HMN declares dividend on preferreds, to redeem 10,000 shares on May 15

By Tali Rackner

Norfolk, Va., April 14 - HMN Financial, Inc. will redeem $10 million of its $26 million outstanding series A fixed-rate cumulative perpetual preferred stock, according to a filing with the Securities and Exchange Commission.

The redemption will occur at $1,000 per share on May 15.

The company also announced that its board of directors has declared a dividend of $201.71 per share on the preferreds.

The amount represents the accrued dividends on the preferred stock at the applicable dividend rate (which was 5% per annum to, but excluding, Feb. 15 and 9% per annum thereafter) for all past dividend periods, compounded quarterly, and for the dividend period ending May 14.

The dividend is payable on May 15 to holders of record on April 9.

HMN Financial is a Rochester, Minn.-based financial institution.

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