SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

FOGARTY MICHAEL J

(Last)

(First)

(Middle)

1016 CIVIC CENTER DR NW

(Street)

ROCHESTER

55901

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
HMN FINANCIAL INC [ HMNF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/11/2008

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/11/2008		P		500	A	$15.47	3,000⁽¹⁾	I	Michael J. Fogarty IRA/SEP
Common Stock	03/04/2009		S		100	D	$1.7	3,400⁽²⁾	I	Michael J. Fogarty Trust
Common Stock	03/05/2009		S		1,400	D	$1.71	500⁽³⁾	I	Michael J Fogarty Trust
Common Stock								1,000	I	Joy Fogarty Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Option to Buy	$16.25							04/23/2003	04/23/2012	Common Stock	3,000		3,000	D
Option to Buy	$16.25							04/23/2004	04/23/2012	Common Stock	3,000		6,000	D
Option to Buy	$16.25							04/23/2005	04/23/2012	Common Stock	3,000		9,000	D
Option to Buy	$16.25							04/23/2006	04/23/2012	Common Stock	3,000		12,000	D
Option to Buy	$16.25							04/23/2007	04/23/2012	Common Stock	3,000		15,000	D

Explanation of Responses:

1. Purchase of 500 shares not previously reported. Adding 2000 shares that were incorrectly designated as Michael J Fogarty Trust in prior filings (4/24/2009 1000 shares, 5/7/2010 506 shares, and 5/18/2010 494 shares)and deducting 500 shares that were transferred to the Michael J Fogarty Trust on 3/31/2009 as a required distribution. Filing of this report is deemed to amend reports filed since the earliest referenced date of 7/11/2008 and subsequent filings.

2. Previously unreported transaction. 3400 share balance reflects a running balance prior to the 3/4/2009 transaction. Filing of this report is deemed to amend reports filed since the earliest referenced date of 3/4/2009 and subsequent filings.

3. Previously unreported transaction. Balance of 500 shares also reflects deduction of 2000 shares that were incorrectly allocated to the Michael J Fogarty Trust. They are now reflected in the balance of the Michael J Fogarty IRA/SEP (4/24/2009 1000 shares, 5/7/2010 506 shares, and 5/18/2010 494 shares). Balance also reflects the transfer of 500 shares to the Michael J Fogarty Trust as a required distribution from the Michael J Fogarty IRA/SEP. Filing of this report is deemed to amend reports filed since the earliest referenced date of 3/5/2009 and subsequent filings.

Remarks:

	/s/ Jon Eberle for Michael J. Fogarty by Power of Attorney	12/31/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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