STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

Weise Roger P

2. Issuer Name and Ticker or Trading Symbol       HMN Financial, Inc. / HMNF

   x    Director                                                 10% Owner

         Officer (give title below)                         Other (specify below)

3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)

December 12, 2002

1016 Civic Center Drive NW

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

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

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

Rochester Minnesota 55901

(City)     (State)     (Zip)

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 Transactions(s)
(Instr. 3 and 4)

6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)

7. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

V

Amount

(A) or (D)

Price

Common Stock

41,882

D

Common Stock

2,100

I

Spouse Barbara Weise IRA

Common Stock

12/12/2002

S

500 *

D

$17.18

Common Stock

12/12/2002

S

400 *

D

$17.16

Common Stock

12/12/2002

S

300 *

D

$16.64

Common Stock

12/12/2002

S

700 *

D

$16.60

Common Stock

12/12/2002

S

7000 *

D

$16.65

40,000

I

Living Trust

* The sales reported in this Form 4 were effected pursuant to a Rule 10(b)5-1 Trading Plan adopted by the reporting person on Aug. 1, 2002.

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

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 Exerciseable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(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 of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Option to Buy

$9.21

58,038

D

Explanation of Responses:

     /s/ Timothy P. Johnson POA for Roger P. Weise   
**Signature of Reporting Person

       December 13, 2002        
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).

Note:

File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure