Alerus Financial to merge with HMN Financial in a $116.4m deal.

Alerus Financial, a commercial wealth bank and national retirement services provider, agreed to merge with HMN Financial, a stock savings bank holding company, in a $116.4m deal. “We believe we have found an exceptional partner in Alerus. They have a proven track record of diversification, profitable growth, and the ability to execute acquisitions. We are confident this merger will serve all our constituents well, including our stockholders, clients, employees, and communities,” Brad Krehbiel, HMN Financial President and CEO.