ALERUS FINANCIAL CORP (ALRS): M&A transaction — Alerus completes acquisition of HMNF for ~$128.8M in stock; adds director

ALERUS FINANCIAL CORP

All-stock acquisition valued at ~$128.8M; HMNF shareholders received 1.25 ALRS shares per HMNF share.
HMNF had $1.1B assets, $876.6M loans, $983.2M deposits as of June 30, 2024.
Combined entity: ~$5.5B total assets, $3.8B loans, $4.3B deposits, $43.6B AUA/AUM, 29 locations.
Jeffrey Bolton (former Mayo Clinic CAO/CFO) appointed to Alerus board, effective immediately.
Account conversion expected Q4 2024; Alerus' largest bank acquisition and 26th since 2000.

item 2.01 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Jeffrey Bolton

Director

ALRS · ALERUS FINANCIAL CORP

Effective: 2024-10-09
Filed: October 9, 2024, 7:59 PM ET

appointed one former HMNF director, Jeffrey Bolton, to the Board

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 1.0

Jeffrey Bolton was appointed as Director at ALERUS FINANCIAL CORP.

Action: appointed
Role: Director

Exact text from the filing

appointed one former HMNF director, Jeffrey Bolton, to the Board

View on SEC.gov

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

ALERUS FINANCIAL CORP completed an acquisition involving HMN Financial, Inc. for approximately $128.8 million (closed 2024-10-09).

Action: acquisition
Counterparty: HMN Financial, Inc.
Consideration: approximately $128.8 million
Closing: 2024-10-09

Exact text from the filing

Alerus Financial Corporation, and Home Federal Savings Bank merged with and into Alerus Financial, National Association. The all-stock transaction is valued at approximately $128.8 million as of closing. Founded in 1934, Home Federal includes 12 branches in Minnesota and one branch in each of Iowa and Wisconsin. As of June 30, 2024, HMNF had, on a consolidated

View on SEC.gov

Browse all m&a transactions →

ALERUS FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0001437749-24-030957

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.