secwatch.observer — SEC 8-K summary
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Issuer:     ALERUS FINANCIAL CORP (ALRS)
CIK:        0000903419
Form:       8-K
Filed at:   2026-03-31T23:59:59+00:00
Accession:  0001437749-26-010637
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/903419/000143774926010637/0001437749-26-010637-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/903419/000143774926010637/alrs20260331_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-26-010637

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