UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
December 30, 2014
HF FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
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Delaware | 0-19972 | 46-0418532 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
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225 South Main Avenue Sioux Falls, SD
(Address of principal executive offices) | 57104 (Zip Code) |
(605) 333-7556
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM 2.05 COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES.
On December 23, 2014, the Board of Directors of Home Federal Bank (the “Bank”), the primary operating subsidiary of HF Financial Corp. (the “Company”), approved the closure of three branch locations and one branch relocation pursuant to an efficiency and expense reduction analysis performed by management.
The three branches to close are all secondary locations where the Bank has other branches that can serve its customers. The branches to close and the branch to be relocated are located within Sioux Falls, South Dakota Hy-Vee stores, and include the following locations: 3020 East 10th Street, 1601 S. Sycamore Avenue, 4101 S. Louise Avenue and 3000 S Minnesota Avenue. Employees at each of these branches will be employed until closure and eligible to apply for open positions at other branches of the Bank during that time.
The Company believes that these closures of physical and retail-based locations are in line with industry trends and expects to obtain annual cost savings to the Bank of approximately $900,000.
The Company expects to incur one-time costs of approximately $770,000 to $810,000 related to the closure and relocation of these locations, composed of approximately $50,000 to $90,000 in employment termination benefits, $120,000 of data communication and other costs, and $310,000 in asset disposition costs, which will be recorded in the Company’s third fiscal quarter ended March 31, 2015, as well as $290,000 in lease obligation charges, which will result in future cash expenditures. The Company also announced its intent to relocate its branch at 3020 East 10th Street to an updated location at 3717 East 10th Street in Sioux Falls. The closings and branch relocation are subject to regulatory approval and are expected to occur on or around March 31, 2015.
ITEM 8.01 OTHER EVENTS.
In connection with the branch closings and opening, the Company issued a press release. A copy of such press release is attached as Exhibit 99.1 and incorporated herein by reference.
Forward-Looking Statements
This Form 8-K contains "forward-looking statements" that deal with future results, expectations, plans and performance. Forward-looking statements about the Company's expected financial results and other plans are subject to certain risks, uncertainties and assumptions. These include, but are not limited to, the risks detailed from time to time in the Company's SEC filings, including but not limited to, its annual report on Form 10-K for the fiscal year ending June 30, 2014, and its subsequent quarterly reports on Form 10-Q.
Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Although the Company believes its expectations are reasonable, it can give no assurance that such expectations will prove to be correct. Based upon changing conditions, should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described in any forward-looking statements.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits:
99.1 Press release dated December 30, 2014.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| HF Financial Corp (Registrant) |
Date: December 30, 2014 | By: /s/ Stephen M. Bianchi Stephen M. Bianchi, President and Chief Executive Officer (Duly Authorized Officer)
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Date: December 30, 2014 | By: /s/ Brent R. Olthoff Brent R. Olthoff, Senior Vice President, Chief Financial Officer, and Treasurer (Principal Financial Officer)
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FOR MORE INFORMATION, PLEASE CONTACT:
Stephen M. Bianchi, President and CEO
225 S. Main Ave., Sioux Falls, SD 57104
(605) 333-7556 or 1-800-244-2149
Home Federal Bank Plans to Relocate One Hy-Vee Grocery Store Branch and Close Three Other Hy-Vee Branches in Sioux Falls
Implements strategy to engage with customers through full-service branches
and robust electronic banking channels
SIOUX FALLS, SD, December 30, 2014 -- HF Financial Corp. (Nasdaq: HFFC), the parent company of Home Federal Bank, announced that the Bank plans to close three Hy-Vee grocery store branches and relocate one Hy-Vee grocery store branch in Sioux Falls. This announcement follows a recent investment made in a new dynamic online platform which brings added flexibility, conveniences and services to customers on the go.
“Our strategy is to engage with our customers in ways that provide them the most convenient access to their accounts. The face-to-face time we get with our customers is priceless, and balancing the physical branch locations with a robust electronic channel is key to assuring we are exceeding expectations of our customers while providing strong value to our shareholders,” said Stephen Bianchi, President and CEO.
Home Federal has recently purchased a former bank branch on East 10th Street (3717 East 10th Street). Plans are to relocate the current branch inside the East 10th Hy-Vee grocery store to this space. The last day of business inside the Hy-Vee will be March 29, 2015. This new location is in the process of being remodeled and plans to be open to serve customers prior to the closure of the Hy-Vee branch. The new full-service facility will provide drive-up services.
Three other Hy-Vee grocery store branch locations scheduled to close at 2 pm on March 29, 2015 include: 26th & Sycamore, South Minnesota Avenue and 49th & Louise. The Hy-Vee branch at 26th & Marion Road will remain open. “We are thankful for the good relationship we have had with Hy-Vee over the years, and look forward to continuing to work with this strong local company,” said Bianchi.
Upon the completion of this transition, Home Federal will maintain a strong presence in Sioux Falls with seven branches. These locations are in close proximity to the closed Hy-Vee grocery store branches and will conveniently serve customers.
“We appreciate the opportunity to sit down with our customers to help them achieve their financial goals. Additionally, we know customers want to do their banking when it’s most convenient for them and use the technology that is common in their everyday lives. With that in mind, and because we respect our customers' busy lifestyles, we recently invested in an enhanced online banking platform so customers have a more robust and intuitive banking experience from a mobile phone, tablet or desktop computer. One added feature includes a customer’s ability to make a mobile deposit by taking a photo of a check with their mobile device,” added Bianchi.
As further evidence of this strategy, in August 2014, the Bank announced it was building a new full-service branch in Marshall, MN. This new branch will replace the current Hy-Vee grocery store location in that community.
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About HF Financial Corp.
HF Financial Corp., based in Sioux Falls, SD, is the parent company for financial services companies, including Home Federal Bank, Mid America Capital Services, Inc., dba Mid America Leasing Company, Hometown Investment Services, Inc. and HF Financial Group, Inc. As a publicly traded savings association headquartered in South Dakota, HF Financial Corp. operates with 27 offices in 18 communities throughout Eastern South Dakota, Minnesota and North Dakota. The Company operates a branch in the Twin Cities market as Infinia Bank, a Division of Home Federal Bank of South Dakota, and a loan production office in Fargo, North Dakota. Online banking is also available at www.homefederal.com and www.infiniabank.com.
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