PRESS RELEASE                                        FOR IMMEDIATE RELEASE
                                                     ---------------------
                                                     Contact: Vida H. Lampkin
                                                     Telephone No.: 870.836.6841
                                                     Facsimile No.: 870.836.7125
                                                     February 7, 2003




                              HCB Bancshares, Inc.
                              ANNOUNCES RETIREMENT

Camden,  Arkansas,  February 7, 2003. HCB  Bancshares,  Inc.  (Nasdaq Small Cap:
HCBB) announced today that Cameron D. McKeel retired from the Board of Directors
effective  February 7, 2003,  and will retire as President  and Chief  Executive
Officer effective February 17, 2003. Mr. McKeel has worked for the Company since
May, 1996 and served as its President  and Chief  Executive  Officer since 1999.
Mr. McKeel has been a banker for over 42 years.  The Company also announced that
the Board of Directors has appointed the Company's  Chairman of the Board,  Vida
H. Lampkin, to the additional positions of interim President and Chief Executive
Officer effective February 7, 2003.

The Company  thanks Mr. McKeel for his years of service and  leadership.  He has
guided the  Company  through a number of  challenges  during his tenure with the
Company.  "I want to thank Cameron  personally for his dedication and service to
the Company, and we wish Cameron well in his retirement," said Lampkin.

HCB Bancshares, Inc. is the parent company of the HEARTLAND Community Bank group
of community banking offices headquartered in Camden,  Arkansas,  with HEARTLAND
offices in Bryant, Camden, Fordyce, and Sheridan, Arkansas.