Alerus and HMN Financial receive stockholder and regulatory approvals for merger; close expected early Q4 2024

ALERUS FINANCIAL CORP

Stockholders of both Alerus and HMNF approved the all-stock merger during special meetings on September 12, 2024.
All necessary regulatory approvals have been received; closing expected early Q4 2024 subject to customary conditions.
Combined company will have ~$5.5B total assets, $3.7B loans, $4.3B deposits, and $43.1B assets under administration.
Addition of Home Federal's 12 branches expands Alerus' footprint to 29 locations across the Midwest and Arizona.
Transaction unanimously approved by both boards; management cites shared values and client service commitment.

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