Great Western Bancorp, Inc. Closes Merger with HF Financial Corp.

SIOUX FALLS, S.D.–(BUSINESS WIRE)–Great
Western Bancorp, Inc. (NYSE:
GWB) (“Great Western”) announced today that it has completed its
previously announced acquisition of HF Financial Corp. (“Home Federal”).
The acquisition of Home Federal increases Great Western’s assets to
approximately $11.3 billion, and will add 23 locations to its 155 branch
network with a new presence in North Dakota and Minnesota.

Great Western will be changing the existing Home Federal and Infinia
branches over the next few weeks in connection with its systems
conversion, which is expected to be completed on June 10, 2016.

“We are very pleased to welcome Home Federal customers to Great
Western,” said Ken Karels, President and Chief Executive Officer. “Our
team is eager to get to work Making Life Great for our customers and the
communities we serve.”

About Great Western Bancorp, Inc.

Great Western Bancorp, Inc. is the holding company for Great Western
Bank, a full-service regional bank focused on relationship-based
business and agribusiness banking. Great Western Bank offers small and
mid-sized businesses a focused suite of financial products and a range
of deposit and loan products to retail customers through several
channels, including the branch network, online banking system, mobile
banking applications and customer care centers. The bank services its
customers through 178 branches in nine states: South Dakota, North
Dakota, Minnesota, Iowa, Nebraska, Colorado, Arizona, Kansas and
Missouri. To learn more about Great Western Bank visit www.greatwesternbank.com.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Statements about Great Western’s expectations, beliefs, plans,
predictions, forecasts, objectives, assumptions, future events or
performance with respect to the merger are not historical facts and may
be forward-looking. These statements are often, but not always, made
through the use of words or phrases such as “anticipates,” “believes,”
“can,” “could,” “may,” “predicts,” “potential,” “should,” “will,”
“estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,”
“intends” and similar words or phrases. In particular, the statements
included in this press release concerning the expected timeline for
integration efforts related to the merger and the anticipated benefits
of the merger are not historical facts and are forward-looking.
Accordingly, the forward-looking statements in this press release are
only predictions and involve estimates, known and unknown risks,
assumptions and uncertainties that could cause actual results to differ
materially from those expressed; therefore, you are cautioned not to
place undue reliance on such statements. Any forward-looking statements
are qualified in their entirety by reference to the factors discussed in
the sections titled “Risk Factors” and “Cautionary Statement Regarding
Forward-Looking Statements” in the Proxy Statement/Prospectus related to
the merger and, more generally, to the discussion in the sections
entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking
Statements” in Great Western’s Annual Report on Form 10-K for the fiscal
year ended September 30, 2015, and the discussion in the sections
entitled “Risk Factors” and “Forward-Looking Statements” in HF
Financial’s Annual Report on Form 10-K for the fiscal year ended June
30, 2015. Further, any forward-looking statement speaks only as of the
date on which it is made, and Great Western does not undertake any
obligation to update any forward-looking statement to reflect events or
circumstances after the date on which the statement is made or to
reflect the occurrence of unanticipated events.

Contacts

Great Western Bancorp, Inc.
Media Contact:
Ann
Nachtigal, 605-988-9217
ann.nachtigal@greatwesternbank.com
or
Investor
Relations Contact:
David Hinderaker, 605-988-9253
david.hinderaker@greatwesternbank.com