HMN Financial, Inc. (HMN) is a stock savings bank holding company that owns 100% of Home Federal Savings Bank (the Bank). The Bank operates retail banking and loan production facilities in Minnesota and Iowa. The Bank has two wholly-owned subsidiaries, Osterud Insurance Agency, Inc. (OIA), which offers financial planning products and services and HFSB Property Holdings, LLC (HPH), which acts as an intermediary for the Bank in holding and operating certain foreclosed properties. HMN�s business involves attracting deposits from the general public and businesses and using such deposits to originate or purchase one-to-four family residential, commercial real estate, and multi-family mortgage loans as well as consumer, construction, and commercial business loans. The Company also invests in mortgage-backed and related securities, the United States Government agency obligations and other permissible investments.