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Hopfed Bancorp Inc & Heritage Bank Complete Charter Conversions

Heritage-BankHopFed Bancorp, Inc. (NASDAQ: HFBC) announced that Heritage Bank, the Company’s wholly owned subsidiary, has completed its conversion from a federally chartered savings bank to a state chartered commercial bank regulated by the Kentucky Department of Financial Institutions and the Federal Deposit Insurance Corporation, effective June 5, 2013. The Bank’s new corporate title will be Heritage Bank USA, Inc. In connection with the Bank’s charter conversion, the Company has received approval from the Board of Governors of the Federal Reserve System (the “Federal Reserve”) to convert our holding company from a savings and loan holding company to a bank holding company also with an effective date of June 5, 2013.

John Peck, President and CEO, commenting on the announcement, “After Congress eliminated the Office of Thrift Supervision, we developed a good working relationship with the Office of the Comptroller of the Currency, which allowed the Company to repurchase its Preferred Stock and Warrant from the United States Treasury. However, the benefits once provided by a thrift charter no longer exist and maintaining a savings and loan charter subjected Heritage Bank and HopFed Bancorp, Inc. to additional regulations and a duplication of burdensome reporting requirements.”

Mr. Peck concludes, “The Kentucky Department of Financial Institutions, led by Commissioner Charles Vice, has an outstanding record for maintaining a strong state banking system through extremely difficult economic conditions. We believe that in the current regulatory environment, having more direct access to decision makers who understand our specific markets is important to shareholders of HopFed Bancorp, customers of Heritage Bank, and to the communities that we serve. The charter conversions will have no effect on our customers, and they will continue to receive uninterrupted FDIC insurance.”

HopFed Bancorp, Inc. is the holding company of Heritage Bank headquartered in Hopkinsville, Kentucky. The Bank has eighteen offices in western Kentucky and middle Tennessee as well as Fall & Fall Insurance of Fulton, Kentucky, Heritage Bank Wealth Management of Murray, Kentucky, Hopkinsville, Kentucky, Kingston Springs, Tennessee, and Pleasant View, Tennessee and Heritage Bank Mortgage Services of Clarksville, Tennessee. The Bank offers a broad line of banking and financial products and services with the personalized focus of a community banking organization. For more information about Heritage Bank and HopFed Bancorp, Inc., visit our website at www.bankwithheritage.com.

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