Hawkeye Bancorp said its exchangeoffer to holders of its preferred stock expired, and a total of
14,721 shares of preferred had been tendered.
    Hawekeye said it expects to accept for exchange all shares
tendered. It said the exchange ratio would be 15.8446 shares of
common for each share of preferred stock tendered. As a result,
Hawkeye would have outstanding 6,922,215 shares of common stock
and 155,054 shares of preferred which are convertible into
1,150,005 additional common shares.
    Upon acceptance of the shares, Hawkeye said it would
eliminate outstanding preferred shares having dividend
arrearages totaling 204,499 dlrs and a liquidation preference
of 1,676,599 dlrs.
    It said the exchange offer is a part of Hawkeye's
restructuring in accordance with its previously announced debt
restructuring agreement.
 Reuter
