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The warrant was issued to the Treasury in connection with the sale by the company of 25,000 shares of its fixed rate cumulative perpetual preferred stock, series A, par value $0.01 per share.
The repurchase price of the preferred stock was $25 million plus a final accrued dividend of $62,500. The preferred stock and warrant were issued to the Treasury in November 2008 as part of the voluntary capital purchase program (CPP). Pursuant to the terms of the warrant repurchase agreement, the company repurchased the warrant for a purchase price of $650,000.
The repurchase of the warrant was permitted under the terms of the securities repurchase agreement entered into with the US Department of the Treasury in connection with the CPP, once the company completed the repurchase of all of its outstanding shares of fixed rate cumulative perpetual preferred stock, series A, in June 2009.
Curtis Hage, chairman, president and CEO of HF Financial, said: "Our board of directors has previously determined that it is in the best interest of our company and our stockholders to exit the CPP. The repurchase of the warrant completes our exit of the CPP. The company can now focus its full attention to its mission of being the leading financial services provider to businesses and individuals in the communities we serve."
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