---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-061633"
form_type: "8-K"
ticker: "ALRS"
cik: "0000903419"
company_name: "ALERUS FINANCIAL CORP"
filed_at: "2024-05-15T23:59:59+00:00"
generated_at: "2026-06-02T00:01:04.247982+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Alerus to acquire HMN Financial in ~$116.4M all-stock merger, exchange ratio 1.25x

## Summary
- HMNF holders receive 1.25 Alerus shares per HMNF share; implied value ~$25.86/share, aggregate ~$116.4M.
- Pro forma combined company: ~$5.5B assets, $3.7B loans, $4.3B deposits, $43.1B assets under administration.
- Transaction expected to be immediately accretive to Alerus EPS; tangible book value earnback ~2.2 years; IRR >25%.
- HMNF had $1.2B assets, $872M loans, $1.03B deposits as of March 31, 2024; operated 14 branches in MN, IA, WI.
- Expected to close in Q4 2024; approvals required from regulators and stockholders of both companies.

## SEC filing metadata
- accession: 0001104659-24-061633
- form_type: 8-K
- ticker: ALRS
- cik: 0000903419
- company_name: ALERUS FINANCIAL CORP
- filed_at: 2024-05-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/903419/000110465924061633/0001104659-24-061633-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/903419/000110465924061633/tm2414375d2_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-061633
- JSON: https://secwatch.observer/filing/0001104659-24-061633.json
- Plain text: https://secwatch.observer/filing/0001104659-24-061633.txt

## Key facts
- Material Agreements
  ALERUS FINANCIAL CORP entered into Agreement and Plan of Merger with HMN Financial, Inc. valued at approximately $116.4 million (effective 2024-05-14).
  - Action: entry
  - Agreement: merger
  - Counterparty: HMN Financial, Inc.
  - Value: approximately $116.4 million
  - Effective: 2024-05-14
  source text: On May 14, 2024, Alerus Financial Corporation, a Delaware corporation (the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with HMN Financial, Inc., a Delaware corporation (“HMNF”), pursuant to which HMNF will merge into the Company, with the Company as the surviving corporation (the “Merger”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/903419/000110465924061633/0001104659-24-061633-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.