Home Federal Bank
| Company type | Public |
|---|---|
| Industry | Financial services |
| Founded | March 20, 1929 |
| Defunct | May 16, 2016 |
| Fate | Acquired by Great Western Bank |
| Headquarters | Sioux Falls , United States |
Area served | Eastern South Dakota, Southwest Minnesota |
| Products | Banking services |
Number of employees | 300+ |
| Parent | HF Financial Corp. |
Home Federal Bank was a financial services institution with its main office located in Sioux Falls, South Dakota. The bank maintained 27 branches spread throughout nine cities in eastern South Dakota and operated an additional branch in southwest Minnesota, including Infinia Bank, a division headquartered in Bloomington, MN. It held the distinction of being the largest savings association publicly traded and headquartered in South Dakota.
In late 2015, Great Western Bank acquired Home Federal Bank, with the full transition of accounts completed on May 16, 2016.
History
Established on March 20, 1929, as Home Federal Savings Association, the company transitioned to a federal savings bank charter in 1992 under the name Home Federal Savings Bank. The institution adopted the name Home Federal Bank in 2001. It functioned as a wholly owned subsidiary of HF Financial Corp., which was listed on NASDAQ under the ticker “HFFC.” The corporate headquarters were situated at 225 South Main Avenue, Sioux Falls, South Dakota. On May 15, 2024, Alerus Financial Corporation from Grand Forks, ND, and HMNF Financial Inc., the parent company of Home Federal Savings Bank based in Rochester, MN, announced their intention to merge.
Parent company
As of March 31, 2013, HF Financial Corp. reported total assets amounting to $987.2 million and stockholders’ equity reaching $1.2 billion. Recognized as the largest publicly traded financial entity headquartered in South Dakota, it owned Home Federal Bank alongside Mid America Capital Services, Inc., Hometown Insurors, Inc., and HF Financial Group, Inc., collectively employing more than 300 individuals.
Recognitions and community involvement
In June 1995, Money Magazine awarded Home Federal Bank the title of South Dakota's Best Bank for its consumer account offerings, lending standards, and safety performance.
The bank achieved an "Outstanding" evaluation under the Community Reinvestment Act.
In 1999, Home Federal Bank partnered with Habitat Upper Midwest to receive the "Community Partnership Award" from the Federal Home Loan Bank System, honoring effective local housing and development initiatives. The bank played a key role in supporting various Habitat chapters that constructed a total of 85 homes throughout South Dakota.