Janet Estep, Jill Schurtz and Mary Zimmer join the board of directors of Alerus Financial Corporation

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GRAND FORKS, ND – (COMMERCIAL THREAD) – Alerus Financial Corporation (NASDAQ: ALRS) (the “Company”) is pleased to announce the addition of Janet O. Estep, Jill E. Schurtz and Mary E. Zimmer to its board of directors. Ms. Estep is an experienced executive with extensive knowledge of digital technology, electronic payments, strategic planning, mergers and acquisitions, product development and sales, marketing and risk management. Ms. Schurtz is the current CEO and Chief Investment Officer of the St. Paul Teachers’ Retirement Fund Association and brings expertise in investment and portfolio management, pension administration, investment banking, mergers and acquisitions, and in sales and marketing management. Ms. Zimmer is a highly accomplished executive in the financial industry with in-depth knowledge of wealth management, capital markets, strategic planning, customer segmentation and product development.

“We are fortunate to have three distinguished professionals joining our Board of Directors, ”said Randy Newman, Chairman, President and CEO of Alerus. “Janet, Jill and Mary bring diverse backgrounds and extensive experience that will benefit our company’s long-term growth strategy.

Ms. Estep retired in 2019 as CEO of Nacha, the governing body of the US payment network ACH. Prior to joining Nacha, she was Executive Vice President of the US Bank’s Transaction Services Division. Previous roles included leading Pace Analytical’s sales and marketing teams, as well as the location of its main environmental lab. Prior to these roles, Ms. Estep developed in-depth technological knowledge through numerous field and head office positions at IBM, managing sales teams and developing products for both hardware and software. She holds a BA in Economics and Psychology from St. Olaf College and currently serves on the Board of Directors of ACI Worldwide, a global provider of payment software, serving on its nominating and governance and audit committees. /risk.

Ms. Schurtz is the current CEO and Chief Investment Officer of the St. Paul Teachers’ Retirement Fund Association (SPTRFA), where she is responsible for the $ 1.3 billion investment fund and administration of $ 120 million. dollars in annual retirement benefits. She graduated from the United States Military Academy at West Point and served seven years in the United States Army, where she reached the rank of captain. After her military service, she obtained her JD from Columbia Law School. Prior to joining SPTRFA, Ms. Schurtz served as CEO and COO at Robeco-Sage Investment Management, was Director of the Technical Research Group at Knight Equity Markets, was a lawyer at Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates, and was Vice President of Investment Banking at US Bancorp Piper Jaffray. She currently serves on the board of directors of MA Mortenson Company, where she also chairs the investment committee. Ms. Schurtz is also a member of the West Point Alumni Association Investment Committee.

Ms. Zimmer brings over 35 years of financial services experience, and most recently served as Regional President of wealth management firm Wells Fargo Advisors (WFA). In her role as Regional President, she led the Northern Region spanning ten states in the Midwest and Northwest. Ms. Zimmer later launched and led WFA’s Diversified Customer Segments team. Prior to Wells Fargo, she held senior positions at Royal Bank of Canada (RBC) US Wealth Management including Head of International Wealth USA, Head of Wealth Management Services and Chief Operating Officer / Chief Administrative Officer . Prior to starting her career in wealth management, Ms. Zimmer worked in public accounting as a Chartered CPA at Arthur Young (now Ernst & Young). Ms. Zimmer received her BA in Commerce and Accounting from the University of Saint Thomas and her MBT in Business Taxation from the University of Minnesota – Carlson School of Management.

About Alerus Financial Corporation

Alerus Financial Corporation is a diversified financial services company headquartered in Grand Forks, North Dakota. Through its subsidiary, Alerus Financial, NA, Alerus provides innovative and comprehensive financial solutions to businesses and individuals through four distinct business segments: banking services, pension and benefits services, and wealth management management and mortgage. Customers have a primary point of contact to help them fully understand the unique needs and delivery channel preferences designed to meet customer needs. Alerus Financial’s banking and wealth management offices are located in Grand Forks and Fargo, North Dakota, in Minneapolis-St. Paul, Minnesota. metro area and Scottsdale and Mesa, Arizona. The administrative offices of the Alerus Pension and Benefits Plan are located in St. Paul, MN, East Lansing, MI, and Littleton, CO.

Forward-looking statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding plans, estimates, calculations, forecasts and projections with respect to the expected future performance of Alerus Financial Corporation. Forward-looking statements are neither historical facts nor guarantees of future performance. Instead, they are based solely on our current beliefs, expectations and assumptions about the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are beyond our control. Our actual results and financial condition may differ materially from those shown in forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, the risks described in the “Risk Factors” sections of reports filed by Alerus Financial Corporation with the Securities and Exchange Commission. Any forward-looking statements we make in this press release are based solely on information currently available to us and speak only as of the date on which they are made. We assume no obligation to publicly update any forward-looking statements, written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.


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