Overview
The BFKN Financial Institutions Group served as legal counsel to Alerus Financial Corporation (“Alerus”) (NASDAQ: ALRS) in its completion of the previously announced acquisition of HMN Financial, Inc. (“HMNF”) (NASDAQ: HMNF), pursuant to which Alerus has acquired HMNF, a savings and loan holding company headquartered in Rochester, Minnesota, and the parent company of Home Federal Savings Bank (“Home Federal”).
Under the terms of the merger agreement, HMNF merged with and into Alerus, and Home Federal merged with and into Alerus' wholly-owned bank subsidiary, Alerus Financial, National Association, in a transaction valued at approximately $128.8 million. This acquisition expands Alerus' footprint in the Rochester, Minnesota, market and represents the largest bank acquisition in Alerus’ history.
BFKN's legal team was led by Financial Institutions co-chair Joseph T. Ceithaml, with assistance from associates Zoe Xiuha Uvin and Camryn C. Dreyer. Litigation matters were handled by partners W. Scott Porterfield and Nicholas H. Callahan and associate Carmel I. Dooling. Tax considerations were handled by partners Michael J. Towne and Megan E. Toal. Andrew K. Strimaitis, Corwin J. Carr, and Alex Freund advised on executive compensation matters. Real estate issues were addressed by Christine K. Nichols.
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