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EX-99 - EXHIBIT 99.1 - HMN FINANCIAL INCex99-1.htm

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549


FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): May 1, 2014

 

HMN Financial, Inc.
(Exact name of registrant as specified in its charter)

 

Delaware 

  

0-24100 

  

41-1777397 

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

1016 Civic Center Drive Northwest 

PO Box 6057 

Rochester, Minnesota 

  

55903-6057 

(Address of principal executive offices)

 

(Zip Code)

 

Registrant's telephone number, including area code (507) 535-1200

 

  

  

 
 

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions

 

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

 

 

Item 1.02     Termination of a Material Definitive Agreement.

 

On May1, 2014, the Board of Governors of the Federal Reserve System (the “FRB”) terminated the Supervisory Agreement (the “Supervisory Agreement”) by and between HMN Financial, Inc. (the “Company”) and the FRB. The Supervisory Agreement, effective February 22, 2011, related primarily to the Company’s then existing financial performance and credit quality issues. Under the Supervisory Agreement, the Company was required to submit periodic business plans and reports to the FRB. In addition, the Supervisory Agreement required that the Company (i) not declare, make or pay any cash dividends on any of its stock or make any other capital distributions or purchase or redeem any of its stock without the prior consent of the FRB; (ii) not incur any debt or pay any interest or principal payments thereon, increase any current lines of credit or guarantee the debt of any entity without the prior consent of the FRB; (iii) comply with existing notification requirements pursuant to the applicable rules and regulations of the FRB with respect to changes in directors and certain executive officers; (iv) not make any golden parachute payment unless such payment complies with the applicable rules and regulations of the Federal Deposit Insurance Corporation (the “FDIC”); and (v) not enter into any new contractual arrangement or renew or revise any existing contractual arrangement related to compensation or benefits with any director or certain executive officers without the prior consent of the FRB, with any such arrangement to comply with all applicable rules and regulations of the FRB and FDIC.

 

Item 8.01      Other Events.

 

On May 6, 2014, the Company announced the termination of the Supervisory Agreement. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

Item 9.01     Financial Statements and Exhibits.

 

(d)     Exhibits

 

Exhibit Number

Description

99.1

Press Release dated May 6, 2014.

 

 
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SIGNATURES 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

HMN Financial, Inc.
(Registrant)

 

 

 

 

 

Date: May 6, 2014

By:

 

/s/ Jon Eberle

 

 

       

 

 

Jon Eberle

 

 

 

Senior Vice President,
Chief Financial Officer and
Treasurer

 

 

 

 

 

 

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