PRESS RELEASE                                       FOR IMMEDIATE RELEASE
                                                    ---------------------
                                                    Contact:   Cameron D. McKeel
                                                    Telephone No.:  870.836.6841
                                                    Facsimile No.:  870.836.2122
                                                    August 22, 2002


                              HCB BANCSHARES, INC.
                     ANNOUNCES NEW STOCK REPURCHASE PROGRAM


Camden, Arkansas... HCB Bancshares,  Inc. (NASDAQSC: HCBB), announced today that
it is  commencing a stock  repurchase  program to acquire up to 75,171 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.  The  Company  recently  completed  its stock  repurchase  plan
announced on April 19, 2002,  repurchasing  79,128 shares at an average price of
$16.33.

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 four
branch offices located in Bryant, Camden, Fordyce, and Sheridan, Arkansas.

At June 30,  2002,  HCB  Bancshares  had total  assets of  approximately  $276.4
million, total deposits of $165.0 million, stockholders' equity of $26.7 million
and shares outstanding of 1,503,436.

HCB Bancshares,  Inc. common stock is listed on the Nasdaq SmallCap Market under
the symbol "HCBB".