HF Financial Corp. Announces Commencement of Underwritten Public Offering of Common Stock

HF Financial Corp. Announces Commencement of Underwritten Public Offering of
Common Stock

SIOUX FALLS, S.D., Nov. 2 /PRNewswire-FirstCall/ -- HF Financial Corp.
(Nasdaq: HFFC) today announced that it has commenced an offering of
approximately $15 million of its common stock in an underwritten public
offering through Sandler O'Neill + Partners, L.P. The Company intends to
grant the underwriter a 30-day option to purchase up to an additional 15% of
the common stock sold in the offering to cover over-allotments, if any.

The Company intends to use a portion of the net proceeds of the offering to
repay outstanding borrowings under its loan with United Bankers' Bank. The
Company will use the remainder of the net proceeds of the offering for general
corporate purposes, including to contribute to the capital reserves of Home
Federal Bank to support growing its lending activities through organic growth
and/or, if appropriate opportunities arise, possible acquisitions of banks,
thrifts and other financial services companies.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be any offer or sale of
these securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful. A registration statement relating to these securities has
been filed with the Securities and Exchange Commission but has not yet become
effective. These securities may not be sold nor may offers to buy be accepted
prior to the time the registration statement becomes effective. The offering
will be made only by means of a prospectus, copies of which may be obtained
from Sandler O'Neill + Partners, 919 Third Avenue, 6th Floor, New York, NY
10022, Attention: Syndicate Department 1-866-805-4128.

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 September 30, 2009, the Company had
total assets of $1.2 billion and stockholders' equity of $70.5 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.

Forward Looking Statements

Certain matters set forth herein constitute "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements can be identified by the fact that they do not
relate strictly to historical or current facts. Words such as "optimism,"
"look-forward," "bright," "believe," "expect," "anticipate," "intend," "hope,"
"plan," "estimate" or words of similar meaning, or future or conditional verbs
such as "will," "would," "should," "could" or "may," are intended to identify
these forward-looking statements. Forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to differ
materially from the Company's historical experience and present expectations
or projections. Factors that could cause actual results to differ from those
discussed in the forward-looking statements include, but are not limited to:
adverse economic and market conditions of the financial services industry in
general, including, without limitation, the credit markets; the effect of
recent legislation to help stabilize the financial markets or the effect of
the phase-out of existing recovery programs; future losses on the Company's
holdings of trust preferred securities; increase of non-performing loans and
additional provisions for loan losses; the failure of assumptions underlying
the establishment of reserves for loan losses and other estimates; the failure
to maintain the Company's reputation in its market area; prevailing economic,
political and business conditions in South Dakota; the effects of competition
from a wide variety of local, regional, national and other providers of
financial services; compliance with existing and future banking laws and
regulations, including, without limitation, regulatory capital requirements
and FDIC insurance coverages and costs; changes in the availability and cost
of credit and capital in the financial markets; the effects of FDIC deposit
insurance premiums and assessments; the risks of changes in market interest
rates on the composition and costs of deposits, loan demand, net interest
income, and the values and liquidity of loan collateral, and the Company's
ability or inability to manage interest rate and other risks; changes in the
prices, values and sales volumes of residential and commercial real estate; an
extended period of low commodity prices, significantly reduced yields on
crops, reduced levels of governmental assistance to the agricultural industry,
and reduced farmland values; soundness of other financial institutions; the
risks of future acquisitions and other expansion opportunities, including,
without limitation, the related time and costs of implementing such
transactions, integrating operations as part of these transactions and
possible failures to achieve expected gains, revenue growth and expense
savings from such transactions; security and operations risks associated with
the use of technology; the loss of one or more key personnel, or the failure
to attract, assimilate and retain other highly qualified personnel in the
future; changes in or interpretations of accounting standards, rules or
principles; and other factors and risks described in the Company's SEC
filings, including without limitation, its Annual Report on Form 10-K for the
fiscal year ended June 30, 2009 and its subsequent quarterly reports on Form
10-Q. Forward-looking statements speak only as of the date they are made.
Forward-looking statements are based upon management's then-current beliefs
and assumptions, but management does not give any assurance that such beliefs
and assumptions will prove to be correct. The Company undertakes no obligation
to publicly update or revise any forward-looking statements or to update the
reasons why actual results could differ from those contained in such
statements, whether as a result of new information, future events or
otherwise, except to the extent required by federal securities laws. Based
upon changing conditions, should any one or more of the above risks or
uncertainties materialize, or should any underlying beliefs or assumptions
prove incorrect, actual results may vary materially from those described in
any forward-looking statement.

SOURCE HF Financial Corp.

Curtis L. Hage, Chairman, President and CEO of HF Financial Corp.,
+1-605-333-7556