Alerus Financial Corporation (NASDAQ: ALRS) and HMN Financial, Inc. (NASDAQ: HMNF) have received stockholder and regulatory approval to proceed with their merger. The acquisition, which was unanimously approved by both companies' boards of directors and stockholders, is expected to close early in the fourth quarter of 2024, subject to customary closing conditions.
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. The addition of Home Federal's 12 branches in Rochester, Minnesota, throughout southern Minnesota, one branch in Iowa, and one branch in Wisconsin will expand Alerus' footprint to new markets and increase its total number of branches to 29 locations throughout the Midwest and Arizona.
Alerus Financial Corporation is a commercial wealth bank and national retirement services provider, while HMN Financial, Inc. and Home Federal Savings Bank are headquartered in Rochester, Minnesota, and operate full-service offices in Minnesota, Iowa, and Wisconsin.
The press release contained forward-looking statements concerning the anticipated future performance of Alerus Financial Corporation and HMN Financial, Inc., and certain plans, expectations, goals, projections, and benefits relating to the merger, all of which are subject to numerous assumptions, risks, and uncertainties. The market has reacted to these announcements by moving the company's shares 0.5% to a price of $21.93. For the full picture, make sure to review Alerus Financial's 8-K report.
