Alerus Financial Corporation Acquires HMN Financial, Inc. (Home Federal Savings Bank)

Alerus Financial Corporation completed its previously announced all-stock acquisition of HMN Financial, Inc. and its subsidiary Home Federal Savings Bank for approximately $128.8 million. The deal expands Alerus’ banking footprint into the Rochester, Minnesota MSA, makes it the largest bank acquisition in Alerus history, and adds roughly $1.1 billion in assets to the combined company; HMN board member Jeffrey Bolton joined Alerus’ board in connection with closing.