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Alerus Financial Corporation (ALRS)

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29.54+0.30 (+1.03%)
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Alerus Financial Corporation

401 Demers Avenue
Grand Forks, ND 58201
United States
701 795 3200

Sector(s)Financial Services
Full Time Employees794

Key Executives

NameTitlePayExercisedYear Born
Mr. Randy Louis Newman CFPChairman, Pres & CEO1.16MN/A1954
Ms. Katie A. LorensonExec. VP & CFO539.07kN/A1981
Ms. Ann Melvey McConn C.F.A., J.D., M.B.A., CFPExec. VP & Chief Shared Services Officer566.18kN/A1960
Ms. Maria Biessener DuncanSr. VP & Director of OperationsN/AN/AN/A
Mr. Sunil N. SwamiChief Investment OfficerN/AN/A1957
Mr. Jerrod Keith Hanson CPAAccounting Officer and ControllerN/AN/AN/A
Mr. Jonathan N. HendrySr. VP & Chief Information OfficerN/AN/AN/A
Ms. Bonnie Upham CPAChief Compliance OfficerN/AN/AN/A
Mr. Scott FenskeGen. Counsel & Corp. Sec.N/AN/AN/A
Ms. Kara SchumacherMarketing and Customer Management DirectorN/AN/AN/A
Amounts are as of December 31, 2020 and compensation values are for the last fiscal year ending on that date. Pay is salary, bonuses, etc. Exercised is the value of options exercised during the fiscal year. Currency in USD.


Alerus Financial Corporation, through its subsidiary, Alerus Financial, National Association, provides various financial services to businesses and consumers. The company operates through four segments: Banking, Retirement and Benefit Services, Wealth Management, and Mortgage. It offers various deposit products, including demand deposits, checking accounts, interest-bearing transaction accounts, money market accounts, time and savings deposits, and certificates of deposit; and treasury management products, including electronic receivables management, remote deposit capture, cash vault services, merchant services, and other cash management services. The company also provides commercial loans, business term loans, lines of credit, and commercial real estate loans, as well as construction and land development loans; consumer lending products, including residential first mortgage loans; installment loans and lines of credit; and second mortgage loans. In addition, it offers retirement plan administration and investment advisory services, employee stock ownership plan, fiduciary services, payroll, health savings accounts, and other benefit services, as well as individual retirement accounts; and financial planning, investment management, personal and corporate trust, estate administration, and custody services. Further, the company provides debit and credit cards, online banking, mobile banking/wallet, payment, private banking, payroll accounts, flex spending accounts, administration, and government health insurance program services. It offers banking services through fourteen offices in North Dakota, Minnesota, and Arizona; and retirement and benefit plans in 50 states through offices located in Michigan, Minnesota, and Colorado. The company was formerly known as First National Bank North Dakota and changed its name to Alerus Financial Corporation in 2000. Alerus Financial Corporation was founded in 1879 and is headquartered in Grand Forks, North Dakota.

Corporate Governance

Alerus Financial Corporation’s ISS Governance QualityScore as of April 30, 2021 is 4. The pillar scores are Audit: 2; Board: 2; Shareholder Rights: 5; Compensation: 6.

Corporate governance scores courtesy of Institutional Shareholder Services (ISS). Scores indicate decile rank relative to index or region. A decile score of 1 indicates lower governance risk, while a 10 indicates higher governance risk.