HMN FINANCIAL INC

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HMN Financial, Inc. is a stock savings bank holding company which operates retail banking and loan production facilities in Minnesota, Iowa, and Wisconsin. The company is headquartered in Rochester, Minnesota and currently employs 161 full-time employees. The firm is a holding company for Home Federal Savings Bank (the Bank). The Bank operates community banking and loan production offices in Minnesota, Iowa and Wisconsin. The Bank has two wholly owned subsidiaries, Osterud Insurance Agency, Inc. (OIA), which does business as Home Federal Investment Services and offers financial planning products and services, and HFSB Property Holdings, LLC (HPH) which is inactive. Its lending activities include general, single family residential real estate lending, commercial real estate and multi-family lending, construction lending, consumer lending and commercial business lending. The company originates 15- and 30-year fixed rate mortgage loans secured by single family residences and sells the majority of these loans into the secondary market. The company makes construction loans to individuals for the construction of their residences and to builders for the construction of single family residences.