Home Federal Bank Completes its Conversion from a Federally-Chartered Savings Association to a South Dakota State-Chartered B...
February 26 2015 - 05:00PM
HF Financial Corp. (Nasdaq:HFFC) today announced
that its operating subsidiary, Home Federal Bank, had successfully
completed its previously announced conversion from a federal
savings association to a South Dakota banking corporation. In
connection with the conversion by its subsidiary, HF Financial
Corp. has also successfully completed its conversion from a savings
and loan holding company to a bank holding company.
Previously, Home Federal's primary regulator was
the Office of the Comptroller of the Currency ("OCC"). Now, as
a South Dakota bank, Home Federal's primary regulator will be the
Division of Banking of the South Dakota Department of Labor and
Regulation. The conversion will not affect customers and
clients, and they will continue to receive the same protection on
deposits through the FDIC.
"The conversion to a new banking charter supports
our consumer and home lending legacy while also accommodating our
commercial and agricultural lending focus. It is also expected to
result in cost efficiencies," said Stephen Bianchi, President and
CEO of Home Federal.
About HF Financial Corp.
HF Financial Corp., based in Sioux Falls, South
Dakota, is a bank holding company and the parent company for
financial services companies, including Home Federal Bank and
Hometown Investment Services, Inc. Home Federal Bank operates
27 offices in 18 communities throughout Eastern South Dakota,
Minnesota and North Dakota including a branch in the Twin Cities
market under the name 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.
CONTACT: Stephen M. Bianchi, President and CEO
225 S. Main Ave., Sioux Falls, SD 57104
(605) 333-7556 or 1-800-244-2149
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