HMLK Hemlock Federal Financial (MM)

Hemlock Federal Financial Corporation Announces Final Results of Tender Offer OAK FOREST, Ill., May 20 /PRNewswire-FirstCall/ -- Hemlock Federal Financial Corporation announced today final results of the Tender Offer that expired on Friday, May 14, 2004 at 5:00 p.m. New York City time. Consistent with preliminary results released May 17, 2004, Hemlock Federal Financial Corporation will purchase 219,483 shares at $29.00 per share. The value of the shares to be purchased is $6.37 million and the number of shares to be purchased represents approximately 22 percent of Hemlock Federal Financial Corporation's 974,168 shares of common stock outstanding on May 19, 2004. After the transaction, there will be 754,685 shares of common stock outstanding. Because the number of shares tendered at the $29.00 purchase price exceeded the number of shares Hemlock Federal Financial expects to purchase, the number of shares accepted for payment by Hemlock Federal Financial (after Hemlock Federal Financial's purchase of all of the "odd lot" shares) will be prorated. Shareholders' tendering will have their orders reduced by 10.85% as a result of proration. Upon completion of the tender offer, the number of shareholders will be reduced by 61. Hemlock Federal Financial will, however, continue to have more than 300 registered holders. As a result, Hemlock Federal Financial intends to take other actions to reduce the number of registered holders below 300, including a potential reverse stock split and additional stock repurchases. This announcement does not constitute an offer to purchase, a solicitation of an offer to purchase or a solicitation of an offer to sell securities. The tender offer was made solely on the terms and conditions set forth in the Offer to Purchase dated April 14, 2004, as amended and the accompanying transmittal documents. For additional information regarding the tender offer, reference should be made to the Offer to Purchase and the related transmittal documents. DATASOURCE: Hemlock Federal Financial Corporation CONTACT: Maureen G. Partynski, CEO-Chairman, or Michael R. Stevens, President-CFO, both of Hemlock Federal Financial Corporation, +1-708-687-9400 Web site: http://www.hemlockbank.com/

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