Alerus Financial to acquire HMN Financial in all-stock deal valued at ~$116.4M

HMN FINANCIAL INC

HMNF stockholders receive 1.25 Alerus shares per HMNF share; implied value $25.86/share ($116.4M aggregate).
Combined company: ~$5.5B assets, $3.7B loans, $4.3B deposits; Alerus expects accretion to earnings and >25% IRR.
Transaction unanimously approved by both boards; expected to close Q4 2024 subject to regulatory and stockholder approvals.
HMNF had $1.15B assets, $868.7M loans, $1.03B deposits as of March 31, 2024; operates 12 branches in MN, IA, WI.
Alerus to appoint one HMNF director to its board; termination fee of $4.6M under certain conditions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HMN FINANCIAL INC entered into Agreement and Plan of Merger with Alerus Financial Corporation valued at approximately $116.4 million (effective 2024-05-14).

Action: entry
Agreement: merger
Counterparty: Alerus Financial Corporation
Value: approximately $116.4 million
Effective: 2024-05-14

Exact text from the filing

On May 14, 2024, HMN Financial, Inc., a Delaware corporation (“HMNF”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Alerus Financial Corporation, a Delaware corporation (“Alerus”), pursuant to which HMNF will merge into Alerus, with Alerus as the surviving corporation (the “Merger”).

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Source: SEC EDGAR

accession 0001104659-24-061634

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