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CALIFORNIA / News and Insight on Business in the Golden
State | THE STATE / FINANCIAL SERVICES

HF Bancorp May Take $2.9-Million Charge

November 20, 1998|Bloomberg News

HF Bancorp Inc., a California savings and loan, said bad checks written by one customer could lead to a $2.9-million charge against earnings. The holding company for Hemet Federal Savings & Loan Assn. said it is taking steps to reduce its losses. The company said it didn't know whether the incident will affect its acquisition by Temple-Inland Inc. Hemet-based HF Bancorp agreed on Monday to be bought by Temple-Inland, based in Diboll, Texas, for $120 million in cash and stock to create a banking company with 153 branches in Texas and California. HF Bancorp shares fell 88 cents to close at $16.19 on Nasdaq; shares of Temple-Inland rose 13 cents to finish at $49.75 on the NYSE. HF Bancorp had earnings of $181,000 in its latest quarter, which ended Sept. 30, down from $502,000 in the same period last year.

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