HMN Financial Shares Jump on Merger Deal with Alerus Financial

Dow Jones05-15

By Dean Seal

Shares of HMN Financial gained after the company said it would be acquired by Alerus Financial in an all-stock deal valued at about $116.4 million.

The stock was up 13% at $22 in premarket trading, after having fallen 15% year-to-date when the market closed Tuesday. Alerus shares meanwhile slid 1% to $20.50 ahead of regular trading.

The Rochester, Minn.-based parent company of Home Federal Savings Bank said Wednesday morning that it will merge with and into Alerus. The merger will be a tax-free reorganization for HMN Financial investors, who will receive 1.25 Alerus shares for each share of HMN Financial they own.

Based on Alerus' closing price of $20.69 on Tuesday, the aggregate deal value is about $25.86 per HMN Financial share.

The transaction is expected to close in the fourth quarter and be immediately accretive to Alerus' estimated earnings before one-time costs. The deal still has to receive approval from regulators and the shareholders of both companies.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 15, 2024 09:13 ET (13:13 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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