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November 17, 1998|Bloomberg News

Temple-Inland Inc. agreed to buy HF Bancorp Inc., a savings-and-loan holding company based in Hemet, for about $120 million in cash and stock to expand its financial services business in Southern California. Temple, based in Diboll, Texas, would pay $18.50 a share, or 8.8% more than HF's closing price Friday. The company would merge HF's Hemet Federal Savings & Loan Assn. unit with Guaranty Federal Bank, which has 135 branches in California and Texas. Hemet runs 18 branches in Southern California. Temple shares fell 38 cents to close at $49.56 on the New York Stock Exchange; HF Bancorp shares gained 13 cents to close at $17.13 on Nasdaq.

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