REDWOOD FINANCIAL INC /MN/
8-K, 1996-11-07
SAVINGS INSTITUTION, FEDERALLY CHARTERED
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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 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)
                                November 7, 1996



                             Redwood Financial, Inc.
- --------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its Charter)



       Minnesota                   0-25884              41-1807233
- ----------------------------    --------------      ----------------------      
(State or other jurisdiction    (SEC File No.)         (IRS Employer
of incorporation)                                   Identification Number)



301 S. Washington Street, (P.O. Box 317), Redwood Falls, Minnesota    56283
- --------------------------------------------------------------------------------
(Address of principal executive offices)                            (Zip Code)



Registrant's telephone number, including area code: (507) 637-8730
                                                    -------------- 


                                 Not Applicable
          -------------------------------------------------------------
          (Former name or former address, if changed since last Report)

<PAGE>



                             REDWOOD FINANCIAL, INC.

                      INFORMATION TO BE INCLUDED IN REPORT
                      ------------------------------------

Item 7.  Financial Statements, Pro Forma Financial Information
           and Exhibits
- --------------------------------------------------------------


Exhibit 99 -- Press Release dated November 7, 1996.
- ----------



                                        2



<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.

                                                Redwood Financial, Inc.

Date:  November 7, 1996                         By: /s/Paul W. Pryor
       ----------------                             ----------------
                                                      Paul W. Pryor
                                                      President






                                  EXHIBIT 99


<PAGE>

- --------------------------------------------------------------------------------

                                     [LOGO]

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Redwood Financial, Inc.                       Contact:  Paul W. Pryor, President
301 S. Washington Street                                          (507) 637-8730
P.O. Box 317
Redwood Falls, Minnesota  56283-0317

                              For Immediate Release
                                November 7, 1996

                             Redwood Financial, Inc.
               Authorization of Stock Repurchase Program by Board

Redwood  Falls,  Minnesota -- November 7, 1996 -- Redwood  Financial,  Inc., the
holding company of Redwood Falls Federal Savings and Loan Association, announced
its intention to repurchase up to 106,875 shares of the Company's  common stock.
Mr. Paul W. Pryor, President,  said the Company has been authorized by its Board
of Directors to  repurchase  up to 10% of its  1,068,750  outstanding  shares of
common  stock.  The Company has received the  necessary  regulatory  approval to
initiate the repurchase  program.  The  repurchases  will be made in open-market
transactions,  subject to the availability of the shares, market conditions, the
trading  price of the  shares and the  Company's  financial  performance.  These
repurchased  shares  will  become  authorized  but  unissued  shares and will be
utilized for general  corporate  purposes,  including  the issuance of shares in
connection with the exercise of stock options.

Redwood Falls Federal Savings and Loan  Association is  headquartered in Redwood
Falls,  Minnesota  and  operates  through its main office and its branch  office
located in Olivia, Minnesota. The Association's deposits are insured up to legal
maximum limits by the Federal Deposit Insurance Corporation (FDIC). At September
30, 1996, the Company had total assets and stockholders' equity of $51.0 million
and $13.2 million, respectively. The Company's Common Stock is listed on the OTC
Bulletin Board under the symbol "REDW."

The Company previously announced that it had signed a letter of intent providing
for the acquisition by the Company of Olivia  Bancorporation,  Inc.  ("Olivia"),
which owns 97.6% of the outstanding  stock of American State Bank of Olivia (the
"Bank"), and the Bank.



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