SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
June 27, 1996
HMN FINANCIAL, INC.
(Exact name of Registrant as specified in its Charter)
DELAWARE 0-24100 41-1777397
(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification
incorporation) Number)
101 NORTH BROADWAY, SPRING VALLEY, MINNESOTA 55975
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (507) 346-7345
N/A
_________________________________________________________________
(Former name or former address, if changed since last report)
Item 5. Other Events
On June 27, 1996 the Registrant issued the attached press
release announcing a stock repurchase program.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99. Press release, dated June 27, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this Report to be signed
on its behalf by the undersigned thereunto duly authorized.
HMN FINANCIAL, INC.
Date: June 27, 1996 By: /s/ Roger P. Weise
Roger P. Weise, Chairman
and Chief Executive Officer
Exhibit 99
[graphic of open winged eagle]
HMN FINANCIAL, INC.
101 North Broadway, P.O. Box 231, Spring Valley, MN 55975-0231,
Phone (507) 346-7345, FAX (507) 346-1111
NEWS RELEASE
For Immediate Release
June 27, 1996
For Additional Information Contact:
James B. Gardner, Executive Vice President
HMN Financial, Inc.
(507) 346-7345
HMN FINANCIAL, INC. ANNOUNCES STOCK REPURCHASE PROGRAM
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SPRING VALLEY, MINNESOTA, June 27, 1996 ... HMN Financial,
Inc., (HMN) (NASDAQ:HMNF) announced its intention today to
repurchase up to 5%, or 246,060 shares, of its outstanding shares
in the open market over the next 12 month period. The shares
will be purchased at prevailing market prices from time to time,
depending upon market conditions.
Roger P. Weise, Chairman and Chief Executive Officer of HMN,
indicated that the Board of Directors approved the repurchase
program in view of the current price level of HMN's common stock.
Mr. Weise stated that "we believe that the repurchase of our
shares continues to represent an attractive investment opportunity
which will benefit HMN and our stockholders. The repurchased
shares will become treasury shares and will be used for general
corporate purposes, including the issuance of shares in
connection with the exercise of stock options".
The repurchase program will be executed through previously
selected and approved brokers.
Over the past three months, the shares traded in a range
between $14.625 and $16.125. At May 31, 1996, HMN had $551.6
million in assets and stockholders' equity of $87.1 million. On
June 27, 1996 HMN had 4,921,200 common stock shares outstanding.
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