04:49 PM EDT, 10/09/2024 (MT Newswires) -- Alerus Financial ( ALRS ) said Wednesday it has completed the acquisition of HMN Financial ( HMNF ) in an all-stock deal worth around $128.8 million.

Under the terms of the deal, HMN merged with Alerus, while its subsidiary Home Federal Savings Bank merged with Alerus unit Alerus Financial NA.

The combined company now holds around $5.5 billion in total assets, $3.8 billion in total loans, $4.3 billion in total deposits, and about $43.6 billion in assets under administration and management, with 29 locations across the Midwest and Arizona, Alerus said.