secwatch.observer — SEC 8-K summary
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Issuer:     HMN FINANCIAL INC (—)
CIK:        0000921183
Form:       8-K
Filed at:   2024-05-15T23:59:59+00:00
Accession:  0001104659-24-061634
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/921183/000110465924061634/0001104659-24-061634-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/921183/000110465924061634/tm2414377d2_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-061634

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