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<TITLE>FORM S-8</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Registration Number 333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt; MARGIN-BOTTOM: 6PT">As filed with the Securities and Exchange Commission on April&nbsp;29, 2009.
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
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<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
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<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
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<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>HMN Financial, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><I>(Exact name of registrant as specified in its charter)</I></DIV>


<DIV align="center">
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    <TD align="center" valign="top"><B>Delaware</B><BR>
<I>(State or other jurisdiction of <BR>
incorporation or organization)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>41-1777397</B><BR>
<I>(I.R.S. employer<BR>
Identification No.)</I></TD>
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    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>1016 Civic Center Drive Northwest <BR>
PO Box 6057<BR>
Rochester, Minnesota</B><BR>
<I>(Address of principal executive offices)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>55901</B><BR>
<I>(Zip code)</I></TD>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>HMN FINANCIAL, INC. 2009 EQUITY INCENTIVE PLAN</B></DIV>

<DIV align="center" style="font-size: 10pt"><I>(Full title of the plan)</I></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Jon Eberle<BR>
Senior Vice President, Chief Financial Officer and Treasurer<BR>
1016 Civic Center Drive Northwest<BR>
PO Box 6057<BR>
Rochester, Minnesota 55901</B><BR>
<I>(Name and address of agent for service)</I></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(507)&nbsp;535-1200</B><BR>
<I>(Telephone number, including area code, of agent for service)</I></DIV>




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large
accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the
Exchange Act. (Check one):
</DIV>



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    <TD width="22%">&nbsp;</TD>
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    <TD align="center" valign="top">Large accelerated filer <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accelerated filer <FONT face="Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-accelerated filer <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Smaller reporting company <FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>(Do not check if a smaller reporting company)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
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    <TD width="7%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount of</TD>
    <TD width="1%">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Title of securities</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount to</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">offering price per</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">aggregate offering</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">registration</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center" style="border-bottom: 0px solid #000000">to be registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">be registered<SUP style="font-size: 85%; vertical-align: text-top">(1)(2)</SUP></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">share<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">price<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">fee<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD width="1%">&nbsp;</TD>
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                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000" NOWRAP>350,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">$4.30</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">$1,505,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">$84.00</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
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<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416 under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), this Registration Statement will also cover any additional shares of common stock, par
value $.01 (&#147;Common Stock&#148;) of HMN Financial, Inc. (the &#147;Company&#148;) that become issuable under
the HMN Financial, Inc. 2009 Equity Incentive Plan (the &#147;Plan&#148;) by reason of any stock
dividend, stock split, reorganization or other similar transaction effected without the
registrant&#146;s receipt of consideration that results in an increase in the number of outstanding
shares of the Common Stock.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>As described in the Explanatory Note in this Registration Statement, the number of
shares of Common Stock registered hereby consists of (a)&nbsp;350,000 shares being registered for
the first time, plus (b)&nbsp;an undetermined number of shares (the &#147;Carryover Shares&#148;) that were
previously registered by the Company under the HMN Financial, Inc. 2001 Omnibus Stock Plan
(the &#147;Prior Plan&#148;) on Form S-8, filed with the Securities and Exchange Commission on June&nbsp;29,
2001 (Registration Statement 333-64232).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for purposes of calculating the registration fee. Based on the
average of the high and low prices reported on the NASDAQ Global Market on April&nbsp;22, 2009,
pursuant to Rule 457(c) and (h)(1). The Company is paying registration fees solely with
respect to the 350,000 shares being newly registered hereby. The registration fee with
respect to the Carryover Shares was paid upon filing of the Registration Statement on Form S-8
as described in footnote 2 above. Therefore, no further registration fee is required.</TD>
</TR>

</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXPLANATORY NOTE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s stockholders approved the Plan on April&nbsp;28, 2009. The Company&#146;s authority to
grant new awards under the Prior Plan terminated upon stockholder approval of the Plan. The Plan
provides for the issuance of 350,000 shares of Common Stock not previously covered by a
Registration Statement on Form S-8 (the &#147;New Shares&#148;) and the issuance of shares of Common Stock in
an amount equal to the number of shares represented by any stock option or restricted stock award
that is forfeited or terminates without vesting, or any stock option that terminates, expires or
lapses without being exercised, under the Prior Plan; provided, however, that shares of Common
Stock tendered or withheld to pay the exercise price of a stock option or to pay tax withholding on
an award under the Prior Plan will not be added back to the Shares available under the Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of this Registration Statement is to register the New Shares and to carry forward
to this Registration Statement the Carryover Shares. The Carryover Shares were previously
registered under the Prior Plan on a Registration Statement on Form S-8, filed with the Securities
and Exchange Commission on June&nbsp;29, 2001 (Registration Statement 333-64232). The registration fee
for the registration of the Carryover Shares was paid in connection with the filing of the
foregoing Form S-8. A post-effective amendment to the foregoing Form S-8 is being filed to remove from
registration the Carryover Shares.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">







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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The document(s) containing the information required by Part&nbsp;I of Form S-8 will be sent or
given to employees as specified by Rule&nbsp;428(b)(1) under the Securities Act. Such documents need not
be filed with the Securities and Exchange Commission (the &#147;Commission&#148;), either as part of this
Registration Statement or as prospectuses or prospectus supplements pursuant to Rule&nbsp;424 under the
Securities Act. These documents and the documents incorporated by reference in this Registration
Statement pursuant to Item&nbsp;3 of Part&nbsp;II of Form S-8, taken together, constitute a prospectus that
meets the requirements of Section 10(a) of the Securities Act.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Part II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby incorporates by reference in this Registration Statement the following
documents:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;All other reports filed by the Company pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended, (the &#147;Exchange Act&#148;) since December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The description of the Company&#146;s common stock contained in the Registration Statement on
Form 8-A as filed on May&nbsp;12, 1994, SEC File No.&nbsp;0-24100, including any amendments or reports filed
for the purpose of updating the description, including the Current
Report on Form 8-K filed by the
Company on April&nbsp;29, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all other reports and documents filed by the Company with the Securities and
Exchange Commission (the &#147;Commission&#148;) pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the
Exchange Act subsequent to the date of this Registration Statement (except for portions of the
Company&#146;s current reports furnished, as opposed to filed, on Form 8-K), and prior to the filing of
a post-effective amendment that indicates that all the securities offered have been sold or that
deregisters all securities then remaining unsold, shall be deemed to be incorporated herein by
reference and to be a part hereof from the date of the filing of such documents with the
Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated, or deemed to be incorporated, by reference
in this Registration Statement shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained in this Registration Statement or
incorporated by reference or in any other subsequently filed document that also is or is deemed to
be incorporated by reference modifies or supersedes the statement. Any statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this
Registration Statement.
</DIV>
<!-- link2 "Item&nbsp;4. Description of Securities" -->


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
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<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
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<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;ELEVENTH of our certificate of incorporation, as amended, provides for indemnification
of our directors and officers against any and all liabilities, judgments, fines and reasonable
settlements, costs, expenses and
attorneys&#146; fees incurred in any actual, threatened or potential proceeding, except to the
extent that such indemnification is limited by Delaware law and such law cannot be varied by
contract or bylaw. Article&nbsp;ELEVENTH also provides for the authority to purchase insurance with
respect thereto.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the Delaware General Corporation Law authorizes a corporation&#146;s board of
directors to grant indemnity under certain circumstances to directors and officers, when made, or
threatened to be made, parties to certain proceedings by reason of such status with the
corporation, against judgments, fines, settlements and expenses, including attorneys&#146; fees. In
addition, under certain circumstances such persons may be indemnified against expenses actually and
reasonably incurred in defense of a proceeding by or on behalf of the corporation. Similarly, the
corporation, under certain circumstances, is authorized to indemnify directors and officers of
other corporations or enterprises who are serving as such at the request of the corporation, when
such persons are made, or threatened to be made, parties to certain proceedings by reason of such
status, against judgments, fines, settlements and expenses, including attorneys&#146; fees; and under
certain circumstances, such persons may be indemnified against expenses actually and reasonably
incurred in connection with the defense or settlement of a proceeding by or in the right of such
other corporation or enterprise. Indemnification is permitted where such person (i)&nbsp;was acting in
good faith; (ii)&nbsp;was acting in a manner the person reasonably believed to be in or not opposed to
the best interests of the corporation or other corporation or enterprise, as appropriate (iii)&nbsp;with
respect to a criminal proceeding, had no reasonable cause to believe his or her conduct was
unlawful; and (iv)&nbsp;was not adjudged to be liable to the corporation or other corporation or
enterprise (unless the court where the proceeding was brought determines that such person is fairly
and reasonably entitled to indemnity).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless ordered by a court, indemnification may be made only following a determination that
such indemnification is permissible because the person being indemnified has met the requisite
standard of conduct. Such determination may be made (i)&nbsp;by a majority vote of the corporation&#146;s
directors who are not parties to such proceeding even though less than a quorum; or (ii)&nbsp;by a
committee of such directors designated by a majority vote of such directors, even though less than
a quorum; or (iii)&nbsp;if there are no such directors, or if the directors so direct, by independent
legal counsel in a written opinion; or (iv)&nbsp;by the stockholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 also permits expenses incurred by directors and officers in defending a proceeding
to be paid by the corporation in advance of the final disposition of such proceedings upon the
receipt of an undertaking by the director or officer to repay such amount if it is ultimately
determined that he is not entitled to be indemnified by the corporation against such expenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under a directors&#146; and officers&#146; liability insurance policy, our directors and officers are
insured against certain liabilities, excluding certain liabilities under the Securities Act.
</DIV>
<!-- link2 "Item&nbsp;7. Exemption From Registration Claimed" -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;7. Exemption From Registration Claimed</B>.

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;8. Exhibits" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The following is a list of all exhibits filed as part of this Registration Statement or, as noted,
incorporated by reference into this Registration Statement:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><U><B>Exhibit No.</B></U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><U><B>Description</B></U></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Certificate of Incorporation of HMN Financial,
Inc. (incorporated by reference to Exhibit&nbsp;3(a) to the Company&#146;s
Quarterly Report on Form&nbsp;10-Q filed with the Commission on May&nbsp;14,
1998 (File No.&nbsp;0-24100)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws of HMN Financial, Inc. (incorporated by
reference to Exhibit&nbsp;3.2 to the Company&#146;s Quarterly Report on Form
10-Q/A filed with the Commission on December&nbsp;19, 2008 (File No.
0-24100)).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><U><B>Exhibit No.</B></U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><U><B>Description</B></U></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center">&nbsp;&nbsp;&nbsp;&nbsp;4.3
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Common Stock Certificate (incorporated by reference to
Exhibit&nbsp;4 to the Company&#146;s Registration Statement on Form&nbsp;S-1 dated
April&nbsp;1, 1994 (File No.&nbsp;33-77212)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center">&nbsp;&nbsp;&nbsp;&nbsp;4.4
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HMN Financial, Inc. 2009 Equity Incentive Plan (incorporated by
reference to Exhibit&nbsp;A to the Company&#146;s Proxy Statement for its 2009
Annual Meeting of Stockholders, filed on March&nbsp;20, 2009).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center">&nbsp;&nbsp;&nbsp;&nbsp;5.1
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Faegre &#038; Benson LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center">&nbsp;&nbsp;&nbsp;23.1
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP, independent registered public accounting firm.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center">&nbsp;&nbsp;&nbsp;23.2
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Faegre &#038; Benson LLP (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center">&nbsp;&nbsp;&nbsp;24.1
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included in
signature page).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link2 "Item&nbsp;9. Undertakings" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Post-Effective Amendments.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities
Act of 1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered)
and deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than
a 20&nbsp;percent change in the maximum aggregate offering price set forth in the
&#147;Calculation of Registration Fee&#148; table in the effective registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>provided, however</I>, that paragraphs (a)&nbsp;and (b)&nbsp;above will not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
reports filed with or furnished to the Commission by the registrant pursuant to Section&nbsp;13
or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in this registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial <I>bona fide </I>offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subsequent Documents Incorporated by Reference.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant&#146;s annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is
incorporated by reference in the registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Claims for Indemnification.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of
expenses incurred or paid by a director, officer or controlling person of the registrant in
the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and will be
governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Rochester, State of Minnesota, on April&nbsp;29, 2009.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>HMN FINANCIAL, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/  Jon Eberle
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Jon Eberle&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><I>Senior Vice President, Chief Financial Officer and
Treasurer</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the date indicated. Each such person
whose signature appears below, hereby makes, constitutes and appoints Jon Eberle or his respective
true and lawful attorney, with full power to sign for such person and in such person&#146;s name and
capacity indicated below, and with full power of substitution, any and all amendments, including
post-effective amendments, to this Registration Statement, hereby ratifying and confirming such
person&#146;s signature as it may be signed by said attorney to any and all amendments.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bradley C. Krehbiel
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">President, Home Federal Savings Bank
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April&nbsp;29, 2009</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Bradley C. Krehbiel
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;(principal
executive officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jon Eberle
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Senior Vice President, Chief Financial Officer</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April&nbsp;29, 2009</TD>
</TR>




<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>Jon Eberle
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">and Treasurer (principal accounting
officer and principal financial
officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Timothy R. Geisler
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chairman of the Board
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April&nbsp;29, 2009</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Timothy R. Geisler
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Hugh C. Smith
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April&nbsp;29, 2009</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Hugh C. Smith
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Allan R. DeBoer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April&nbsp;29, 2009</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Allan R. DeBoer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Mahlon C. Schneider
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April&nbsp;29, 2009</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Mahlon C. Schneider
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Susan K. Kolling
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April&nbsp;29, 2009</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Susan K. Kolling
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael J. Fogarty
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April&nbsp;29, 2009</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Michael J. Fogarty
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Malcom W. McDonald
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April&nbsp;29, 2009</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Malcom W. McDonald
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Karen L. Himle
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April&nbsp;29, 2009</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Karen L. Himle
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
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<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-15px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Certificate of Incorporation of HMN Financial,
Inc. (incorporated by reference to Exhibit&nbsp;3(a) to the Company&#146;s
Quarterly Report on Form&nbsp;10-Q filed with the Commission on May&nbsp;14,
1998 (File No.&nbsp;0-24100)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-15px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws of HMN Financial, Inc. (incorporated by
reference to Exhibit&nbsp;3.2 to the Company&#146;s Quarterly Report on Form
10-Q/A filed with the Commission on December&nbsp;19, 2008 (File No.
0-24100)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-15px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Common Stock Certificate (incorporated by reference to
Exhibit&nbsp;4 to the Company&#146;s Registration Statement on Form&nbsp;S-1 dated
April&nbsp;1, 1994 (File No.&nbsp;33-77212)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-15px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HMN Financial, Inc. 2009 Equity Incentive Plan (incorporated by
reference to Exhibit&nbsp;A to the Company&#146;s proxy statement for its 2009
Annual Meeting of Stockholders, filed on March&nbsp;20, 2009).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-15px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Faegre &#038; Benson LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:41px; text-indent:-15px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP, independent registered public accounting firm.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:41px; text-indent:-15px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Faegre &#038; Benson LLP (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:41px; text-indent:-15px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included in
signature page).</TD>
</TR>
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[{"type": "S-8", "sequence": "1", "filename": "c50927sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 54563}]
{"company-data": {"conformed-name": "HMN FINANCIAL INC", "cik": "0000921183", "assigned-sic": "6035", "irs-number": "411777397", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-158893", "film-number": "09779771"}, "business-address": {"street1": "1016 CIVIC CENTER DRIVE NORTHWEST", "city": "ROCHESTER", "state": "MN", "zip": "55901", "phone": "5075351200"}, "mail-address": {"street1": "1016 CIVIC CENTER DRIVE NW", "city": "ROCHESTER", "state": "MN", "zip": "55901"}}
FORM S-8
Registration Number 333-
As filed with the Securities and Exchange Commission on April 29, 2009.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
HMN Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
41-1777397
(I.R.S. employer
Identification No.)
1016 Civic Center Drive Northwest
PO Box 6057
Rochester, Minnesota
(Address of principal executive offices)
55901
(Zip code)
HMN FINANCIAL, INC. 2009 EQUITY INCENTIVE PLAN
(Full title of the plan)
Jon Eberle
Senior Vice President, Chief Financial Officer and Treasurer
1016 Civic Center Drive Northwest
PO Box 6057
Rochester, Minnesota 55901
(Name and address of agent for service)
(507) 535-1200
(Telephone number, including area code, of agent for service)
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large
accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the
Exchange Act. (Check one):
Large accelerated filer
o
Accelerated filer
þ
Non-accelerated filer
o
Smaller reporting company
o
(Do not check if a smaller reporting company)
CALCULATION OF REGISTRATION FEE
Proposed maximum
Proposed maximum
Amount of
Title of securities
Amount to
offering price per
aggregate offering
registration
to be registered
be registered
(1)(2)
share
(3)
price
(3)
fee
(3)
Common Stock
350,000 shares
$4.30
$1,505,000
$84.00
1
Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities
Act"), this Registration Statement will also cover any additional shares of common stock, par
value $.01 ("Common Stock") of HMN Financial, Inc. (the "Company") that become issuable under
the HMN Financial, Inc. 2009 Equity Incentive Plan (the "Plan") by reason of any stock
dividend, stock split, reorganization or other similar transaction effected without the
registrant's receipt of consideration that results in an increase in the number of outstanding
shares of the Common Stock.
2
As described in the Explanatory Note in this Registration Statement, the number of
shares of Common Stock registered hereby consists of (a) 350,000 shares being registered for
the first time, plus (b) an undetermined number of shares (the "Carryover Shares") that were
previously registered by the Company under the HMN Financial, Inc. 2001 Omnibus Stock Plan
(the "Prior Plan") on Form S-8, filed with the Securities and Exchange Commission on June 29,
2001 (Registration Statement 333-64232).
3
Estimated solely for purposes of calculating the registration fee. Based on the
average of the high and low prices reported on the NASDAQ Global Market on April 22, 2009,
pursuant to Rule 457(c) and (h)(1). The Company is paying registration fees solely with
respect to the 350,000 shares being newly registered hereby. The registration fee with
respect to the Carryover Shares was paid upon filing of the Registration Statement on Form S-8
as described in footnote 2 above. Therefore, no further registration fee is required.
EXPLANATORY NOTE
The Company's stockholders approved the Plan on April 28, 2009. The Company's authority to
grant new awards under the Prior Plan terminated upon stockholder approval of the Plan. The Plan
provides for the issuance of 350,000 shares of Common Stock not previously covered by a
Registration Statement on Form S-8 (the "New Shares") and the issuance of shares of Common Stock in
an amount equal to the number of shares represented by any stock option or restricted stock award
that is forfeited or terminates without vesting, or any stock option that terminates, expires or
lapses without being exercised, under the Prior Plan; provided, however, that shares of Common
Stock tendered or withheld to pay the exercise price of a stock option or to pay tax withholding on
an award under the Prior Plan will not be added back to the Shares available under the Plan.
The purpose of this Registration Statement is to register the New Shares and to carry forward
to this Registration Statement the Carryover Shares. The Carryover Shares were previously
registered under the Prior Plan on a Registration Statement on Form S-8, filed with the Securities
and Exchange Commission on June 29, 2001 (Registration Statement 333-64232). The registration fee
for the registration of the Carryover Shares was paid in connection with the filing of the
foregoing Form S-8. A post-effective amendment to the foregoing Form S-8 is being filed to remove from
registration the Carryover Shares.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The document(s) containing the information required by Part I of Form S-8 will be sent or
given to employees as specified by Rule 428(b)(1) under the Securities Act. Such documents need not
be filed with the Securities and Exchange Commission (the "Commission"), either as part of this
Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the
Securities Act. These documents and the documents incorporated by reference in this Registration
Statement pursuant to Item 3 of Part II of Form S-8, taken together, constitute a prospectus that
meets the requirements of Section 10(a) of the Securities Act.
Part II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
The Company hereby incorporates by reference in this Registration Statement the following
documents:
(a) The Company's Annual Report on Form 10-K for the year ended December 31, 2008.
(b) All other reports filed by the Company pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended, (the "Exchange Act") since December 31, 2008.
(c) The description of the Company's common stock contained in the Registration Statement on
Form 8-A as filed on May 12, 1994, SEC File No. 0-24100, including any amendments or reports filed
for the purpose of updating the description, including the Current
Report on Form 8-K filed by the
Company on April 29, 2009.
In addition, all other reports and documents filed by the Company with the Securities and
Exchange Commission (the "Commission") pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act subsequent to the date of this Registration Statement (except for portions of the
Company's current reports furnished, as opposed to filed, on Form 8-K), and prior to the filing of
a post-effective amendment that indicates that all the securities offered have been sold or that
deregisters all securities then remaining unsold, shall be deemed to be incorporated herein by
reference and to be a part hereof from the date of the filing of such documents with the
Commission.
Any statement contained in a document incorporated, or deemed to be incorporated, by reference
in this Registration Statement shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained in this Registration Statement or
incorporated by reference or in any other subsequently filed document that also is or is deemed to
be incorporated by reference modifies or supersedes the statement. Any statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this
Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Article ELEVENTH of our certificate of incorporation, as amended, provides for indemnification
of our directors and officers against any and all liabilities, judgments, fines and reasonable
settlements, costs, expenses and
attorneys' fees incurred in any actual, threatened or potential proceeding, except to the
extent that such indemnification is limited by Delaware law and such law cannot be varied by
contract or bylaw. Article ELEVENTH also provides for the authority to purchase insurance with
respect thereto.
Section 145 of the Delaware General Corporation Law authorizes a corporation's board of
directors to grant indemnity under certain circumstances to directors and officers, when made, or
threatened to be made, parties to certain proceedings by reason of such status with the
corporation, against judgments, fines, settlements and expenses, including attorneys' fees. In
addition, under certain circumstances such persons may be indemnified against expenses actually and
reasonably incurred in defense of a proceeding by or on behalf of the corporation. Similarly, the
corporation, under certain circumstances, is authorized to indemnify directors and officers of
other corporations or enterprises who are serving as such at the request of the corporation, when
such persons are made, or threatened to be made, parties to certain proceedings by reason of such
status, against judgments, fines, settlements and expenses, including attorneys' fees; and under
certain circumstances, such persons may be indemnified against expenses actually and reasonably
incurred in connection with the defense or settlement of a proceeding by or in the right of such
other corporation or enterprise. Indemnification is permitted where such person (i) was acting in
good faith; (ii) was acting in a manner the person reasonably believed to be in or not opposed to
the best interests of the corporation or other corporation or enterprise, as appropriate (iii) with
respect to a criminal proceeding, had no reasonable cause to believe his or her conduct was
unlawful; and (iv) was not adjudged to be liable to the corporation or other corporation or
enterprise (unless the court where the proceeding was brought determines that such person is fairly
and reasonably entitled to indemnity).
Unless ordered by a court, indemnification may be made only following a determination that
such indemnification is permissible because the person being indemnified has met the requisite
standard of conduct. Such determination may be made (i) by a majority vote of the corporation's
directors who are not parties to such proceeding even though less than a quorum; or (ii) by a
committee of such directors designated by a majority vote of such directors, even though less than
a quorum; or (iii) if there are no such directors, or if the directors so direct, by independent
legal counsel in a written opinion; or (iv) by the stockholders.
Section 145 also permits expenses incurred by directors and officers in defending a proceeding
to be paid by the corporation in advance of the final disposition of such proceedings upon the
receipt of an undertaking by the director or officer to repay such amount if it is ultimately
determined that he is not entitled to be indemnified by the corporation against such expenses.
Under a directors' and officers' liability insurance policy, our directors and officers are
insured against certain liabilities, excluding certain liabilities under the Securities Act.
Item 7. Exemption From Registration Claimed
.
Not applicable.
Item 8. Exhibits
The following is a list of all exhibits filed as part of this Registration Statement or, as noted,
incorporated by reference into this Registration Statement:
Exhibit No.
Description
4.1
Amended and Restated Certificate of Incorporation of HMN Financial,
Inc. (incorporated by reference to Exhibit 3(a) to the Company's
Quarterly Report on Form 10-Q filed with the Commission on May 14,
1998 (File No. 0-24100)).
4.2
Amended and Restated Bylaws of HMN Financial, Inc. (incorporated by
reference to Exhibit 3.2 to the Company's Quarterly Report on Form
10-Q/A filed with the Commission on December 19, 2008 (File No.
0-24100)).
Exhibit No.
Description
4.3
Form of Common Stock Certificate (incorporated by reference to
Exhibit 4 to the Company's Registration Statement on Form S-1 dated
April 1, 1994 (File No. 33-77212)).
4.4
HMN Financial, Inc. 2009 Equity Incentive Plan (incorporated by
reference to Exhibit A to the Company's Proxy Statement for its 2009
Annual Meeting of Stockholders, filed on March 20, 2009).
5.1
Opinion of Faegre & Benson LLP.
23.1
Consent of KPMG LLP, independent registered public accounting firm.
23.2
Consent of Faegre & Benson LLP (included in Exhibit 5.1).
24.1
Powers of Attorney (included in
signature page).
Item 9. Undertakings.
A.
Post-Effective Amendments.
The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(a) To include any prospectus required by Section 10(a)(3) of the Securities
Act of 1933;
(b) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered)
and deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than
a 20 percent change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective registration statement;
(c) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;
provided, however
, that paragraphs (a) and (b) above will not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
reports filed with or furnished to the Commission by the registrant pursuant to Section 13
or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in this registration statement.
(2) That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial
bona fide
offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
B.
Subsequent Documents Incorporated by Reference.
The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant's annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is
incorporated by reference in the registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial
bona fide
offering thereof.
C.
Claims for Indemnification.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of
expenses incurred or paid by a director, officer or controlling person of the registrant in
the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and will be
governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Rochester, State of Minnesota, on April 29, 2009.
HMN FINANCIAL, INC.
By:
/s/  Jon Eberle
Jon Eberle
Senior Vice President, Chief Financial Officer and
Treasurer
POWER OF ATTORNEY
Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the date indicated. Each such person
whose signature appears below, hereby makes, constitutes and appoints Jon Eberle or his respective
true and lawful attorney, with full power to sign for such person and in such person's name and
capacity indicated below, and with full power of substitution, any and all amendments, including
post-effective amendments, to this Registration Statement, hereby ratifying and confirming such
person's signature as it may be signed by said attorney to any and all amendments.
Name
Title
Date
/s/ Bradley C. Krehbiel
President, Home Federal Savings Bank
April 29, 2009
Bradley C. Krehbiel
(principal
executive officer)
/s/ Jon Eberle
Senior Vice President, Chief Financial Officer
April 29, 2009
Jon Eberle
and Treasurer (principal accounting
officer and principal financial
officer)
/s/ Timothy R. Geisler
Chairman of the Board
April 29, 2009
Timothy R. Geisler
/s/ Hugh C. Smith
Director
April 29, 2009
Hugh C. Smith
/s/ Allan R. DeBoer
Director
April 29, 2009
Allan R. DeBoer
/s/ Mahlon C. Schneider
Director
April 29, 2009
Mahlon C. Schneider
/s/ Susan K. Kolling
Director
April 29, 2009
Susan K. Kolling
/s/ Michael J. Fogarty
Director
April 29, 2009
Michael J. Fogarty
/s/ Malcom W. McDonald
Director
April 29, 2009
Malcom W. McDonald
/s/ Karen L. Himle
Director
April 29, 2009
Karen L. Himle
EXHIBIT INDEX
Exhibit No.
Description
4.1
Amended and Restated Certificate of Incorporation of HMN Financial,
Inc. (incorporated by reference to Exhibit 3(a) to the Company's
Quarterly Report on Form 10-Q filed with the Commission on May 14,
1998 (File No. 0-24100)).
4.2
Amended and Restated Bylaws of HMN Financial, Inc. (incorporated by
reference to Exhibit 3.2 to the Company's Quarterly Report on Form
10-Q/A filed with the Commission on December 19, 2008 (File No.
0-24100)).
4.3
Form of Common Stock Certificate (incorporated by reference to
Exhibit 4 to the Company's Registration Statement on Form S-1 dated
April 1, 1994 (File No. 33-77212)).
4.4
HMN Financial, Inc. 2009 Equity Incentive Plan (incorporated by
reference to Exhibit A to the Company's proxy statement for its 2009
Annual Meeting of Stockholders, filed on March 20, 2009).
5.1
Opinion of Faegre & Benson LLP.
23.1
Consent of KPMG LLP, independent registered public accounting firm.
23.2
Consent of Faegre & Benson LLP (included in Exhibit 5.1).
24.1
Powers of Attorney (included in
signature page).