- Current report filing (8-K)
October 21 2008 - 3:00PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
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October
16, 2008
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Date
of report (Date of earliest event reported)
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HMN
FINANCIAL, INC.
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(Exact
Name of Registrant as Specified in its Charter)
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Delaware
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0-24100
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41-1777397
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(State of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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1016 Civic Center Drive Northwest
PO Box 6057
Rochester, Minnesota
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55903-6057
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(507) 535-1200
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(Registrant’s Telephone Number, Including Area Code)
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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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 (
see
General Instruction A.2. below):
⃞
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
2.02 Results of Operations and Financial Condition.
The information in this section is being furnished to, but not filed
with, the Securities and Exchange Commission.
On October 20, 2008, HMN Financial, Inc. (HMN) issued a press release
that included financial information for its quarter and nine months
ended September 30, 2008. A copy of the press release is attached as
Exhibit 99 to this Form 8-K and incorporated by reference into this Item
2.02.
Item
2.06 Material Impairments.
On October 16, 2008, HMN management determined that a loan with an
outstanding balance of approximately $12.0 million had become impaired
and should be fully reserved. The impairment related indirectly to the
charges of fraud against businessman Tom Petters and the bankruptcy of
Petters Company, Inc. (PCI). The Bank issued a commercial loan in April
2003 to a company that in turn loaned money to PCI. The Bank took a
security interest in receivables from PCI as collateral for its
commercial loan. It now appears that fraudulent misrepresentations were
made about the collateral. The loan in question was current prior to
the discovery of the apparent fraud, which remains under
investigation. The financial capability of the borrower to repay the
loan is uncertain due to the pervasive impact that the apparent fraud
has had on the borrower’s financial position which raises substantial
doubt regarding future collections on the loan.
HMN does not expect the impairment to result in any future cash
expenditures.
Item
9.01. Financial Statements and Exhibits
(c)
Exhibits (the following exhibit is furnished to the SEC)
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Exhibit Number
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Description
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99
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Press release dated October 20, 2008
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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.
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HMN FINANCIAL, INC.
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Date:
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October 21, 2008
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/s/
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Jon Eberle
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Jon Eberle
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Senior Vice President,
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Chief Financial Officer and Treasurer
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EXHIBIT
INDEX
No.
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Description
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Manner of Filing
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99
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Press release dated October 20, 2008
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Filed Electronically
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