Alerus Financial received all regulatory approvals necessary to complete the previously announced acquisition of HMN Financial (HMNF) and its wholly owned subsidiary, Home Federal Savings Bank. The merger was unanimously approved by the board of directors of each company. Stockholders of each company approved the all-stock transaction during special meetings held Sept. 12, 2024. Alerus and Home Federal anticipate the acquisition will close early in Q4/24, subject to customary closing conditions.

“This is an exciting time for both Alerus and Home Federal as we merge our teams and prepare to provide an enhanced financial services experience for our combined clients,” Katie Lorenson, president and CEO of Alerus, said. “As an experienced acquirer, we are committed to providing a seamless transition for Home Federal’s employees and clients and we look forward to helping them achieve their long-term financial goals.”

“We carefully selected Alerus as our merger partner for many reasons, but at the top of the list are our similar values and commitment to client service,” Brad Krehbiel, president and CEO of HMNF, said. “Our merger with Alerus is the right choice for our stockholders, our clients and our employees, and we are excited for the new opportunities this will bring to our clients and team.”

Upon completion of the transaction, Alerus will have approximately $5.5 billion in total assets, $3.7 billion in total loans, $4.3 billion in total deposits and approximately $43.1 billion in assets under administration and management.