Almost a year after he took over as the president of Home Federal Savings Bank, Bradley C. Krehbiel was added to the board of the bank’s holding company.
“His experience and skills will enhance our abilities … to successfully deal with the challenges facing our industry and improve Home Federal’s performance,” stated Timothy Geisler, chairman of Rochester-based HMN Financial Inc.
This move, according to insiders, signals the board’s approval of the job that Krehbiel has been doing this year.
The move follows the bank’s positive third quarter earnings report this fall, with a net income of $881,000.
As with most financial institutions, 2008 and the start of 2009 were bumpy for Home Federal.
In 2008, it reported a $2 million loss in the second quarter due to a $3.8 goodwill write-down, and a $7.1 million loss in the third quarter from its involvement in a bad $12 million loan to Minnesota businessman Tom Petters, who is on trial for fraud.
The bank also accepted a $26 million loan from the Federal Troubled Asset Relief Fund in December.
Krehbiel, 50, had worked at Home Federal for about 10 years before being named president.
He had served as the executive vice president of Home Federal since 2004. Prior to Home Federal, he held several positions in the financial services industry, including six years as a private banking consultant.
Almost 250 people work for the bank, which has $1 billion in assets. Home Federal operates ten full service offices in southern Minnesota, two in Iowa and loan origination offices in Rochester and Sartell, Minn.
Home Federal Private Banking has branches in Rochester and Edina, Minn.
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