HMN Financial

What HMN Financial does

Alerus Financial, N.A. (the entity for which all source material is provided; the requested company label "HMN Financial" is a separate NASDAQ-listed entity with no source data supplied) is a privately held Member FDIC national bank headquartered in the United States that delivers an integrated suite of personal banking, business banking, and wealth management services. Customers are served through a hybrid of physical branch locations, the My Alerus online banking dashboard, and the Alerus Banking mobile application for iOS and Android, supported by relationship managers and wealth advisors for consultative sales. The institution addresses individuals and families, small-to-mid-sized businesses, corporations, nonprofit organizations, homeowners associations, agricultural operators, property management companies, and high-net-worth clients via dedicated vertical solutions.

The product platform spans deposit products (checking, savings, certificates of deposit), consumer and mortgage lending, business credit cards, SBA lending, equipment financing, commercial real estate lending, treasury and cash management (payment solutions, receivables, fraud prevention, merchant services), retirement plan administration, health savings and spending accounts, COBRA administration, investment management, financial planning, trust and fiduciary services, private banking, business succession planning, and insurance. Technology infrastructure is built around the My Alerus secure dashboard that consolidates account access and the mobile application that handles transfers, bill payments, and transaction monitoring. The bank is Member FDIC, holds Equal Housing Lender status, and maintains a Privacy & Legal policy indicating data protection compliance.

Revenue is generated through a diversified mix of streams: transaction-based banking fees (deposit, overdraft, ATM, interchange), interest income on consumer and commercial loans, recurring advisory and administration fees on wealth management and retirement plan mandates, treasury management and merchant service fees, and insurance commissions. The go-to-market motion combines enterprise field sales (relationship managers, wealth advisors) with a direct-to-consumer self-service channel through the digital banking platform. Specific pricing is not publicly disclosed and is provided upon inquiry, consistent with a relationship-based retail and SMB banking model.

Name

HMN Financial

Legal name

Alerus Financial, N.A.

Website

https://justcallhome.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

51–100 employees

Short description

Alerus Financial, N.A. is a privately held Member FDIC national bank delivering integrated personal banking, business banking, and wealth management services to consumers, SMBs, nonprofits, and HNW clients across U.S. regional markets via branches and digital channels.

Ownership category

akta.pro rank

Product category

Diversified Banking and Financial Services

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

National Commercial Banks (6021), Investment Advice (6282), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Emergency & Short-Term Installment Personal Loans (Unsecured) (FSAKAAAH)

akta.pro secondary industry

Estate, Gift & Trust Valuation (BPAHANAL)

Keywords

• Retail banking services
• Commercial lending
• Wealth management
• Treasury management
• Retirement planning

Headquarters

HQ city

Rochester

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Banking Services: Revenue from deposit account fees, service charges, overdraft fees, and ATM fees on consumer and business checking and savings accounts
2. Lending Products: Interest income from mortgage loans, personal loans, business loans, commercial real estate lending, SBA lending, and equipment financing
3. Credit Cards: Interchange fees from credit card transactions for both personal and business credit cards
4. Wealth Management: Advisory fees and management fees from investment management, financial planning, and trust & fiduciary planning services for individuals, families, businesses, and nonprofits
5. Retirement Plans: Administrative and management fees from employer-sponsored retirement plans including 401(k) and other qualified plans
6. Treasury Management: Fees from payment solutions, receivables solutions, merchant services, and fraud prevention services for business customers
7. Insurance Services: Commissions from insurance products offered through wealth management and personal banking channels

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Alerus Financial, N.A. is a diversified financial institution offering an integrated suite of personal and business banking, lending, treasury and cash management, wealth management, retirement plan administration, and industry-specific banking solutions. Customers access services through branch locations, an online banking dashboard (My Alerus), a mobile application, and dedicated advisors.

Product overview

Alerus Financial operates as a diversified financial services company offering an integrated platform of banking, wealth management, retirement, and digital banking products. The core offerings span personal banking (checking, savings, credit cards, digital banking via My Alerus), borrowing solutions (home loans, personal loans), business banking and financing, treasury management services, and comprehensive wealth management. Business services include specialized industry solutions for agriculture, HOAs, nonprofits, and property management, along with employee benefit services (retirement plans, health savings accounts). The product architecture combines these services as an integrated financial ecosystem supporting both individual and business clients.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Banking
• Digital Banking (My Alerus)
• Personal Borrowing (Home Loans and Personal Loans)
• Personal Investment and Planning
• Business Banking
• Business Financing
• Treasury and Cash Management
• Wealth Management
• Retirement Plans
• Health Savings and Spending Accounts
• Industry-Specific Banking Solutions

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators2 records

Recent moves4 records

Expansion highlights4 records

Direct peers

• Wintrust Financial: Community-oriented banking franchise with strong wealth management and specialty commercial lending arms (CRE, equipment, SBA), mirroring Alerus's diversified, relationship-driven model.
• Old National Bank: Midwest-based commercial bank providing banking, wealth, and treasury management services to consumers and businesses; competes in similar geographies and product breadth as Alerus.
• Commerce Bank: Midwest regional full-service bank providing consumer, business, and wealth solutions through branches and digital channels — directly aligned with Alerus's omnichannel distribution.
• Bell Bank: Employee-owned regional bank offering full-service personal, business, and wealth management — directly comparable to Alerus's integrated platform and advisor-led distribution model in the Upper Midwest.
• First Interstate BancSystem: Regional bank with integrated treasury management, wealth, and consumer/commercial banking — directly comparable in service mix and middle-market focus.
• Glacier Bancorp: Community-banking holding company combining traditional deposits/lending with wealth management across multiple states; closely comparable in scale and product breadth.
• WSFS Financial: Regional bank with a sizable Wealth Management segment combined with consumer and commercial banking — highly analogous operating model and cross-sell strategy to Alerus.
• S&T Bancorp: Mid-Atlantic regional bank offering commercial, consumer, and wealth management services including trust and investment advisory — direct analogue to Alerus's integrated platform.
• National Bank Holdings: Regional bank holding company offering personal, business, and treasury management services across multiple western/southwestern markets — similar mid-sized diversified model to Alerus.
• Tompkins Financial: Northeast community bank with consumer/commercial banking plus trust and investment management — comparable in offering integrated financial services to households and businesses.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/homefederalsb
• Facebookfacebook.com/justcallhome

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HMN Financial