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EXHIBIT 99.1
HIGHLAND BANCORP, INC.
FOR IMMEDIATE RELEASE Contact: Steve Rippe, CEO
Highland Bancorp, Inc.
(818) 848-4265
HIGHLAND BANCORP ANNOUNCES SHAREHOLDER APPROVAL OF MERGER WITH JACKSON FEDERAL
BANK
Burbank, California (August 8, 2000) - Highland Bancorp, Inc. (NASDAQ - HBNK)
("Highland"), parent company of Highland Federal Bank, today announced that its
shareholders have approved and adopted the Agreement and Plan of Merger with
Jackson Federal Bank ("Jackson"), pursuant to which Jackson will acquire
Highland for cash price of $25.45 per share. This transaction is subject to the
receipt of regulatory approval from the Office of Thrift Supervision.
Mr. Steve Rippe, Chief Executive Officer of Highland said "The Board of
Directors is pleased that our shareholders have agreed with our recommendation
and approved this merger. We are working with Jackson to consummate the merger
promptly."
Jackson Federal Bank, headquartered in San Bernardino, California is a wholly
owned subsidiary of Jackson National Life Insurance Company. Jackson National
Life, headquartered in Lansing, Michigan, is one of America's largest life
insurance companies, with over $138 billion of life insurance in force and over
$41 billion in assets, with over $3.9 billion of fixed and variable annuity
sales in 1999. Jackson National Life is wholly owned by England's Prudential
plc, founded in 1848, one of the world's largest insurance organizations (not
affiliated with Prudential Insurance Company of America).
Highland Bancorp, Inc. is the holding company for Highland Federal Bank, a 31-
year-old federal savings bank. Highland operates 7 retail branches in
California, and is headquartered at 601 South Glenoaks Blvd., Burbank,
California 91502.
