HMN Financial, Inc. announced that its Board elected Dr. Wendy Shannon as Board Chair. Dr. Shannon will replace Dr. Hugh Smith, who will continue to serve on the board. Dr. Smith has served as a director of HMN since 2009 and has served as Board Chair of HMN Financial, Inc. and Home Federal Savings Bank since 2011. His current term expires at the conclusion of the annual meeting of stockholders in 2021. Dr. Shannon has served as a director of HMN since 2013. She was also elected Chair of the Board of Home Federal Savings Bank.
HMN Financial, Inc. is a stock savings bank holding company. The Company is a holding company for Home Federal Savings Bank (the Bank). The Bank operates community banking and loan production offices in Minnesota, Iowa and Wisconsin. The Bank has two wholly owned subsidiaries, Osterud Insurance Agency, Inc. (OIA), which does business as Home Federal Investment Services and offers financial planning products and services, and HFSB Property Holdings, LLC (HPH) which is inactive. Its lending activities include general, single family residential real estate lending, commercial real estate and multi-family lending, construction lending, consumer lending and commercial business lending. It originates 15- and 30-year fixed rate mortgage loans secured by single family residences and sells the majority of these loans into the secondary market. It makes construction loans to individuals for the construction of their residences and to builders for the construction of single family residences.
HMN FINANCIAL, INC. 
