HF Bancorp Stockholders to Receive Cash in Acquisition by Temple-Inland

Business Wire, June 23, 1999

HEMET, Calif.--(BUSINESS WIRE)--June 23, 1999--

Richard S. Cupp, president and chief executive officer of HF Bancorp Inc. (Nasdaq: HEMT), parent company of Hemet Federal Savings and Loan Association, Wednesday announced that the period for stockholders of HF Bancorp to make either a cash or stock election in connection with the pending acquisition of HF Bancorp by Temple-Inland Inc. ended yesterday.

Because the number of HF Bancorp's stockholders electing to receive Temple-Inland common stock in the transaction was insufficient to receive favorable tax treatment, all HFB stockholders will receive $18.50 in cash on consummation of the acquisition.

As previously announced, the acquisition is expected to be consummated on June 29, 1999.