HMN Financial, Inc. Announces Election Results, Appointment of New Chairman and Deferral of Preferred Dividend
April 27 2011 - 2:16PM
Business Wire
HMN Financial, Inc. (HMN or the Company) (Nasdaq:HMNF) today
announced the re-election of Karen Himle and the election of Allen
Berning and Bernard Nigon as directors.
HMN also announced that its Board elected Dr. Hugh C. Smith as
Board Chair. Dr. Smith will replace Timothy Geisler, who has
reached board term limits after serving as an outside director of
HMN since 1996 and as Chair since 2001.
Dr. Smith has served as an outside director of HMN since 2009.
He was also elected Chair of the Board of Home Federal Savings
Bank.
In recognizing the service of Mr. Geisler, Mr. Krehbiel,
President of HMN and Home Federal Savings Bank, said “We would like
to thank Tim for the superb guidance and insight he has provided as
a director of HMN and the Bank for the past 15 years. We also thank
him for his leadership as Chair of HMN during the past 10 years. We
wish him well in his future endeavors.”
The Company also announced that it has determined to defer the
payment of the regular quarterly cash dividend on its Fixed Rate
Cumulative Perpetual Preferred Stock, Series A (the “TARP Preferred
Stock”) issued to the Treasury as part of the TARP Capital Purchase
Program due May 15, 2011 in the amount of $325,000. Under the
Company’s agreement with the OTS, the Company may not declare or
pay any cash dividends without the consent of the OTS, which
includes the quarterly dividend payments on the TARP Preferred
Stock. It is the current expectation of the Company that it will
defer the remaining quarterly dividend payments due in 2011. The
Company intends to re-evaluate the deferral of these dividend
payments periodically in consultation with the OTS taking into
account the Company’s financial condition, applicable legal
restrictions and other relevant factors.
HMN Financial, Inc. and Home Federal Savings Bank are
headquartered in Rochester, Minnesota. Home Federal Savings Bank
operates eleven full service offices in Minnesota located in Albert
Lea, Austin, Eagan, Edina, La Crescent, Rochester, Spring Valley
and Winona, Minnesota and two full service offices located in
Marshalltown and Toledo, Iowa. Home Federal Private Banking
operates branches in Rochester, Minnesota. Home Federal Savings
Bank also operates a loan origination office in Sartell,
Minnesota.
This press release may contain forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
including statements regarding the payment or deferral of
dividends. A number of factors could cause actual results to differ
from the Company’s assumptions and expectations. These factors
include, but are not limited to, possible legislative changes,
including changes in the degree and manner of regulatory
supervision; the Company’s and the Bank’s compliance with the
supervisory agreements with the Office of Thrift Supervision; and
adverse business, economic, and competitive developments, including
related cash flows, or other significant uncertainties. All forward
looking statements are qualified by, and should be considered in
conjunction with, such cautionary statements. All forward-looking
statements included in this press release are based upon
information available to the Company as of the date hereof, and the
Company assumes no obligation to update or revise any such
forward-looking statement. For additional discussion of the risks
and uncertainties generally applicable to the Company, see the
“Risk Factors” section of the Company’s Form 10-K for the fiscal
year ended December 31, 2010.
HMN Financial (NASDAQ:HMNF)
Historical Stock Chart
From Jun 2024 to Jul 2024
HMN Financial (NASDAQ:HMNF)
Historical Stock Chart
From Jul 2023 to Jul 2024