ALERUS FINANCIAL CORP (ALRS): debt financing — Alerus extends $50M subordinated note maturity to 2036; rate fixed at 6.75% to 2031

ALERUS FINANCIAL CORP

Modified $50M subordinated note with Bank of North Dakota; maturity extended from March 2031 to March 2036.
Interest rate fixed at 6.75% through March 2031, then resets to FHLB Des Moines 5-yr advance rate plus 3.00%.
Prepayment allowed only after March 2031 or upon specified events; $500K minimum prepayment increments applied.
Representations updated to reflect December 2025 financials and no material adverse change since then.
Proceeds originally used for general corporate purposes and to support subsidiary Alerus Financial, National Association.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ALERUS FINANCIAL CORP amended debt of $50.0 million with Bank of North Dakota at annual fixed interest rate of 6.75% until March 30, 2031 maturing March 30, 2036.

Principal: $50.0 million
Counterparty: Bank of North Dakota
Rate: annual fixed interest rate of 6.75% until March 30, 2031
Maturity: March 30, 2036
Event: amendment

Exact text from the filing

entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with the Bank of North Dakota (the “Purchaser”), pursuant to which the Company sold and issued a $50.0 million Subordinated Note due 2031 (the “Note”). The Note was issued by the Company to the Purchaser at a price equal to 100% of its face amount. The Company used the net proceeds it

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ALERUS FINANCIAL CORP amended Modification Agreement with Bank of North Dakota (effective 2026-03-30).

Action: amendment
Agreement: notes offering
Counterparty: Bank of North Dakota
Effective: 2026-03-30

Exact text from the filing

On March 30, 2026, the Company and the Purchaser entered into a Modification Agreement (the “Modification Agreement”), amending certain terms of the Purchase Agreement and the Note.

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ALERUS FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0001437749-26-010637

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