HMN to redeem $6 million series A cumulative perpetual preferreds

By Jennifer Chiou

New York, Oct. 10 – HMN Financial, Inc. announced that it will redeem $6 million of its $16 million of outstanding series A fixed-rate cumulative perpetual preferred stock on Nov. 17.

The company said that the redemption price will be $1,000 per share.

HMN also said that its board of directors declared a dividend of $22.50 per share on the preferreds.

“This redemption follows the $10 million redemption of outstanding preferred stock on May 15,” president and CEO Brad Krehbiel said in a news release.

“We look forward to enjoying the benefits of the reduced preferred stock dividend amounts in future quarters and will continue to evaluate the potential redemption of additional preferred stock in the future.”

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

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