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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): April 16, 1997
HF Financial Corp.
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(Exact name of registrant as specified in its charter)
Delaware 0-19972 46-0418532
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(State or other Jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation Identification No.)
225 South Main Avenue
Sioux Falls, South Dakota 57102
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(Address of principal executive offices)
Registrant's telephone no., including area code: (605) 333-7556
Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
HF Financial Corp. (the "Company") announced on April 16, 1997 that the
Company's Board of Directors has authorized management to repurchase up to 10%
of its outstanding common stock.
A copy of the press release with respect to the stock repurchase is
attached hereto and incorporated into this Report on Form 8-K.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
HF FINANCIAL CORP.
Date: April 16, 1997 By: /s/ Curtis L. Hage
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Curtis L. Hage
Chairman, President and
Chief Executive Officer
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FOR IMMEDIATE RELEASE - APRIL 16, 1997
For Information Contact:
Curtis L. Hage, Chairman, President and CEO
Phone: (605) 333-7556
HF FINANCIAL CORP. ANNOUNCES STOCK REPURCHASE UP TO 10%
HF Financial Corp. (NASDAQ:HFFC), Sioux Falls, South Dakota, today announced
that its Board of Directors has authorized the Company to repurchase up to 10%
of its Common Stock beginning May 1, 1997, through April 30, 1998.
Curtis L. Hage, President of HF Financial Corp., said, "The Board of Directors
of HF Financial Corp. believes that its Common Stock is undervalued and that the
Company is generating free capital in excess of that necessary to fund its
business, and therefore, it is in the best interest of the Company and its
shareholders to initiate a stock buy-back program."
On April 17, 1996 the Company announced authorization by its Board of Directors
to repurchase up to 10% of its then outstanding Common Stock prior to April 30,
1997. Pursuant to this authorization, to date the Company has repurchased
138,315 shares of Common Stock or 4.49% of the outstanding Common Stock as of
April 17, 1996.
Management of HF Financial Corp. stated that purchases will be made periodically
in either open market or private transactions or both, in accordance with
guidelines established by the Securities and Exchange Commission which includes
volume restrictions designed to minimize the impact of such repurchases. The
number of shares of Common Stock actually acquired by the Corporation will
depend upon subsequent developments and corporate needs, and such repurchases
may be interrupted or discontinued at any time.
HF Financial Corp. reported $561.3 million in total assets as of March 31, 1997.
HF Financial Corp. had 2,989,421 shares of Common Stock outstanding as of April
16, 1997. HF Financial Corp. is the holding company for the Sioux Falls, SD
based Home Federal Savings Bank, the Omaha, NE based HF Mortgage Corp. and HF
Card Services, L.L.C., a majority owned credit card issuing subsidiary.
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