Home Federal Savings Bank
We are proud to serve communities in both Minnesota and Iowa. We are a high-performing financial service provider with the feel of an approachable, friendly community bank. Home Federal offers a full range of retail deposits and loan services, business banking/commercial services, savings, certificates of deposit, checking, retirement savings and IRAs. Home Federal also offers its clients additional services such as Debit MasterCards, Visa credit cards, ATM cards, internet banking, safe deposit boxes, investment services, and much more…
Home Federal Savings Bank, the sole operating subsidiary of HMN Financial, Inc., was originally chartered in 1934. The bank, founded in Spring Valley, Minnesota, as Home Federal Savings and Loan Association, has steadily grown to become one of the largest thrifts in the state.
In March, 1934, a number of Spring Valley businessmen met in the commercial rooms over the State Theater to hear a talk by Mr. C.H. Ellingson, a United States government official employed by the Federal Home Loan Bank Board of Washington, DC. Mr. Ellingson had been requested to address the club on the subject of organizing a Federal Savings and Loan Association for Spring Valley and the surrounding territory. The Great Depression was at its height, and money for home loans was very scarce. The objective of the federal government was twofold. First, to set up a means of providing credit for financing the construction of homes, thus giving employment to laborers and also business to material dealers. Secondly, to provide a safe place for the investment of the limited funds of local savers so the money would remain in the community and be put to use here. The idea appealed to the men present at the meeting, and a modest amount of capital was raised locally.
Shortly thereafter, a Federal Charter was secured and the Secretary of the Treasury of the United States invested a total of $250,000 in the Association, all of which funds have since been repaid to the federal government.
Branch offices were authorized and opened in Austin in 1937, Rochester in 1940 and 1978, Winona in 1973, La Crescent in 1975, Albert Lea in 1990, Marshalltown, IA in 1997, Rochester in 2001, 2006, and 2008, Eagan in 2007, and Kasson in 2015.
In June 1994, the bank converted from a mutual savings bank to a public stock institution.
Products and services offered by Home Federal Savings Bank today include a full range of retail deposits and loan services, business banking/commercial services, savings, certificates of deposit, checking, retirement savings and IRAs. Home Federal also offers its clients additional services such as Debit MasterCard, Visa credit cards, ATM cards, internet banking, safe deposit boxes, investment services, and much more….