---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-061634"
form_type: "8-K"
ticker: null
cik: "0000921183"
company_name: "HMN FINANCIAL INC"
filed_at: "2024-05-15T23:59:59+00:00"
generated_at: "2026-06-02T00:02:54.232932+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-24-061634
- form_type: 8-K
- cik: 0000921183
- company_name: HMN FINANCIAL INC
- filed_at: 2024-05-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/921183/000110465924061634/0001104659-24-061634-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/921183/000110465924061634/tm2414377d2_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-061634
- JSON: https://secwatch.observer/filing/0001104659-24-061634.json
- Plain text: https://secwatch.observer/filing/0001104659-24-061634.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/921183/000110465924061634/0001104659-24-061634-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.