Alerus Financial focuses on growth: Acquisition of HMN Financial completed

Alerus Financial has announced the completion of its largest acquisition to date: the full integration of HMN Financial and its subsidiary, Home Federal Savings Bank. With this acquisition, Alerus significantly expands its influence in the Rochester, Minnesota market. The value of this all-stock transaction amounts to approximately $128.8 million. A noteworthy aspect of the acquisition is the addition of Jeffrey Bolton, a former board member of HMN Financial, to the Alerus board of directors. Bolton brings extensive financial and administrative expertise, which will further support Alerus on its growth path. Through this strategic move, Alerus' assets increase to approximately $5.5 billion. The acquisition underscores Alerus’ ongoing growth strategy and simultaneously strengthens its banking, wealth, and retirement services in the Midwest USA and beyond.