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)
October 3, 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)
<PAGE>
Item 5. Other Events
On October 3, 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 October 3, 1996.
<PAGE>
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: October 3, 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
October 3, 1996
For Additional Information Contact:
James B. Gardner, Executive Vice President
HMN Financial, Inc.
(507) 346-7345
HMN FINANCIAL, INC. ANNOUNCES STOCK REPURCHASE PROGRAM
- ------------------------------------------------------
SPRING VALLEY, MINNESOTA, October 3, 1996 ... HMN Financial, Inc., (HMN)
(NASDAQ:HMNF) announced its intention today to repurchase up to 10%, or 467,334
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 $15.125
and $16.50. At August 31, 1996, HMN had $552.1 million in assets and
stockholders' equity of $85.3 million. On October 3, 1996 HMN had 4,673,690
common stock shares outstanding.
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