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)
                         April 17, 1997




                         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 April 17, 1997 the Registrant issued the attached press
     release announcing its first quarter earnings.

Item 7.  Financial Statements and Exhibits

     (a)  Exhibits

          99.  Press release, dated April 17, 1997.


                           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: April 17, 1997               By: /s/ Roger P. Weise
                                   Roger P. Weise, Chairman 
                                   and Chief Executive Officer