HMN Financial, Inc. is a stock savings bank holding company that owns 100% of Home Federal Savings Bank (the Bank). Its business involves attracting deposits from the general public and businesses and using such deposits to originate or purchase one- to four-family residential, commercial real estate and multi-family mortgage loans, in addition to consumer, construction, and commercial business loans. It also invests in mortgage-backed and related securities, investment securities and other permissible investments. The Bank operates retail banking and loan production facilities in Minnesota and Iowa, and provides personalized financial services to a select group of individuals and businesses, through Eagle Crest Capital Bank, in Edina and Rochester, Minnesota. The Bank has two wholly owned subsidiaries: Osterud Insurance Agency, Inc., which offers financial planning products and services, and Home Federal Holding, Inc., which invests in real estate loans acquired from the Bank.