HAWKEYE <HWKB> ISSUES PREFERENCE STOCK
Hawkeye Bancorp said it issued
2,690,877 shares of preference stock to its institutional
creditors in payment of 32.3 mln dlrs of restructured debt.
    It said the new shares, which are convertible into common
stock on a share-for-share basis at the option of the holders
at any time, represent in the aggregate 25 pct of the equity of
Hawkeye on a fully diluted basis.
    Hawkeye also said it issued 233,983 shares of common stock
in exchange for 14,766 shares of preferred upon completion of a
previously announced exchange offer to holders of preferred.
    As a result, the company said it has 6,922,949 shares of
common, 155,009 shares of preference stock which are
convertible into 1,149,681 shares ov common and 2,690,877
shares of preference stock convertible into a like number of
common shares.
    Total common stock equivalents are 10,763,507.
 Reuter
