HEMLOCK FEDERAL FINANCIAL CORP

expiry = 2004-04-26...for Cash Up to 200,000 Shares of its Common Stock, Par Value $0.01 Per Share At a Purchase Price of $29.00 Per Share ____________________ THE OFFER TO PURCHASE, PRORATION PERIOD AND WITHDRAWAL RIGHTS EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON MONDAY, APRIL 26, 2004, UNLESS THE OFFER TO PURCHASE IS EXTENDED ___________________ Questions or requests for assistance or for additional copies of this Offer to Purchase, the Letter of Transmittal or other tender offer materials may be directed to Keefe, Bruy...

expiry = 2004-04-26...for Cash Up to 200,000 Shares of its Common Stock, Par Value $0.01 Per Share At a Purchase Price of $29.00 Per Share ____________________ THE OFFER TO PURCHASE, PRORATION PERIOD AND WITHDRAWAL RIGHTS EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON MONDAY, APRIL 26, 2004, UNLESS THE OFFER TO PURCHASE IS EXTENDED ___________________ Questions or requests for assistance or for additional copies of this Offer to Purchase, the Letter of Transmittal or other tender offer materials may be directed to Keefe, Bruy...

expiry = 2004-04-26...d to answer any questions you may have. If you need information or additional forms, please call the Information Agent/Dealer Manager toll free at (877) 298-6520. Unless otherwise extended, the offer will expire at 5:00 p.m. New York City time on April 26, 2004. We again encourage you to read carefully the enclosed material. As always, we appreciate your interest in Hemlock Federal Financial Corporation. Sincerely, ___________________________________ Maureen G. Partynski Chairman and Chief Execut...

listed = True...s with the completion of the conversion of Hemlock Federal, Hemlock Federal Financial Corporation completed the initial public offering of its common stock, which began trading on the Nasdaq National Market under the symbol "HMLK." Currently, the common stock trades on the Nasdaq SmallCap Market. Prior to the commencement of the offer to purchase, there were approximately 438 holders of record of Hemlock Federal Financial Corporation's common stock. Of these holders, approximately 241, or 55% of all holders of record, held 100 shares or fewer. Many of these holders received fractional shares due to the oversubscr...

listed = True...s with the completion of the conversion of Hemlock Federal, Hemlock Federal Financial Corporation completed the initial public offering of its common stock, which began trading on the Nasdaq National Market under the symbol "HMLK." Currently, the common stock trades on the Nasdaq SmallCap Market. Prior to the commencement of the offer to purchase, there were approximately 438 holders of record of Hemlock Federal Financial Corporation's common stock. Of these holders, approximately 241, or 55% of all holders of record, held 100 shares or fewer. Many of these holders received fractional shares due to the oversubscr...

listed = True...s with the completion of the conversion of Hemlock Federal, Hemlock Federal Financial Corporation completed the initial public offering of its common stock, which began trading on the Nasdaq National Market under the symbol "HMLK". Currently, the common stock trades on the Nasdaq SmallCap Market. Prior to the commencement of the offer to purchase, there were approximately 438 holders of record of Hemlock Federal Financial Corporation's common stock. Of these holders, approximately 241, or 55% of all holders of record, held 100 shares or fewer . Many of these holders received fractional shares due to the oversubsc...

listed = True...s with the completion of the conversion of Hemlock Federal, Hemlock Federal Financial Corporation completed the initial public offering of its common stock, which began trading on the Nasdaq National Market under the symbol "HMLK". Currently, the common stock trades on the Nasdaq SmallCap Market. Prior to the commencement of the offer to purchase, there were approximately 438 holders of record of Hemlock Federal Financial Corporation's common stock. Of these holders, approximately 241, or 55% of all holders of record, held 100 shares or fewer . Many of these holders received fractional shares due to the oversubsc...

listed = True...s with the completion of the conversion of Hemlock Federal, Hemlock Federal Financial Corporation completed the initial public offering of its common stock, which began trading on the Nasdaq National Market under the symbol "HMLK". Currently, the common stock trades on the Nasdaq SmallCap Market. Prior to the commencement of the offer to purchase, there were approximately 438 holders of record of Hemlock Federal Financial Corporation's common stock. Of these holders, approximately 241, or 55% of all holders of record, held 100 shares or fewer. Many of these holders received fractional shares due to the oversubscr...

mechanism = DUTCH...ely 438 holders of record of Hemlock Federal Financial Corporation's common stock. Of these holders, approximately 241, or 55% of all holders of record, held 100 shares or fewer. Many of these holders received fractional shares due to the oversubscription of the dutch auction tender offer conducted by Hemlock Federal Financial Corporation in 2000. Hemlock Federal Financial Corporation believes that many of these holders have chosen to hold their shares because of two factors: the limited liquidity of their shares and the expenses associated with selling their shares. 2 Next Page Since the initial public offer...

mechanism = DUTCH...ely 438 holders of record of Hemlock Federal Financial Corporation's common stock. Of these holders, approximately 241, or 55% of all holders of record, held 100 shares or fewer. Many of these holders received fractional shares due to the oversubscription of the dutch auction tender offer conducted by Hemlock Federal Financial Corporation in 2000. Hemlock Federal Financial Corporation believes that many of these holders have chosen to hold their shares because of two factors: the limited liquidity of their shares and the expenses associated with selling their shares. 2 Next Page Since the initial public offer...

mechanism = DUTCH...ly 438 holders of record of Hemlock Federal Financial Corporation's common stock. Of these holders, approximately 241, or 55% of all holders of record, held 100 shares or fewer . Many of these holders received fractional shares due to the oversubscription of the dutch auction tender offer conducted by Hemlock Federal Financial Corporation in 2000. ^ Since it was the original intention of these holders to tender all shares and relinquish ownership in Hemlock Federal Financial Corporation, the offer to purchase would enable these holders to do so without incurring expenses associated with ^ paying a commission...

mechanism = DUTCH...ly 438 holders of record of Hemlock Federal Financial Corporation's common stock. Of these holders, approximately 241, or 55% of all holders of record, held 100 shares or fewer . Many of these holders received fractional shares due to the oversubscription of the dutch auction tender offer conducted by Hemlock Federal Financial Corporation in 2000. Since it was the original intention of these holders to tender all shares and relinquish ownership in Hemlock Federal Financial Corporation, the offer to purchase would enable these holders to do so without incurring expenses associated with paying a commission for...

mechanism = DUTCH...ely 438 holders of record of Hemlock Federal Financial Corporation's common stock. Of these holders, approximately 241, or 55% of all holders of record, held 100 shares or fewer. Many of these holders received fractional shares due to the oversubscription of the dutch auction tender offer conducted by Hemlock Federal Financial Corporation in 2000. Since it was the original intention of these holders to tender all shares and relinquish ownership in Hemlock Federal Financial Corporation, the offer to purchase would enable these holders to do so without incurring expenses associated with paying a commission for...

must_tender_all = True...the Offer to Purchase is enclosed. The Company is conducting the offer through a procedure referred to as a "Tender Offer." All shares purchased in the offer will receive the same purchase price of $29.00 per share. In addition, if you own 100 shares or less and tender all of your shares, you will receive priority and have all of your shares purchased even if more than 200,000 shares are tendered. No brokerage fees or commissions will be charged to you if you tender your shares. We encourage each stockholder to read carefully the Offer to Purchase and related materials. Neither Hemlock Federal Financial Corporation nor o...

must_tender_all = True...the Offer to Purchase is enclosed. The Company is conducting the offer through a procedure referred to as a "Tender Offer." All shares purchased in the offer will receive the same purchase price of $29.00 per share. In addition, if you own 100 shares or less and tender all of your shares, you will receive priority and have all of your shares purchased even if more than 200,000 shares are tendered. No brokerage fees or commissions will be charged to you if you tender your shares. We encourage each stockholder to read carefully the Offer to Purchase and related materials. Neither Hemlock Federal Financial Corporation nor o...

must_tender_all = True...lt including a reverse stock split. The Company is conducting the offer through a procedure referred to as a "Tender Offer." All shares purchased in the offer will receive the same purchase price of $29.00 per share. In addition, if you own 100 shares or less and tender all of your shares, you will receive priority and have all of your shares purchased even if more than 200,000 shares are tendered. No brokerage fees or commissions will be charged to you if you tender your shares. We encourage each stockholder to read carefully the Offer to Purchase and related materials. Neither Hemlock Federal Financial Corporation nor o...

price = USD 29.0...AL CORPORATION 5700 West 159th Street Oak Forest, Illinois 60452 (708) 687-9400 Offer to Purchase for Cash Up to 200,000 Shares of its Common Stock, Par Value $0.01 Per Share At a Purchase Price of $29.00 Per Share ____________________ THE OFFER TO PURCHASE, PRORATION PERIOD AND WITHDRAWAL RIGHTS EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON MONDAY, APRIL 26, 2004, UNLESS THE OFFER TO PURCHASE IS EXTENDED ___________________ Questio...

price = USD 29.0...AL CORPORATION 5700 West 159th Street Oak Forest, Illinois 60452 (708) 687-9400 Offer to Purchase for Cash Up to 200,000 Shares of its Common Stock, Par Value $0.01 Per Share At a Purchase Price of $29.00 Per Share ____________________ THE OFFER TO PURCHASE, PRORATION PERIOD AND WITHDRAWAL RIGHTS EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON MONDAY, APRIL 26, 2004, UNLESS THE OFFER TO PURCHASE IS EXTENDED ___________________ Questio...

price = USD 29.0...AL CORPORATION 5700 West 159th Street Oak Forest, Illinois 60452 (708) 687-9400 Offer to Purchase for Cash Up to 200,000 Shares of its Common Stock, Par Value $0.01 Per Share At a Purchase Price of $29.00 Per Share ____________________ THE OFFER TO PURCHASE, PRORATION PERIOD AND WITHDRAWAL RIGHTS EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ^ ON____________________, 2004, UNLESS THE OFFER TO PURCHASE IS EXTENDED ___________________ Qu...

price = USD 29.0...AL CORPORATION 5700 West 159th Street Oak Forest, Illinois 60452 (708) 687-9400 Offer to Purchase for Cash Up to 200,000 Shares of its Common Stock, Par Value $0.01 Per Share At a Purchase Price of $29.00 Per Share ____________________ THE OFFER TO PURCHASE, PRORATION PERIOD AND WITHDRAWAL RIGHTS EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON____________________, 2004, UNLESS THE OFFER TO PURCHASE IS EXTENDED ___________________ Ques...

price = USD 29.0...AL CORPORATION 5700 West 159th Street Oak Forest, Illinois 60452 (708) 687-9400 Offer to Purchase for Cash Up to 200,000 Shares of its Common Stock, Par Value $0.01 Per Share At a Purchase Price of $29.00 Per Share ____________________ THE OFFER TO PURCHASE, PRORATION PERIOD AND WITHDRAWAL RIGHTS EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON ^ MAY 14, 2004, UNLESS THE OFFER TO PURCHASE IS EXTENDED ___________________ Questions or re...

threshold = 100...they own at the $29 price specified in the Tender. Upon the expiration of the offer, all shares purchased in the offer will receive the same price. If the number of shares tendered is greater than 200,000 shares, the Company will first acquire shares held by persons who own fewer than 100 shares and then will acquire shares from tendering shareholders on a pro rata basis. This offer is not conditioned upon any minimum number of shares being tendered. Maureen G. Partynski, Hemlock Federal's Chairman and Chief Executive Officer, stated, "Hemlock Federal is making the tender offer because its Board of Directors believes that the pu...

txn_type = CONSOLIDATION...ional costs could exceed $100,000 per year. If this offer does not result in Hemlock Federal Financial Corporation qualifying to deregister with the Commission, the Board of Directors will likely consider other alternatives to achieve that result, including a reverse stock split, if it remains in Hemlock Federal Financial Corporation's best interests. If the common stock is deregistered, Hemlock Federal Financial Corporation intends, at this time, to supply stockholders with an annual report containing audited financial statements and a proxy statement after each year end, though there is no requirement that it...

txn_type = CONSOLIDATION...ional costs could exceed $100,000 per year. If this offer does not result in Hemlock Federal Financial Corporation qualifying to deregister with the Commission, the Board of Directors will likely consider other alternatives to achieve that result, including a reverse stock split, if it remains in Hemlock Federal Financial Corporation's best interests. If the common stock is deregistered, Hemlock Federal Financial Corporation intends, at this time, to supply stockholders with an annual report containing audited financial statements and a proxy statement after each year end, though there is no requirement that it...

txn_type = CONSOLIDATION...xt Page could exceed $100,000 per year. If this offer does not result in Hemlock Federal Financial Corporation qualifying to deregister with the Commission, the ^ board of ^ directors will likely consider other alternatives to achieve that result, including a reverse stock split, if it remains in Hemlock Federal Financial Corporation's best interests. If the common stock is deregistered, Hemlock Federal Financial Corporation intends, at this time, to supply stockholders with an annual report containing audited financial statements and a proxy statement after each year end, though there is no requirement that it...

txn_type = CONSOLIDATION...3 Next Page could exceed $100,000 per year. If this offer does not result in Hemlock Federal Financial Corporation qualifying to deregister with the Commission, the board of directors will likely consider other alternatives to achieve that result, including a reverse stock split, if it remains in Hemlock Federal Financial Corporation's best interests. If the common stock is deregistered, Hemlock Federal Financial Corporation intends, at this time, to supply stockholders with an annual report containing audited financial statements and a proxy statement after each year end, though there is no requirement that it...

txn_type = CONSOLIDATION...3 Next Page could exceed $100,000 per year. If this offer does not result in Hemlock Federal Financial Corporation qualifying to deregister with the Commission, the board of directors will likely consider other alternatives to achieve that result, including a reverse stock split, if it remains in Hemlock Federal Financial Corporation's best interests. If the common stock is deregistered, Hemlock Federal Financial Corporation intends, at this time, to supply stockholders with an annual report containing audited financial statements and a proxy statement after each year end, though there is no requirement that it...

txn_type = CONSOLIDATION...98-6520 (toll free). If, after the final results are announced, the Company continues to have more than 300 registered holders, 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 with respect any debentures. The tender offer is being made solely on the terms and conditions set forth in the Offer to Purchase dated April 14, 2004, as am...

txn_type = CONSOLIDATION...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 transm...

expired_on = 2004-05-14...ER OFFER OAK FOREST, ILLINOIS - Hemlock Federal Financial Corporation (NASDAQ SMALLCAP: HMLK) announced today the preliminary results of its tender offer to purchase the company's common stock, which expired on May 14, 2004. Based on a preliminary count by the depositary for the tender offer, 245,742 shares of common stock were properly tendered and not withdrawn at a price of $29.00 per share. Hemlock Federal Financial expects to purchase 219,483 shares, which represents the maximum amount the Com...

proration_pct = 89.8...wn at a price of $29.00 per share. Hemlock Federal Financial expects to purchase 219,483 shares, which represents the maximum amount the Company can buy without extending the offering, resulting in a proration factor of approximately 89.8% of the shares tendered at the $29.00 purchase price. All "odd lot" shares properly tendered at the $29.00 purchase price will be purchased before any proration is done. Of the 245,742 shares tendered, approximately 978 shares were tendered through notice of guaranteed delivery....

tendered = 245742...announced today the preliminary results of its tender offer to purchase the company's common stock, which expired on May 14, 2004. Based on a preliminary count by the depositary for the tender offer, 245,742 shares of common stock were properly tendered and not withdrawn at a price of $29.00 per share. Hemlock Federal Financial expects to purchase 219,483 shares, which represents the maximum amount the Company can buy without extending the offering, resulting in a proration factor of approximately 89.8% of the shares tendered a...