Alerus Financial Corporation Announces Appointment of New President

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GRAND FORKS, ND–(BUSINESS WIRE)–Alerus Financial Corporation (Nasdaq: ALRS) (the “Company”) announced that effective May 10, 2022, Dan Coughlin has been appointed by the Board of Directors as Chairman of the Board.

Mr. Coughlin replaces former Alerus Chairman, President and Chief Executive Officer Randy Newman, who served as Executive Chairman of the Board of Directors since January 1, 2022, to support the transition of leadership to the current President and CEO, Katie Lorenson. Mr. Newman will remain a director of the Company.

“Leading and growing Alerus has been one of the greatest honors of my life. This business will always mean a lot to me, and I know Katie shares that same passion,” said Newman. “I am grateful to our Board of Directors who, with thoughtful leadership and preparation, carefully planned my succession. Over the past six months, Katie and I have worked closely together to ensure continued progression in leadership. This final transition from my remaining on the board as a director comes at the right time. Both Dan and Katie are proven leaders and accomplished executives who will undoubtedly drive this business forward successfully.

“Randy’s tenure and legacy have positively shaped our business. With a culture focused on high performance, serving the best interests of clients and always doing the right thing, we will continue to build on the strong foundations already in place,” said Ms. Lorenson. “I appreciate the leadership of our Board of Directors in carefully planning this transition. Dan is a highly skilled board member who shares the values ​​of Alerus and together we will advance the company’s strategic plan to grow both organically and through strategic acquisitions.

Mr. Coughlin, a director of the Company since January 2016, was Managing Director and Co-Head of the Financial Services Practice at Raymond James & Associates from 2011 until his retirement in 2014. Beginning in 2001, Mr. Coughlin has served as Chairman and CEO of Howe Barnes Hoefer & Arnett prior to its 2011 merger with Raymond James and served an additional eight years at Howe Barnes Hoefer & Arnett in various capacities. Mr. Coughlin also spent seven years at the Federal Reserve Bank of Chicago, where he assessed the competitive implications of bank mergers and acquisitions. As an industry veteran with over 40 years of experience in financial services, Mr. Coughlin has knowledge and experience in areas such as strategic planning, risk management, mergers and acquisitions and capital formation.

About Alerus Financial Corporation

Alerus Financial Corporation is a diversified financial services company headquartered in Grand Forks, ND. Through its subsidiary, Alerus Financial, NA, Alerus provides innovative and comprehensive financial solutions to businesses and consumers through four distinct business segments: Banking, Retirement and Benefits, Wealth Management and Lending. mortgages. Alerus provides customers with a primary point of contact to help fully understand each customer’s unique needs and delivery channel preferences. Customers receive competitive products, valuable information and sound advice supported by digital solutions designed to meet customer needs. Alerus Financial banking and wealth management offices are located in Grand Forks and Fargo, ND, Minneapolis-St. Paul, MN metro area and Scottsdale and Mesa, AZ. Alerus pension and benefits plan administrative offices are located in St. Paul, MN, East Lansing, MI and Littleton, CO.

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