap  Market  under the
symbol "HCBB".