HMN Financial in Rochester, Minn., has agreed to buy a branch from Deerwood Bank in Deerwood, Minn.
The $619 HMN said in a press release Friday that it is buying the $527 million-asset Deerwood's Albert Lea, Minn., branch. The price of the deal, which is expected to close in the second quarter, was not disclosed.
HMN said it plans to fund the acquisition with internally available funds.
"We are excited to increase our presence in the Albert Lea community through the acquisition of assets related to" the branch, Brad Krehbiel, HMN's president, said in the release. "We look forward to the opportunity of offering our complete selection of products and services to our new clients and serving them for many years to come."