Subsidiaries of Registrant
Exhibit 21
Date and % of
Voting Shares,
Partnership
Interests, Voting
Year & Trust Certificates,
State Capital Description of
Name & Address Inc. Contributions Activity
-------------- ------ ------------------ -------------------
Home Federal Savings Bank 1934 6/29/94 Federally Chartered
101 North Broadway MN HMN owns 100% of Stock Savings Bank
Spring Valley, MN 55975 voting shares
Osterud Insurance Agency, Inc. 1983 Bank owns 100% Offers credit life
101 North Broadway MN and annuity products
Spring Valley, MN 55975 to the Bank's
customers and others
MSL Financial Corporation 1983 Bank owns 100% Offered annuity
101 North Broadway IA products to
Spring Valley, MN 55975 Marshalltown
Financial
Security Finance Corporation 1929 12/29/95 Corporation invests
101 North Broadway MN HMN owns 100% of in securities and
Spring Valley, MN 55975 voting shares loans
HMN Mortgage Services, Inc. 1996 7/08/96 Mortgage Banking/
9973 Valley View Road MN HMN owns 100% of Brokerage Office
Eden Prairie, MN 55344 voting shares