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California / News and Insight on Business in the Golden
State | THE STATE / BANKING

HF Bancorp Hires Advisor on Possible Sale

July 01, 1998|Bloomberg News

HF Bancorp Inc., a $1-billion-asset savings and loan, said it hired Keefe, Bruyette & Woods to advise it on strategic options, including a possible sale. Hemet-based HF Bancorp, the parent of Hemet Federal Savings & Loan Assn., has 19 offices in Riverside and San Diego counties and a stock market value of $111 million. Its stock has risen 23% in the last year. On Tuesday, shares rose 19 cents to close at $17.69 on Nasdaq. The investment bank will advise on matters that "include balance sheet management, capital planning [and] a possible sale," said HF President and Chief Executive Richard Cupp. HF Bancorp last month reported revised results for its fiscal third quarter ended March 31 as a $464,000 loss, or 7 cents a diluted share, as it increased provisions for loan losses. It initially reported net income of $748,000. When it restated earnings, it announced restructuring plans it said would result in a one-time fourth-quarter charge.

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