An insulative substrate includes a plurality of flexible retaining clips and a plurality of alignment and retaining pins. A metal leadframe includes a plurality of leads. Each lead terminates in a spring contact beam portion. The leadframe is attached to the substrate (for example, by fitting a hole in each lead over a corresponding alignment and retaining pin and then thermally deforming the pin to hold the lead in place). An integrated circuit is press-fit down through the retaining clips such that pads on the face side of the integrated circuit contact and compress the spring contact beams of the leads. After the press-fit step, the retaining clips hold the integrated circuit in place. The resulting assembly is encapsulated. In a cutting and bending step, the leads are singulated and formed to have a desired shape. The resulting low-cost package involves no wire-bonding and no flip-chip bond bump forming steps.