Alerus Financial Corporation Acquires HMN Financial, Inc. (Home Federal Savings Bank)
October 9, 2024
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.
- Buyers
- Alerus Financial Corporation
- Targets
- HMN Financial, Inc., Home Federal Savings Bank
- Industry
- Financial Services
- Location
- Minnesota, United States
- Transaction Type
- Buyout
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