secwatch.observer — SEC 8-K summary
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Issuer:     ALERUS FINANCIAL CORP (ALRS)
CIK:        0000903419
Form:       8-K
Filed at:   2024-10-09T23:59:59+00:00
Accession:  0001437749-24-030957
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 2.01, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/903419/000143774924030957/0001437749-24-030957-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/903419/000143774924030957/alrs20241008_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-030957

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer