SIOUX FALLS, S.D., March 12 /PRNewswire-FirstCall/ -- HF Financial Corp. (Nasdaq: HFFC) today announced that its board of directors has adopted a majority voting policy for the election of its directors, effective immediately. Under the majority voting policy, if any director nominee receives more "withheld" votes than "for" votes in an uncontested election of directors, his or her resignation will be delivered to the Company's Nominating and Corporate Governance Committee and the board of directors. The Nominating and Corporate Governance Committee would then recommend whether to accept the resignation, and the board of directors would make a determination within 90 days after certification of the stockholder vote. The Company intends to post the majority voting policy on its website at www.homefederal.com.
Curtis L. Hage, Chairman, President and Chief Executive Officer, said, "We believe that adopting this majority voting policy is in the best interests of the Company and our shareholders, both because we are complying with the standstill agreement we entered into with PL Capital and because majority voting is a sound corporate governance practice."
About HF Financial
HF Financial Corp., based in Sioux Falls, SD, is the parent company for financial service companies, including Home Federal Bank, Mid America Capital Services, Inc., dba Mid America Leasing Company, Hometown Investment Services, Inc. and HF Financial Group, Inc. As of December 31, 2009, the Company had total assets of $1.2 billion and stockholders' equity of $92.3 million. The Company is the largest publicly traded savings association headquartered in South Dakota, with 33 offices in 19 communities, which includes a location in Marshall, Minnesota. Internet banking is also available at www.homefederal.com.Forward-Looking Statements This news release and other reports issued by the Company, including reports filed with the Securities and Exchange Commission, contain "forward-looking statements" that deal with future results, expectations, plans and performance. In addition, the Company's management may make forward-looking statements orally to the media, securities analysts, investors or others. These forward-looking statements might include one or more of the following:
- Projections of income, loss, revenues, earnings or losses per share, dividends, capital expenditures, capital structure, tax benefit or other financial items.
- Descriptions of plans or objectives of management for future operations, products or services, transactions, investments and use of subordinated debentures payable to trusts.
- Forecasts of future economic performance.
- Use and descriptions of assumptions and estimates underlying or relating to such matters.