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HMN Financial Inc. Message Board

  • Kenster3 Kenster3 Dec 29, 1997 3:42 PM Flag

    Takeover bid?

    I hear rumors of a takeover? Anyone hear anything else?

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    • So what's up with the big uptick in volume the other day. Does it have anything to do with the 500,000 share repurchase by HMNF or could it be someone accumulating this stock?

    • From what I was able to gather at the annual
      meeting, management believes that their conservative style
      will mean underperformance relative to risk takers
      during good times, but they will not be wiped out when
      the cycle turns, as it invariably does in home
      lending.

      If you look at the last ten years their consistancy
      of earnings in good times and bad is reassuring.

    • HMNF,

      Your observation is astute and adds
      depth to my understanding of the "Pohlad" connection to
      this story. I agree with your "double-dip" philosophy
      as being the superior alternative in this
      scenerio.

      It would appear to me that HMNF shareholders have
      achieved an excellent return on their investment with the
      current strategy in place. As I stated, (in my humble
      opinion) the conservative management style is best suited
      for the type of busisness that HMNF is involved in.


      While shareholders will always push for top returns, I
      believe that the "quality" of the return also counts. It
      is my opinion that some banks and thrifts have
      "almost" forgotten the painful lessons of the S&L crisis.
      In their rush to acquire at any cost and "grow"
      their business, some may risk a bit too much while
      reaching for reward.

      The banking consolidation
      process will continue. I believe that HMNF is well
      managed and will be well positioned for what ever
      opportunities are afforded them.

    • If you look at the Pohlad brother's recent filing
      showing they have exceeded 5% ownership, you will notice
      that their cost basis is in the very low teens,
      meaning they would have bought their stake around 1994.


      What is new then is not their position in the stock,
      but that they are now working together, possibly
      intending to take an activist role or merge the bank into
      Marquette, which would seem like a logical fit for them.
      However, since Marquette is privately owned it would mean
      the end of the ride for current HMNF shareholders,
      who wouldn't benefit from a double dip if HMNF was
      acquired and then the acquirer in turn bought out.


      I think shareholders should give this conservative
      management team time to build book value until it is bought
      by another publicly traded company so that
      shareholders can benefit from the consolidation of the
      industry.

    • Kenster3,

      So what have you been hearing?
      Are you referring to the La Salle
      Group's stated
      intention of placing a person on HMNF's board? By the time
      the Annual Meeting was held, their guy was no longer
      attempting to get a seat on the board. La Salle has a chunk
      of stock, but, they would either have to accumulate
      a bunch more or have an institution who is holding
      a lot of stock tie in with them. Does Heartland out
      of Milwaukee still have some stock? What do you
      hear?

      • 1 Reply to wrendahl
      • I do not know what LaSalle is planning. Check out
        the current postings at the Schedule 13D filing at
        the SEC. http://edgar-online.com
        It appears that
        James Pohlad, Robert Pohlad, Wm. Pohlad & Texas
        Financial Bancorporation, Inc. purchased 300,000 shares.
        (FYI the Pohlad's are associated with the Marquette
        Banks in MN. It would be interesting to know what kind
        of history the Pohlad's have with bank M & A
        .

        I wish the management at HMN would get its act
        together with investor relations & shareholder
        communication. What's up with the stock split & dividend?

 
HMNF
9.85+0.21(+2.18%)Apr 17 3:51 PMEDT

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