HMN Financial, Inc. (HMN or the Company) (Nasdaq:HMNF) today announced the re-election of Bradley Krehbiel and Dr. Hugh Smith, and the election of Mark Utz, as directors.
Under HMN’s Supervisory Agreement with the Board of Governors of the Federal Reserve, it must obtain the consent of the Federal Reserve to any new director added to its board of directors. While this approval process is pending, Mr. Utz may be elected as a director, but is not yet qualified to serve in accordance with HMN’s bylaws. The term as a director of Mr. Mahlon Schneider, Mr. Utz’s predecessor, will continue until Mr. Utz is so qualified, or Mr. Schneider’s earlier resignation.
HMN Financial, Inc. and Home Federal Savings Bank are headquartered in Rochester, Minnesota. Home Federal Savings Bank operates eleven full service offices in Minnesota located in Albert Lea, Austin, Eagan, Edina, La Crescent, Rochester, Spring Valley and Winona, Minnesota and one full service office located in Marshalltown, Iowa. Home Federal Private Banking operates branches in Rochester, Minnesota. Home Federal Savings Bank also operates a loan origination office in Sartell, Minnesota.