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

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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

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ALERUS FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0001437749-24-030957

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