Alerus Financial (ALRS) said Wednesday it has completed the acquisition of HMN Financial (HMNF) in an all-stock deal worth around $128.8 million.
Under the terms of the deal, HMN merged with Alerus, while its subsidiary Home Federal Savings Bank merged with Alerus unit Alerus Financial NA.
The combined company now holds around $5.5 billion in total assets, $3.8 billion in total loans, $4.3 billion in total deposits, and about $43.6 billion in assets under administration and management, with 29 locations across the Midwest and Arizona, Alerus said.
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