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HMNF > SEC Filings for HMNF > Form 8-K on 18-Feb-2014All Recent SEC Filings

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Termination of a Material Definitive Agreement, Other Events, Financial Stateme

Item 1.02 Termination of a Material Definitive Agreement

On February 11, 2014, the Office of the Comptroller of the Currency (the "OCC") terminated the Supervisory Agreement (the "Bank Supervisory Agreement") by and between Home Federal Savings Bank (the "Bank"), a wholly-owned subsidiary of HMN Financial, Inc. (the "Company"), and the OCC. The Bank Supervisory Agreement, effective February 22, 2011, related primarily to the Bank's then existing financial performance and credit quality issues. Under the Bank Supervisory Agreement, the Bank was required to submit periodic business plans and reports to the OCC and could not, without the prior consent of the OCC, declare or pay any cash dividends, increase its total assets during any quarter in excess of the amount of net interest credited on deposit liabilities during the prior quarter, enter into any new contractual arrangement or renew or extend any existing arrangement related to compensation or benefits with any directors or officers, make any golden parachute payment, or enter into any significant contracts with a third party service provider.

Item 8.01 Other Events.

On February 14, 2014, the Bank announced the termination of the Bank Supervisory Agreement and termination by the OCC of the individual minimum capital requirement ("IMCR") to which the Bank had been subject. 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 February 14, 2014.

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