---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-26-010637"
form_type: "8-K"
ticker: "ALRS"
cik: "0000903419"
company_name: "ALERUS FINANCIAL CORP"
filed_at: "2026-03-31T23:59:59+00:00"
generated_at: "2026-05-15T08:19:19.474766+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Alerus extends $50M subordinated note maturity to 2036; rate fixed at 6.75% to 2031

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-26-010637
- form_type: 8-K
- ticker: ALRS
- cik: 0000903419
- company_name: ALERUS FINANCIAL CORP
- filed_at: 2026-03-31T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/903419/000143774926010637/0001437749-26-010637-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/903419/000143774926010637/alrs20260331_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-26-010637
- JSON: https://secwatch.observer/filing/0001437749-26-010637.json
- Plain text: https://secwatch.observer/filing/0001437749-26-010637.txt

## Source-grounded claims
- claim_id: f7c0de3b071b43ba1b27a89b4df1d4aea40e487a
  claim: 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.
  evidence_excerpt: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/903419/000143774926010637/0001437749-26-010637-index.htm
- claim_id: 8ca97ac2432ef49a89c6f97f22c3aabe0bf6d3cf
  claim: ALERUS FINANCIAL CORP amended Modification Agreement with Bank of North Dakota (effective 2026-03-30).
  evidence_excerpt: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/903419/000143774926010637/0001437749-26-010637-index.htm

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