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HMNF > SEC Filings for HMNF > Form 8-K on 6-May-2014All Recent SEC Filings

Show all filings for HMN FINANCIAL INC



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

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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