Home Federal Bank

Home Federal Bank was a regional savings bank headquartered in Sioux Falls, South Dakota. Its institutional origins dated to March 20, 1929, when it was chartered as Home Federal Savings Association. The organization later operated under a federal savings-bank charter as Home Federal Savings Bank and adopted the shorter Home Federal Bank name in 2001. The bank served consumers, households, businesses, and communities primarily across eastern South Dakota, with additional activity in southwestern Minnesota. Before its acquisition, it operated 27 branches in nine South Dakota communities and one southwestern Minnesota community. It also maintained Infinia Bank as a division based in Bloomington, Minnesota. The network made Home Federal a locally focused institution while giving it a broader regional footprint than its Sioux Falls headquarters alone would suggest. Home Federal Bank was a wholly owned subsidiary of HF Financial Corp., a South Dakota financial-services holding company whose other activities included capital services, insurance, and financial-group operations. HF Financial Corp. was traded on NASDAQ under the symbol HFFC and was described as the largest publicly traded financial institution based in South Dakota. The holding company reported approximately $987.2 million in assets as of March 31, 2013, although that figure relates to the parent organization rather than solely to the bank. The bank's business was centered on conventional community-banking and savings-bank services, including consumer deposit accounts, lending, and related financial services. Its customer proposition emphasized local access, willingness to lend, and financial safety. Money magazine recognized it as South Dakota's Best Bank in its June 1995 issue, citing the attractiveness of its consumer accounts and services, its lending approach, and its safety rating. The institution also received an Outstanding rating for its performance under the Community Reinvestment Act. Community development was an important part of Home Federal's public profile. In 1999, it and Habitat Upper Midwest received a Community Partnership Award from the Federal Home Loan Bank System for collaborative housing and development work. Home Federal supported numerous Habitat chapters and was credited with helping create 85 homes in South Dakota. The brand's independent existence ended after Great Western Bank acquired Home Federal Bank at the end of 2015. The full account portfolio transitioned to Great Western Bank on May 16, 2016. Consequently, Home Federal Bank is a defunct banking brand rather than an active institution. The available reference material also mentions a May 2024 merger announcement involving Alerus Financial Corporation and HMNF Financial Inc., but that later corporate event concerns entities associated with a Home Federal Savings Bank in Minnesota and should not be treated as evidence that the South Dakota Home Federal Bank brand remained active after its 2015 acquisition.

Home Federal Bank began on March 20, 1929, when it was chartered as Home Federal Savings Association. It was established during a period when federally chartered savings institutions played a significant role in gathering household deposits and financing residential property. The organization developed in Sioux Falls and eventually became a regional savings institution serving communities throughout eastern South Dakota. By 1992, the organization was operating under a federal savings-bank charter and using the name Home Federal Savings Bank. The charter change and accompanying name reflected its evolution from its original savings-association identity into a broader federally regulated savings-bank business. In 2001, it adopted the simpler Home Federal Bank name, which became the principal customer-facing brand. The bank's operating model combined branch-based retail banking with regional lending and community involvement. Before its acquisition, it maintained 27 branches across nine communities in eastern South Dakota and one community in southwestern Minnesota. It also operated Infinia Bank, a division located in Bloomington, Minnesota. This network supported a mix of consumer accounts, lending relationships, and other financial services, while retaining a community-bank orientation. Home Federal Bank was owned by HF Financial Corp., a South Dakota financial-services holding company listed on NASDAQ under the ticker HFFC. HF Financial Corp. also included Mid America Capital Services, Hometown Insurors, and HF Financial Group. In a 2013 corporate description, the holding company was reported to have approximately $987.2 million in assets and more than 300 employees across its combination of businesses. These figures describe the parent group and are not presented as standalone Home Federal Bank financial results. The institution received several forms of recognition for its consumer and community profile. Money magazine named it South Dakota's Best Bank in June 1995, highlighting its consumer accounts and services, lending willingness, and safety rating. It also received an Outstanding rating under the Community Reinvestment Act, a federal framework assessing how financial institutions meet credit needs in their communities. Housing and community development were recurring elements of the bank's external activities. In 1999, Home Federal Bank and Habitat Upper Midwest jointly received a Community Partnership Award from the Federal Home Loan Bank System. The award recognized cooperation between a member financial institution and a community-development organization in addressing local housing and development needs. Home Federal subsequently supported multiple Habitat chapters and was associated with the creation of 85 South Dakota homes. The bank's independent history concluded with its acquisition by Great Western Bank at the end of 2015. The transaction absorbed the Home Federal operation into Great Western's network. On May 16, 2016, the entire Home Federal account portfolio switched to Great Western Bank, marking the completion of the operational transition and the effective retirement of the Home Federal Bank brand. The subject should therefore be distinguished from other institutions that have used similar Home Federal names, including a Minnesota-related Home Federal Savings Bank referenced in later corporate announcements.

• 2016

  Completed account conversion

  [1]Home Federal Banken.wikipedia.org

  Home Federal Bank's entire account portfolio transitioned to Great Western Bank on May 16, 2016.

• 2015

  Acquired by Great Western Bank

  [1]Home Federal Banken.wikipedia.org

  Great Western Bank acquired Home Federal Bank at the end of 2015, ending its status as an independent bank.

• 2001

  Changed its name to Home Federal Bank

  [1]Home Federal Banken.wikipedia.org

  The institution replaced the Home Federal Savings Bank name with the shorter Home Federal Bank brand.

• 1999

  Received a Community Partnership Award

  [1]Home Federal Banken.wikipedia.org

  Home Federal Bank and Habitat Upper Midwest received recognition from the Federal Home Loan Bank System for collaborative housing and community-development work.

• 1995

  Named South Dakota's Best Bank by Money

  [1]Home Federal Banken.wikipedia.org

  Money magazine recognized Home Federal Bank for its consumer accounts and services, lending approach, and safety rating.

• 1992

  Adopted a federal savings-bank charter

  [1]Home Federal Banken.wikipedia.org

  The organization began operating under a federal savings-bank charter as Home Federal Savings Bank.

• 1929

  Chartered as Home Federal Savings Association

  [1]Home Federal Banken.wikipedia.org

  The institution was chartered on March 20, 1929, establishing the organization that later became Home Federal Bank.

A locally focused regional savings bank positioned around accessible consumer banking, community lending, financial safety, and participation in housing and neighborhood development.

• Retail banking

  Consumer deposit accounts

  Home Federal Bank's retail offering included consumer deposit products and transaction services. Contemporary descriptions emphasized the attractiveness of its consumer accounts and related services, which were part of the bank's customer-facing community-banking proposition.

• Lending

  Residential and consumer lending

  Lending was central to the institution's savings-bank heritage and local-market role. The bank was recognized for its willingness to lend and participated in housing-oriented community development, although the available sources do not provide a detailed product catalog or individual loan terms.

• Banking division

  Infinia Bank

  Infinia Bank operated as a division of Home Federal Bank from Bloomington, Minnesota. It extended the group's presence beyond South Dakota, although the available reference material does not specify a separate product architecture or distinct operating model.

• 1999Habitat Upper Midwest community housing partnership

  South Dakota

  Home Federal Bank worked with Habitat Upper Midwest on housing and community-development projects. Their partnership received a Federal Home Loan Bank System Community Partnership Award.

  Outcome. Home Federal supported numerous Habitat chapters and was associated with the creation of 85 homes in South Dakota.

  Source

• 2015

  Accepted acquisition by Great Western BankM&A

  Background

  Home Federal Bank operated as a regional savings bank with 27 branches across South Dakota and Minnesota and was owned by HF Financial Corp.

  Action taken

  Great Western Bank acquired Home Federal Bank at the end of 2015.

  Aftermath

  The Home Federal account portfolio was converted to Great Western Bank on May 16, 2016, and the standalone Home Federal Bank brand ceased operating.

  Source

• 2001

  Simplified the corporate banking brandStrategy

  Background

  The institution had operated under the Home Federal Savings Bank name since adopting a federal savings-bank charter in 1992.

  Action taken

  It changed its name to Home Federal Bank, using a shorter brand for its banking operations.

  Aftermath

  The Home Federal Bank name remained the principal brand until the institution was acquired by Great Western Bank.

  Source

1. 1Home Federal Banken.wikipedia.org