HMN Financial, Inc., holding company for Home Federal Savings Bank, based in Rochester, Minn., announced the closing of the bank's previously announced sale of the the Home Federal Bank in Toledo to Pinnacle Bank of Marshalltown.
Pinnacle Bank is owned by the Sac and Fox Tribe of the Mississippi in Iowa- (Meskwaki).
In as press release issued on Friday, March 16, HMN said the sale is expected to result in a one-time gain of about $550,000 in the first quarter of 2012 and a decrease in Home federals' overall assets of about $37 million.
Bradley Krehbiel, president of Hoe Federal Savings Bank said "we are pleased to announce the completion of the sale od our Toledo branch to a local bank. The sale and the related gain improve the bank's core capital position and allow us to focus our efforts on the markets we serve."
Home Federal will continue to operate a bank location in Marshalltown as well other locations in Minnesota.