---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-030957"
form_type: "8-K"
ticker: "ALRS"
cik: "0000903419"
company_name: "ALERUS FINANCIAL CORP"
filed_at: "2024-10-09T23:59:59+00:00"
generated_at: "2026-05-30T17:36:53.866693+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Alerus completes acquisition of HMNF for ~$128.8M in stock; adds director

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-24-030957
- form_type: 8-K
- ticker: ALRS
- cik: 0000903419
- company_name: ALERUS FINANCIAL CORP
- filed_at: 2024-10-09T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.01, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/903419/000143774924030957/0001437749-24-030957-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/903419/000143774924030957/alrs20241008_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-030957
- JSON: https://secwatch.observer/filing/0001437749-24-030957.json
- Plain text: https://secwatch.observer/filing/0001437749-24-030957.txt

## Key facts
- Executive change
  Jeffrey Bolton was appointed as Director at ALERUS FINANCIAL CORP.
  - Action: appointed
  - Role: Director
  source text: appointed one former HMNF director, Jeffrey Bolton, to the Board
  evidence_url: https://www.sec.gov/Archives/edgar/data/903419/000143774924030957/0001437749-24-030957-index.htm

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