Home Federal Bank and First Dakota National Bank Enter into a Branch Purchase Agreement for Pierre, SD
April 15 2015 - 6:25PM
HF Financial Corp. (Nasdaq:HFFC) today announced
that its operating subsidiary, Home Federal Bank, has entered into
a Purchase and Assumption Agreement with First Dakota National
Bank, Yankton, SD. The agreement covers the purchase by First
Dakota of the Home Federal Bank branch located on 322 S. Coteau
St., Pierre, South Dakota 57501. Under the terms of the agreement,
First Dakota will assume deposits and loans associated with the
branch and will acquire the branch facilities and equipment. The
transaction is subject to certain conditions, including regulatory
approval. The transaction is expected to close in approximately 90
days.
"We look forward to serving the Pierre community,"
remarked Larry F. Ness, Chairman and CEO of First Dakota National
Bank. "Pierre is a good, strong community with hard-working and
talented people. We are confident we can play a role in their
future success and we can't wait to get there."
Ness stated, "First Dakota has served South Dakota
citizens and businesses for over 143 years. Our banking philosophy
is simple. It's all about relationships – with our customers, our
employees, and our communities. We provide a high-level of customer
service with the integrity our customers deserve. We believe it's
our responsibility to make strong contributions to the communities
we serve, and we plan to utilize both current and additional staff
to expand upon the contributions Home Federal has made in the
community over the past many years."
"This branch sale is part of our ongoing strategy
to become focused on our core banking markets in eastern South
Dakota, which will improve our efficiency and align our business
model with our market opportunities," said Stephen M. Bianchi, HF
Financial Corp.'s President and Chief Executive Officer. "We
believe our strategy will benefit both customers and shareholders,
and we are confident that First Dakota will provide our Pierre
branch customers with excellent service and contribute positively
to the Pierre community."
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 24
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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