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HMN Enters Into Agreement to Acquire Assets of Deerwood Bank's Albert Lea, Minnesota Branch

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HMN Financial, Inc. ("HMN" or the "Company") (NASDAQ: HMNF) today announced that its wholly owned subsidiary, Home Federal Savings Bank (the "Bank"), has entered into an agreement to acquire certain assets and assume certain liabilities of Deerwood Bank, a state bank chartered under the laws of Minnesota ("Deerwood"), located at Deerwood's Albert Lea, Minnesota branch. Once completed, the Bank plans to service the acquired assets and assumed liabilities out of the Bank's existing branch location in Albert Lea, Minnesota.

The Bank plans to fund the acquisition with internally available funds. Completion of the transaction is subject to customary closing conditions, including obtaining regulatory approval. The Bank expects to complete the transaction in the second quarter of 2016.

"We are excited to increase our presence in the Albert Lea community through the acquisition of assets related to Deerwood Bank's Albert Lea branch," said Brad Krehbiel, President of HMN. "We look forward to the opportunity of offering our complete selection of products and services to our new clients and serving them for many years to come."

General Information

HMN Financial, Inc. and the Bank are headquartered in Rochester, Minnesota. Home Federal Savings Bank operates twelve full service offices in Minnesota located in Albert Lea, Austin, Eagan, Kasson (2), La Crescent, Rochester (4), Spring Valley and Winona; one full service office in Marshalltown, Iowa; three loan origination offices located in Delafield, Wisconsin, Sartell, Minnesota, and Owatonna, Minnesota.

 

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