Alerus Financial Announces Strategic Acquisition of HMN Financial

Alerus Financial Corporation (ALRS) has provided an announcement.

Alerus Financial Corporation is set to acquire HMN Financial, Inc. in a strategic merger that will see HMNF merge into Alerus, with Alerus remaining as the surviving entity. Under the deal, HMNF stockholders will receive 1.25 shares of Alerus common stock per HMNF share, valuing HMNF shares at an implied $25.86 each, and an approximate aggregate transaction value of $116.4 million. This merger, which is expected to be completed in Q4 2024, is subject to standard conditions and regulatory and shareholder approvals. The merger will integrate HMNF’s subsidiary bank into Alerus’s banking operations, expanding its branch network and asset base.

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