Shareholders of Palm Springs Savings Bank approved its acquisition by HF Bancorp.

Approval from the Office of Thrift Supervision has been obtained as well.

A definitive agreement was made in May. More than 89% of Palm Springs shareholders voted for the acquisition at a special meeting Aug. 23.

Palm Springs' chief executive, Stephen G. Hoffmann, will become president and managing officer of HF Bancorp and its principal subsidiary, Hemet Federal Savings and Loan Association, upon completion of the acquisition, which is expected by Sept. 27.

Once the deal is completed, the four offices of Palm Springs will continue to operate under that name as a division of Hemet Federal. The combined company will have about $925 million of assets.

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