HMN Financial INC: directors' dealings · United States · SEC (Form 4)

About HMN Financial INC

HMN Financial Inc. (ticker HMNF) was a U.S. financial-services holding company that was listed on the Nasdaq in the United States. Before its acquisition, HMN Financial served as the holding company for Home Federal Savings Bank, a federally chartered savings bank headquartered in Rochester, Minnesota. The operating heritage of the business dates back to 1934, when Home Federal was founded, giving the franchise a long-established community-banking footprint in the Upper Midwest. The parent company began trading on the NYSE under the symbol HMN in November 1991 and later traded on Nasdaq as HMNF. ([sec.gov](https://www.sec.gov/Archives/edgar/data/921183/000110465924084536/tm2414377-1_defm14a.htm?utm_source=openai)) From a business-model perspective, HMN Financial was a community-oriented banking organization focused on core deposit gathering and relationship lending. Its lending activities included residential mortgage loans, commercial loans, consumer credit, and other financing solutions for individuals, small businesses, and local commercial borrowers. The bank also offered related financial-services products through Home Federal Investment Services, extending the franchise beyond traditional balance-sheet banking into advisory and investment-related offerings. In practical terms, HMN Financial’s competitive positioning was that of a regional relationship bank rather than a national-scale institution, with performance tied closely to local market relationships, credit quality, funding mix, and interest-rate conditions. ([sec.gov](https://www.sec.gov/Archives/edgar/data/921183/000143774923005328/hmnf20221231_10k.htm?utm_source=openai)) Geographically, Home Federal’s branch network was concentrated in Minnesota, with additional locations in Iowa and Wisconsin. That footprint made the company a niche Midwest regional player with strong local-market relevance, especially in communities around Rochester and other southern Minnesota markets. For investors, that mattered because the franchise was shaped by local deposit competition, regional loan demand, and the economics of operating a relatively focused banking network. ([sec.gov](https://www.sec.gov/Archives/edgar/data/903419/000110465924103191/tm2424767d1_ex99-1.htm?utm_source=openai)) A major recent event reshaped the story completely. In May 2024, Alerus Financial Corporation announced an all-stock acquisition of HMN Financial; the transaction received regulatory approval in September 2024 and closed on October 9, 2024. SEC filings state that HMN Financial merged into Alerus, and Home Federal Savings Bank merged into Alerus Financial, National Association. In other words, HMNF ceased to exist as an independent listed issuer after the closing. For market participants reviewing SEC Form 4 insider activity, HMNF should therefore be viewed as a legacy public-company reference, with insider transaction history primarily relevant for pre-merger analysis rather than for ongoing trading in a standalone equity. ([sec.gov](https://www.sec.gov/Archives/edgar/data/903419/000110465924061633/tm2414375d2_ex99-1.htm?utm_source=openai))