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^*

MORRISON JOHN M

(Last)

(First)

(Middle)

945 WINNETKA AVE N, SUITE 145

(Street)

GOLDEN VALLEY

55427

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
UNITED FINANCIAL CORP \MN\ [ UBMT ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
01/26/2007

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, no par value per share	01/26/2007		M		10,312	A	$7.9332	901,220⁽¹⁾	D
Common Stock, no par value per share	01/26/2007		M		7,218	A	$9.4133	908,438⁽¹⁾	D
Common Stock, no par value per share	01/26/2007		M		8,250	A	$11.3456	916,688⁽¹⁾	D
Common Stock, no par value per share								10,713	I⁽²⁾	By Spouse
Common Stock, no par value per share								57,843	I⁽³⁾	Grantor Trust
Common Stock, no par value per share								40,362	I⁽⁴⁾	Grantor 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)
Director Stock Option	$7.9332	01/26/2007		M			10,312.5	⁽⁵⁾	05/23/2010	common stock	10,312.5	$0	0	D
Director Stock Option	$9.4133	01/26/2007		M			7,218.75	⁽⁵⁾	05/22/2011	common stock	7,218.75	$0	0	D
Director Stock Option	$11.3456	01/26/2007		M			8,250	⁽⁵⁾	05/21/2012	common stock	8,250	$0	0	D

Explanation of Responses:

1. Includes 27,637 shares held in an IRA for the benefit of Mr. Morrison.

2. 2,681 shares in an IRA account for the benefit of spouse, Susan Morrison and 8,032 held in a trust for the benefit of Susan Morrison, of which Susan Morrison is trustee.

3. Held by Central Bancshares, Inc. of which John Morrison owns 100% of the common stock indirectly through a grantor trust.

4. Held by Central Financial Services, Inc. of which John M. Morrison owns 100% of the common stock indirectly through a grantor trust.

5. Pursuant to that certain Agreement and Plan of Merger dated November 6, 2006 between the Company, U.S. Bancorp, and Cascade Acquisition Corporation (the "Agreement"), following approval by the Company's shareholders of the merger contemplated by the Agreement, all options to purchase Company common stock became fully vested and exercisable immediately effective as of January 25, 2007.

	John M. Morrison	01/30/2007
	** 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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