SECURITIES AND EXCHANGE COMMISSION
                      Washington, DC  20549



 
                            FORM 8-K



                         CURRENT REPORT



             Pursuant to Section 13 or 15(d) of the
                 Securities Exchange Act of 1934



        Date of Report (Date of earliest event reported)
                          June 27, 1996




                         HMN FINANCIAL, INC.                      
      (Exact name of Registrant as specified in its Charter)


                                                        
  DELAWARE                    0-24100                41-1777397  
(State or other         (Commission File No.)      (IRS Employer
 jurisdiction of                                   Identification
 incorporation)                                        Number)




101 NORTH BROADWAY, SPRING VALLEY, MINNESOTA              55975  
(Address of principal executive offices)               (Zip Code)




Registrant's telephone number, including area code: (507) 346-7345




                               N/A
_________________________________________________________________
  (Former name or former address, if changed since last report)

Item 5.  Other Events

     On June 27, 1996 the Registrant issued the attached press
     release announcing a stock repurchase program.

Item 7.  Financial Statements and Exhibits

     (a)  Exhibits

          99.  Press release, dated June 27, 1996.


                           SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this Report to be signed
on its behalf by the undersigned thereunto duly authorized.

                                   HMN FINANCIAL, INC.


Date: June 27, 1996           By:   /s/ Roger P. Weise           
                                   Roger P. Weise, Chairman 
                                   and Chief Executive Officer



                             Exhibit 99