SUBSIDIARIES OF REGISTRANT
EXHIBIT 21
Date and % of Voting
Shares, Partnership Interests,
Year & Voting Trust Certificates,
Name & Address State Inc. Capital Contributions Description of Activity
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Home Federal Savings Bank 1934 6/29/94 Federally Chartered Stock
101 North Broadway MN HMN owns 100% of voting Savings Bank
Spring Valley, MN 55975 shares
Osterud Insurance Agency, Inc. 1983 Bank owns 100% Offers credit life and annuity
101 North Broadway MN products to the Bank's customers
Spring Valley, MN 55975 and others
MSL Financial Corporation 1983 Bank owns 100% Offered annuity products to
101 North Broadway IA Marshalltown Financial
Spring Valley, MN 55975
Security Finance Corporation 1929 12/29/95 Corporation invests in
101 North Broadway MN HMN owns 100% of voting securities and loans
Spring Valley, MN 55975 shares
HMN Mortgage Services, Inc. 1996 7/08/96 Mortgage Banking/
7101 Northland Circle, Suite 105 MN HMN owns 100% of Brokerage Office
Brooklyn Park, MN 55427 voting shares