Alerus Financial, HMN Financial merger receives all approvals to proceed

Alerus Financial (ALRS) and its wholly owned subsidiary, Alerus Financial, National Association, have received all regulatory approvals necessary to complete the 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 September 12. Alerus and Home Federal anticipate the acquisition will close early in Q4 2024, subject to customary closing conditions. Upon completion of the transaction, Alerus will have approximately $5.5B in total assets, $3.7B in total loans, $4.3B in total deposits, and approximately $43.1B in assets under administration and management. The addition of Home Federal’s 12 branches in Rochester, Minnesota and throughout southern Minnesota, one branch in Iowa, and one branch in Wisconsin, will increase its total number of branches to 29 locations throughout the Midwest and Arizona.