BUZZ-HMN Financial surges on buyout deal with Alerus Financial

Reuters05-15

** Shares of regional bank HMN Financial jump ~21% to $23.65 in morning trading

** Alerus Financial has agreed to buy HMNF in an all-stock deal valued at $116.4 mln, the banks announce

** HMNF, which had a market cap of about $87.07 mln, is a savings and loan holding company headquartered in Rochester, Minnesota, and the parent of Home Federal Savings Bank

** Founded in 1934, Home Federal operates 12 branches in Minnesota and one branch in Iowa and Wisconsin each; as of March 31, it had consolidated assets of $1.2 bln

** ALRS shares dipped 0.5% on the news in early trading

** Companies expect the deal to close in Q3

** Shares of HMNF are down ~15% YTD

** YTD, ALRS has declined 7.6% through previous close, giving it a market value of roughly $409.2 mln

(Reporting by Manya Saini in Bengaluru)

((Manya.Saini@thomsonreuters.com))

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