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EXHIBIT 99
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HF BANCORP, INC.
445 East Florida Avenue, Hemet, CA 92543-4244
Mailing Address: P.O. Box 12006, Hemet, CA 92546-8006
NEWS RELEASE
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For additional information, call J. Robert Eichinger
909-658-4418, Ext. 201
September 27, 1996
For Immediate Release
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HF BANCORP COMPLETES ACQUISITION
OF PALM SPRINGS SAVINGS BANK
HF Bancorp, Inc. (the Company, NASDAQ: HEMT), the holding company for
Hemet Federal Savings and Loan Association (the Association) today completed its
acquisition of Palm Springs Savings Bank, FSB, a four-branch institution located
in the Coachella Valley area of Riverside County, California. The acquisition
will bring Hemet Federal to nineteen branches and over one billion dollars in
assets, making it the largest financial institution headquartered in Riverside
County.
In announcing the completion of the acquisition, HF Bancorp Chairman &
CEO J. Robert Eichinger stated, "We are sincerely delighted to be entering the
dynamic Coachella Valley with an instant four-branch presence. The joining of
these two quality organizations will enable us to serve a large, diverse
customer base spread from North San Diego County to the Coachella Valley - and
serve them well with a complete line of financial products and services designed
to meet the needs of both families and small businesses. We truly are becoming
one of Southern California's leading community banking institutions."
Eichinger added, "The consolidation of support services at the combined
organization will enable us to serve our expanded base of valued customers more
productively and more efficiently. We are also fortunate indeed to be able to
bring the significant talent of Steven Hoffmann and other high-caliber Palm
Springs employees to Hemet Federal. They will be superb additions to our team."
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HF Bancorp, Inc.
September 27, 1996
Page 2
Former Palm Springs Savings Bank President & CEO Stephen G. Hoffmann,
who is now President and Managing Officer of Hemet Federal, commented, "The
combining of these two organizations is a genuinely good move for both. The
infusion of added capital will bring a higher level of financial service to the
Coachella Valley communities, residents and businesses, and will enable our
customers in that area to conduct their financial business at many additional
locations in Western Riverside County and North San Diego County. On a personal
level, I am very pleased and proud to be joining such a fine organization as
Hemet Federal, in the role of President and Managing Officer."
Plans to combine the two organizations were jointly announced by
Eichinger and Hoffmann on May 10, 1996. The transaction was approved by Palm
Springs Savings Bank shareholders on August 23, 1996. The four branches of Palm
Springs Savings Bank will operate as "Palm Springs Savings Bank, Division of
Hemet Federal Savings and Loan," and customers at those offices will be able to
conduct their transactions at any Hemet Federal office.
Hemet Federal opened for business in 1920 as the Hemet Home Builders
Association, and changed its name to Hemet Federal Savings and Loan Association
in 1938. It converted from a federally chartered mutual institution to a
federally chartered stock institution in June 1995, concurrent with the Initial
Public Offering of HF Bancorp. HF Bancorp stock is traded on the NASDAQ National
Market System, under the symbol "HEMT" and is generally listed in newspaper
stock tables as "HF Bcp" or "HFBanc".
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