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Article: PALM SPRINGS SAVINGS BANK - HEMET FEDERAL MERGER
- Article from:
- PR Newswire
- Article date:
- May 10, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PALM SPRINGS, Calif., May 10 /PRNewswire/ -- Palm Springs Savings Bank, FSB (Palm Springs, Nasdaq SmallCaps: PSSB), and HF Bancorp, Inc. (Hemet, Nasdaq: HEMT), the holding company for Hemet Federal Savings and Loan, today announced that they have entered into a definitive agreement for the acquisition of Palm Spring Savings Bank by HF Bancorp. Under the terms of the agreement, HF Bancorp will pay the Palm Springs Savings Bank shareholders $14.375 in cash for each share held, or $16,257,349 in total for 1,130,946 shares outstanding. The acquisition, which is expected to be completed by September 30, 1996, is subject to approval by the shareholders of Palm Springs Savings ...