Business leader unloads 10,000 shares of Home Federal stock
By Jeff Kiger
Post-Bulletin, Rochester MN
While the sale of more than 10,000 shares of stock by a Home Federal Bank board member is unusual, the seller says his confidence in the bank is stronger than ever.
Business leader and former state legislator Duane Benson, of Lanesboro, sold 10,543 shares of Rochester-based HMN Financial Inc., the parent of Home Federal Bank.
"It is not a big deal," said Benson, who is listed by the SEC as an insider of HMN. "My confidence in Home Federal is better than ever. I think our foundation is very solid."
The sales, which reduced his direct holdings to 3,857 shares, were done on the advice of his financial planner as an adjustment.
"I feel very good about the bank, and I plan on buying it back next year," Benson said.
Home Federal, which avoided the subprime mortgage quagmire, has had two back-to-back difficult quarterly earnings reports. The most recent one, in October, showed a $7.1 billion net loss due to the massive fraud scandal involving Minnesota businessman Tom Petters.
Home Federal has $1.1 billion in assets. It has 16 branches in Minnesota and Iowa.